crashedandnotamused

[Maia @maiamindel]

Microeconomics/macroeconomics

[Brad Setser @Brad_Setser]

Let's just say that I disagree with this pretty strongly ...

"USD is losing its market share as a reserve currency at a much faster rate than is commonly believed."

The dollar's share of reserves didn't actually change at all in 2022.

1/

https://t.co/tJvX5SncLz

[Brad Setser @Brad_Setser]

The IMF was set up to provide BoP financing, to keep track of foreign exchange reserves and the external spillovers of countries' policies.

So it is impressive just how completely the external sector has disappeared from the IMF's analysis of China!

1/

https://t.co/h5fwl6ECpf

[Alan MacLeod @AlanRMacLeod]

Expect to hear a lot about human rights in Zimbabwe in 2023.

[Sahil Bloom @SahilBloom]

Intellectual Sparring Partners

Most of us need fewer friends and more intellectual sparring partners.

Friends are easy to come by.

Intellectual sparring partners are harder to find.

They will call you on your BS, question your assumptions, and push you to think deeply.

[Sarah O'Connor @sarahoconnor_]

Farewell to the servant economy. Unprofitable “on-demand” services like someone bringing a coke to your door gave people a sense of affluence in a decade of stagnant wage growth. But they were subsidised by investors, and now the money is drying up. https://t.co/YsQym8iBLI

[Matthew C. Klein @M_C_Klein]

Nuanced look at Kishida's economic priorities from @observingjapan

https://t.co/MklXsYcweL

[Mona Ali @MonaAli_NY_US]

Can’t wait to read ⁦@PMehrling⁩’s book on the man who helped fashion the world dollar standard. Here is Kindleberger in 1970, just before Bretton Woods falls apart, advocating for G-10 representation at the Fed’s FOMC and for the BIS to regulate the offshore dollar market!

[Perry Mehrling @PMehrling]

Book cover! I like the yin/yang, money/empire. Pre-order: https://t.co/EXHGYIOSH0

[Michael Goodwell @MichaelGoodwell]

🔥 Rabobank: Why ‘Bretton Woods 3’ Won’t Work

🔹 Nice narrative: but it’s just ‘mercantilism’

🔹 The opportunity to shift global trade flows away from USD to others is limited: fundamentally, neither CNY nor commodity currencies are set up to rival USD globally.

1/6

[Michael Pettis @michaelxpettis]

1/8
John Redwood repeats the often-made claim that in a less “globalized” world, “overall world output and efficiency will drop”, but this claim depends on the implicit assumptions one makes about the constraints on global growth.
https://t.co/xJaLikSUx7

[Irna Hofman @IrnaHofman]

Let's hope the impact of the war in #Ukraine on wheat markets = wake up call: essential to diversify trade relations (ex/import) & (allow to) diversify domestic cropping patterns + support local farmers. Not only in #CentralAsia, globally. #resilience https://t.co/tFckemK9zf

[Jean Pisani-Ferry @pisaniferry]

You cannot defeat an adversary ready to endure a 20% drop in income if you are not willing to risk a 2% decline in your own. But the leaders who recently dared to lock down their fellow citizens are now unwilling to tell them to drive a little slower. https://t.co/Fjt7hChMBx

[Branko Milanovic @BrankoMilan]

Russia's long-term economic prospects https://t.co/H2fzXxpshV

[Sergei Guriev @sguriev]

Together with Stephen Roach, Paul de Grauwe, and Arne Westad we are calling for China to leverage its unique position for ending Putin's war in Ukraine. Our oped at @ProSyn :

https://t.co/6rzqNFzqaB