Global reset – Monetary decoupling (Part 6: The forthcoming currency war) Phuah Eng Chye (28 August 2021) In the US-China confrontation, one of the developing battlefields is in currency. No other currency, perhaps gold is the closest, has been able to match the universal acceptance achieved by the USD. But is the era of USD … “Global reset – Monetary decoupling (Part 6: The forthcoming currency war)”
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Global reset – Monetary decoupling (Part 5: The end of USD supremacy – Will it be different this time?)
Global reset – Monetary decoupling (Part 5: The end of USD supremacy – Will it be different this time?) Phuah Eng Chye (14 August 2021) Currency dominance is one of the factors reinforcing global power. In the previous century, the US ascendency to global power was paralleled by the rise of the greenback displacing sterling. … “Global reset – Monetary decoupling (Part 5: The end of USD supremacy – Will it be different this time?)”
Global reset – Monetary decoupling (Part 4: Lessons from Plaza Accord)
Global reset – Monetary decoupling (Part 4: Lessons from Plaza Accord) Phuah Eng Chye (31 July 2021) Observers are revisiting the US confrontation with the then rising economic power, Japan. Huijian Wu notes “in 1985, Japan overtook the United States as the world’s largest creditor, and products made in Japan flooded the world. The frenzied … “Global reset – Monetary decoupling (Part 4: Lessons from Plaza Accord)”
Global reset – Monetary decoupling (Part 3: Consequences of diverging policies)
Global reset – Monetary decoupling (Part 3: Consequences of diverging policies) Phuah Eng Chye (17 July 2021) The symbiotic US-China consumption-investment relationship dominated the global economy over two decades. Academics debated on the causality of the global savings glut[1]; whether US consumption and trade deficits caused foreign savings to soar or whether foreign willingness to … “Global reset – Monetary decoupling (Part 3: Consequences of diverging policies)”
Global reset – Monetary decoupling (Part 2: Economics of large central bank balance sheets)
Global reset – Monetary decoupling (Part 2: Economics of large central bank balance sheets) Phuah Eng Chye (3 July 2021) Massive sterilisation and QE programs have enlarged central bank balance sheets to disproportionate sizes. Stephen Cecchetti and Paul Tucker notes “in 2007, the central banks in the US, euro area, UK, and Japan had total … “Global reset – Monetary decoupling (Part 2: Economics of large central bank balance sheets)”
Global reset – Monetary decoupling (Part 1: Sterilisation and QE)
Global reset – Monetary decoupling (Part 1: Sterilisation and QE) Phuah Eng Chye (19 June 2021) One important aspect of the global reset is the decoupling of monetary relationships. Narratives such as currency manipulation[1] or China’s dumping of US treasuries are simple and popular but they offer misleading perspectives on the inter-dependent relationship between US … “Global reset – Monetary decoupling (Part 1: Sterilisation and QE)”