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OT: American Politics

Krugman did a bigly interview with Hélène Rey on his substack. It’s a massive deep cut Econ geek out (so I’m not gonna recommend to watch), but she is one smart lady.

A couple of interesting take aways. The ECB is looking at a digital Euro payment system that would basically break them free from Visa, MC, PayPal, ApplePay, etc. (and hence $US, somewhat). Also, Vova’s excellent adventure in Ukraine may have unwittingly created the first ever massive line item in the unified EU budget (not in the members’ individual budgets) and thus a unified fiscal platform (bonds) that are priced in €. This would be the first meaningful link between the ECB and fiscal policy, and would definitely enhance the global cred of the €.

But, yeah, Jerome Powell is the problem. 🥸
 
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