Like Germany hiding in the Euro, China have long played the game of keeping their currency soft, to juice their exports.
But now, with the accelerator still jammed to the floor on US inflation, it seems that the powers in Beijing might be looking to devalue the Rimimbi even further.
Everyone plays currency games - the trick is not to get caught. And the problem for China might be that they’re on the brink of embarrassing their adversaries.
Meanwhile, what happens when a miracle becomes a conjuring trick?
After forty years of weaving economic magic, the South Koreans now have the world’s lowest birth rate — and GDP slumping back towards developed economy norms. Are they about to become an early Eastern front runner of the social problems of the west? And can they afford that - given their tough geopolitical neighbourhood?
Exorbitant privilege is what they call the US ability to print the global reserve currency.
So what if the privilege was revoked?
Plenty of apocalyptic fiction has been written about that moment. But this week we’ve done the modelling to put a number on the dent in US living standards.
***
Be excellent to each other, and -
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Premium Episode: Vivek, Javier, and the Geopolitics of Populism
Chinese Wobbles, BRICS' New World Order, San Fran Down The Pan
UK Poorer Than Mississippi, No Supply Issues In The Housing Market?, Internal Migration In China
ESG - Big Finance's Latest Fad Implodes, Dim Sum Bonds, Russia's GDP Overtaking Germany
Twitter Spaces: What Is Multipolarity?
India Bans Rice Exports?, The UK Gilts Crisis, Home and Huawei
Special Edition: De-Dollarisation and the New Monetary Order
Special Edition. Malcom Kyeyune: The Twilight of the Western Elites
Braving The Elements, Western Pacific Treaty Organisation, Cluster Eff
Twitter Spaces: The Realism Debates: Malcom Kyeyune (Tinkzorg) and Elbridge Colby
Let Them Eat Lidl, China’s Trade Superweapon, Deutschland für Alternative
Back To The Falklands, Monetarism’s Meltdown, A New Eurozone Crisis
Ranking Nanjing, Bundeswehr Backdown, Iran's Nuclear Pinball
The Commercial Property Bust, Eurovision War Contest, Bitter-er Lake
America’s Capitalist Missionaries, Let a Thousand Towers Bloom, Draining the Ruhr
Twitter Spaces: Britain's Industrial Policy - with Miriam Cates MP, William Clouston, and Michael Taylor
Turkey Elects; Micron Matters, Twitter Spaces
Special Edition: Q&A - The Problem With Peter Zeihan...
Piling On The Pounds, California Screaming, Marco Polo A Go Go
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