For a long time, just to keep it simple, I've told people that the U.S.A. imports air conditioners and other stuff and exports debt -- mostly government debt -- as well as land (not the dirt, but the ownership of the dirt) and other assets. Wall Street likes this because they market the debt and manage the assets and Washington DC politicians like this because they can spend an extra trillion in the run-up to an election without having to raise taxes (to think they will curb that habit before it's too late is, perhaps, asking too much). Foreign financiers use the dollar in dealings with other nations. They also consider the U.S. a safe haven (even when they are ideologically committed to destroying the U.S. -- see the Chinese Politburo).
I don't think there is a shortage of Eurodollars so much as an increase in moral hazard. In the 1990s there was a belief that China would bolster the world financial system. Unfortunately, that would require the CCP to give up control of their national economy (and they do see it as theirs). It's become apparent the communists will not let that happen and are quite willing to stiff investors -- especially foreign investors -- to keep control. The killing of the Chinese capitalist chicken has scared the Eurodollar money-monkies and caused a tightening of lending standards while increasing the "safe-haven" appeal of the dollar.
Then there's Putin punishing the world and the world punishing Putin...
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