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Adam Tooze is of course right to worry that any major adjustment in the global role of the US dollar is likely to be disruptive for the global financial system, but I think he, like others, grants too much agency to US control of the dollar.

ft.com/content/ad0e04… via @ft

Will deconstruct this, point by point, tomorrow:

- alleged tie-in to LGFV finances
- revenue optimization
- sample size
- diff b/n “borrowing” & liabilities
- lost in translation on “operating profit”
- HSR affordability

nytimes.com/2024/05/13/bus…

Ethiopia trying to leapfrong ICE vehicles & go straight to EVs. cleantechnica.com/2024/05/13/eth…

One of the principal policies imposed on China and Japan by the imperial powers in the late 19th century was hamstringing their ability to implement tariffs, which for a time limited both nation's ability to industrialize.

Japan eventually overcame that, at China's expense.