Think about quantitative easing from the foreign perspective...
Rather like a Soft Tribute.
How have some of our pundits put it in the past?
'It's our currency, but your problem...'
Something like that...
Soft Power!
They are trying to pivot away from the dollar, of course, but it tends to stay trained on their butts!
That's globalization, baby!
These are definitely bondage relationships.
If one partner pulls partially free, they then tend to starve.
Call it DOLLAR WITHDRAWAL
The symptoms are severe!
Often, they then resort to The Mystery Meat, or Eating The Irish, especially in poorer places......
It's not Kosher, but they usually do scorch or simmer it!
In richer societies, they resort to desperate, radical, scapegoating.
The Holocaust is the classic example, to a currency shock (hyperinflation), and collapse, blamed primarily, both rightly and wrongly, on a minority, most of whom were recent refugees from Russia.
This post dedicated to Paul Krugman
No comments:
Post a Comment