21/ "While policymakers in advanced economies...argue about whether...aggressive fiscal stimulus...will generate inflation...inflation has already reached the developing world in the form of rapidly rising global commodity prices incl food"
ht @Jayati1609 foreignpolicy.com/2021/08/05/eme…
ht @Jayati1609 foreignpolicy.com/2021/08/05/eme…
22/ "Once it is recognised that the US external accounts are driven less by relative goods and service demand—that is by real goods and services—and more by global demand for US financial assets..."
@GeneralTheorist on the world dollars make & unmake moneyinsideout.exantedata.com/p/the-end-of-b…
@GeneralTheorist on the world dollars make & unmake moneyinsideout.exantedata.com/p/the-end-of-b…
23/ EM banks borrow heavily in dollars.Dollar appreciations lead to contraction in EM banks net worth because the currency value of local assets declines while $ liabilities increase.That leads to declines in credit & invtmnt in EM federalreserve.gov/econres/ifdp/f…
https://twitter.com/RobinBrooksIIF/status/1424713024666050565
24/ 50 years to the week that Nixon ended the dollar-gold window. Since then, the dollar globalized. Companies, banks, & individuals borrow in dollars, save in dollars, pay in dollars,& get paid in $.
World market sloshes back & forth to the Fed's tune.
alchemistmag.com/past-editions/…
World market sloshes back & forth to the Fed's tune.
alchemistmag.com/past-editions/…
25/ Burdened by Covid, Debt & Climate crises, Latin & Central Am are at frontlines of 21stC system-level shocks. Green investment, debt write-offs, and bigger welfare states are solutions.
Must-read by Tooze on dollar world-order adamtooze.substack.com/p/chartbook-ne…
Must-read by Tooze on dollar world-order adamtooze.substack.com/p/chartbook-ne…
https://twitter.com/70sBachchan/status/1399794668121034753
26/ US has made the world's dollar-order foundations firmer. Foreign central banks can swap their currency for dollars & foreign counterparties(banks, companies) can post collateral for US Treasuries
@dhneilson on Fed's new standing facilities post Corona neilson.substack.com/p/administerin…
@dhneilson on Fed's new standing facilities post Corona neilson.substack.com/p/administerin…
27/ Former WB/IMF chief economist Krueger on debt writeoffs:"It’s not rocket science. If a country’s debt is so large that it cannot grow,you need to retire debt" Instead of bailouts and lost decades of austerity they should be able to wipe the slate clean ft.com/content/e3fb48…
28/ Why can't rest of the world have what rich countries are having: vaccines, deficit-financed social & climate spending?
@UNCTAD Report: developing countries will be $12 TRILLION poorer by 2025. Global vaccine inequality knock another $1.5 trillion off!
unctad.org/news/recovery-…
@UNCTAD Report: developing countries will be $12 TRILLION poorer by 2025. Global vaccine inequality knock another $1.5 trillion off!
unctad.org/news/recovery-…
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