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There is a simple reason why China is in the stronger position compared to the US in this trade war: It is much easier to create demand domestically in the short run than it is to rebuild the workshop of the world.

The unexpected Triffin Dilemma: Shadow Banking. The elegant fix? More treasuries. The more elegant fix? Get rid of Key Currencies altogether imf.org/en/Publication… #triffin #shadowbanking

Some very good thoughts, as usual, from Matthew C. Klein, including his case that -- tariffs aside -- we should take seriously the decline in US manufacturing. theovershoot.co/p/thoughts-fro…

A Fed that cannot issue its own securities is not and never has been independent #federalreserve

Exactly! All the worries about the secondary market...are just that. Worries for the [participants in the]...secondary market. x.com/clintballinger…

Cullen Roche You really can’t imagine a world where Government interest rate policy just isn’t important can you? The idea we have one big fat dial for the economy is…just childish really. Simplistic to the point of absurdity

Cullen Roche The reason to draw down rates isn’t for the effect from the drop. It is to get gov out of the rates game. Forever

This is where they get lost. They can’t even imagine a world where a rate change isn’t seen as a dial change on the “ECONOMY CONTROL KNOB.” Drawing down rates is the move to get government out of rates altogether. Forever

ZIRP is a bad name bc it is not a policy. I propose “Il dolce far niente rate”

(When the Treasury's "financing" criteria conflict w both qty & types of trys for 1) collateral & 2) monetary policy) I am pointing out that from an opposite angle-the way "money" developed (taxes, commodity exchange, credit) that a liability-free safe asset imp for int'l sphere

Hmm, "use the market when it makes us better off, recognize when it doesn't" and "pass rules on ourselves that make us better off but otherwise default to no rule"? Radical stuff

"Fear helps sell complicated gobbledygook" Fear and greed drive financialization (in part)

Basically a direct wellbeing shift from US to China

Thank you!!! (From March 2023)

“We are losing the ability to control interest rates.” ‘MMT says nothing ppl don’t already know…”