Right-wing politicians in Argentina want to adopt the US dollar as the national currency to fight inflation. Development economist Ha-Joon Chang said this is “insane”, warning dollarization would make the Latin American nation a “colony”.
Recognition is dawning that it won't be easy for the Global South/East to break out of the neoliberal, neo-imperial, and neocolonial model.
Geopolitical EconomyArgentina adopting US dollar to fight inflation would be ‘insane’ neocolonialism, says economist Ha-Joon Chang
Ben Norton
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China may continue to reduce its holdings of United States debt, in a move to diversify its foreign reserve assets and ensure foreign exchange market stability amid the rising de-dollarization trend in international trade, experts said on Wednesday.
ECNS (Chinese official English news service)
China likely to cut more U.S. debt holdingsChina Daily (Chinese state-sponsored media)%
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Further on the geopolitical front, Simclicius recently posted two articles on the Russian economy. The first is about the Central Bank of Russia, which just raised the interest rate from 8.5% to 12% to address the weak rouble. The second is a military sitrep but the last half of the post is on the Russian economy, including the degree of exposure to external debt denominated in foreign currency. Both posts contain useful information; however, Simplicius is neither an economist nor trained in MMT so one needs to read between the lines with that in mind.
1 comment:
3 words: floating exchange rate
Neo this, neo that - meaningless.
How about non-liberal, non-imperial, and non-colonial model.
As if a neo model ever fixes all the problems of the previous model.
Can't wait until neoslavery enters into elite speak.
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