Borrowings by poor countries
Poor countries need to borrow money from rich countries to fund their infrastructure and economic development. They have to pay interest on the borrowings and return the capital at the end of the term. Ideally, the borrowings should be denominated in their local currency, but it is not accepted by the international lenders. They...
China will sell USD
President Xi has instructed the state banks to sell the USD. This is to help strengthen the yuan, which has dropped significantly against the USD. There is a longer term implication. When China sells the USD, many speculators will jump into the bandwagon and dump the USD. This may cause the USD to collapse. Remember, American...
There is nothing catastrophic about a recession
The central banks kept interest rate too low and printed too much money during the past decade. This has led to high inflation. The war in Ukraine, together with the pandemic, made the situation worse. The central banks have now increased interest rate sharply. They wanted to fight inflation. This is expected to cause an economic...
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