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Everyone's favourite ECB chart. #glwt

Really interesting point from Gordon Liao and Tony Zhang, in an excellent short VoxEU article that helps us all understand why countries with large stocks of external assets -- not debtor countries -- used the swap lines. 1/x voxeu.org/article/curren…

I think SG's recent research note on MMT is likely to piss some people off 🤣 Frances 'Cassandra' Coppola

uk.mobile.reuters.com/article/amp/id…

„Ding dong the VIX is dead“

#USDollar credit to non-bank borrowers residing outside the United States grew by 6% year-on-year, to reach $12.7 trillion at end-June 2020 #BISStatistics #DollarLiquidity bis.org/statistics/gli…

This, from the EU Banking Authority - EBA 🇪🇺 is an extraordinary chart. It shows banks' liquidity ratio (LCR) vs their $-only LCR. There's a bunch of big EU banks comfortable with a 0% $-LCR! They're just assuming that the swap market and CB FX lines will always be there. I hope they're right 😱

Bretton Woods III

"For all your days prepare, And meet them ever alike: When you are the anvil, bear-- When you are the hammer, Strike." -Edwin Markham

On point