Fascinating history of the rise of USD as reserve currency! I don’t believe its reserve currency status is threatened even with the gigantic debt burden the US has, because there is no real substitution. The worry for large debt burden is yield premium and higher long-term inflation. Thanks for writing!
I agree, China failed to open capital markets. To some degree understandable - They didn't want to become a Wall Street punching ball like Argentina or Brazil. But it looks like Chinese policymakers missed the opportunity for a gradual transition, and now there's a huge gap for their global ambitions.
Europe - still not a fiscal union, for good reasons.
Excellent piece! Fascinating.
Many thanks, much appreciated!
Fascinating history of the rise of USD as reserve currency! I don’t believe its reserve currency status is threatened even with the gigantic debt burden the US has, because there is no real substitution. The worry for large debt burden is yield premium and higher long-term inflation. Thanks for writing!
Many thanks!
I agree, China failed to open capital markets. To some degree understandable - They didn't want to become a Wall Street punching ball like Argentina or Brazil. But it looks like Chinese policymakers missed the opportunity for a gradual transition, and now there's a huge gap for their global ambitions.
Europe - still not a fiscal union, for good reasons.