Biagio Bossone: "The IMF reads China's trade surplus and the US trade deficit as two separate domestic distortions needing two separate domestic fixes: Chinese fiscal expansion and US fiscal tightening. But the two are not separate stories. US ‘over-consumption’ is sustainable in the first place because the same surplus economies the IMF blames for excess saving do keep on holding dollars, allowing US banks to keep running the printing press and finance import demand, without hitting the ceiling all other countries hit. Fix only the fiscal numbers and leave the recycling loop untouched and the imbalance won’t shrink the way the IMF’s models predict."
https://t.co/20lPOngiFZ
My newest piece for Carnegie revisits the Plaza Accord and its relevance for China. The Plaza Accord was not an externally imposed punishment of Japan but part of a broader restructuring that Japanese economists and policymakers themselves recognized was necessary. Its effects were undermined, however, when Tokyo responded to the resulting slowdown with policies that exacerbated investment, credit expansion, and the very imbalances the exchange-rate realignment was intended to resolve.
https://t.co/U8Bc4l0WNF
We cut open the Kirin 9030 and put it under an electron microscope.
The smallest metal pitch measures 32.5 nanometers. That is tighter than Intel 18A, their brand new leading edge node.
A Chinese fab with no EUV is out-pitching Intel's EUV node by roughly 10 percent. What's going on here? 🤯
"This is the HiSilicon Kirin 9030, the chip inside Huawei's newest flagship phone. A few weeks ago, we cut it open, put it under an electron microscope, and measured the smallest wires inside the chip, the metal pitch. And what we saw was unexpected. The smallest metal pitch inside the Kirin 9030 measures only 32.5 nanometers. That’s smaller than the metal pitch in Panther Lake, which is based on Intel's brand-new 18A node.
A Chinese fab, cut off from the most advanced tools, without EUV, is packing its wires about ten percent tighter than Intel's leading edge EUV node. What’s going on here?"
Elena Rybakina is officially back to #3 in the WTA Rankings.
1. Aryna Sabalenka - 10,990
2. Iga Swiatek - 7,978
𝟑. 𝐄𝐥𝐞𝐧𝐚 𝐑𝐲𝐛𝐚𝐤𝐢𝐧𝐚 - 𝟕,𝟔𝟏𝟎
4. Amanda Anisimova - 6,680
5. Coco Gauff - 6,423
Back to her career high…
It’s only up from here.
🇰🇿🩵
This is not a render. This is not a simulation. This is @SpaceX’s first integrated test flight of #Starship with the Super Heavy booster, the world’s largest and most powerful rocket to ever fly. This #slomo is from our 8k tracker shot by @considercosmos.