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Everyone Wants to Seize Russia’s Money. It’s a Terrible Idea.

MundoAméricaEuropa, , , , ,

The Republican House speaker, Mike Johnson, has brought a glimmer of hope to supporters of the Ukrainian war effort. He suggested to Fox News on March 31 that he would try to rally his divided party behind the so-called REPO Act. That piece of legislation would allow President Biden, working with European allies, to seize Russian currency reserves frozen in the West and use them to aid Ukraine.

Grabbing these reserves would be politically convenient. Since Russia’s invasion of Ukraine in February 2022, the United States and its allies have thrown more than a quarter-trillion dollars into the war, to little ultimate effect.…  Seguir leyendo »

MundoAméricaInternacionalEconomíaInternacionalOrden Mundial,

El dinero es un símbolo del poder, prestigio e influencia de una nación. Como dijo Robert Mundell, “las grandes potencias tienen grandes monedas”. Desde la Segunda Guerra Mundial, el dólar ha representado el poder económico y militar de Estados Unidos. Incluso parece que ha superado esta crisis, ya que vuelve a revalorizarse. Este fortalecimiento coyuntural ha hecho que muchos piensen que el dólar ha recuperado su trono. Sin embargo, sus debilidades estructurales son mayores de lo que se cree.

La realidad es que su uso y presencia está en declive. Los números así lo demuestran. Desde hace 10 años, el billete verde está perdiendo peso en las reservas oficiales de los bancos centrales.…  Seguir leyendo »

MundoAméricaMundoAsia, ,

The core of the "currency wars" – in which China has been accused, primarily by the US, of undervaluing the renminbi to boost its exports – is a simple piece of arithmetic. The US has only a quarter of China or India's population.

America can remain the world's largest economy only if average Chinese or Indian living standards never exceed 25% of its own. As – rightly – China and India will never accept this, a peaceful global outcome therefore requires the US to abandon its undesirable and impossible goal.

The immediate political background is September's vote by America's House of Representatives threatening China with tariffs unless it increases the exchange rate of its currency.…  Seguir leyendo »