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Everyone is focused on U.S.-China tariff rollbacks. But the real shift is institutional - the creation of a "formal committee" to discuss currency misalignment, non-tariff barriers & market access. This is a systemic restructuring that was already foreshadowed by Miran. As I laid out in my episode on The... show more
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On my watchlist.

not sure how china moved from 2% appreciation to 2% depreciation vs $ from 2012-13 onwards. had this change not happened we would be around 4Y to the $ or we get the same effect now with a 75% tariff by all countries

Thank you, this appears to be exactly what the world needs....balance between over producers and over consumers. The key constituent that is not on board yet are large US global corporates. How do we get them on board?

*exacerbates. Great vid though! 🙂

Agreed imbalanced start with dollar system. Who gets to decide the currency reset and more imp, what would the trigger/mechanics/sequence/signals be that we are getting closer to such a moment?

You are one of the few people on X who can clearly articulate the dynamics and future prospects of the Sino-US trade war

fake news

Yes. Michael Pettis says this too. I wonder how different this will be from the US China Strategic Dialogue of Bush/Obama. It also addressed currency though more along the lines of RMB being Allowed to free float, which never really happened. It's a loose free float, as you know. If it's new Bretton Woods, we shall see. Bessent said they didn't discuss currencies.

Realigning the global currency/settlement system will be difficult to explain and sell. Creating a price-specie flow mechanism without a gold standard will be tricky.
