The banking system we take for granted is unfixable. The good news is that we no longer need to rely on any private, rent-seeking, socially destabilizing network of banks, at least not the way we have so far.
shows why the current private system is unfixable – and why we don’t need to tolerate it anymore.
Like Vladimir Putin, China's leader is so steeped in a narrative of victimhood and fearful of appearing weak that it is hard to imagine him ever leading China out of the mess he has created. He could well be remembered as the leader who squandered history's most remarkable economic success story.
about the country's increasingly worrisome trajectory, both at home and abroad.
Artificial IdiocyFrank Rumpenhorst/picture alliance via Getty Images
坎布里奇—尽管通膨猖獗,增长放缓,但美元仍在不断走强。自去年 5 月以来,美元兑日元和英镑分别上涨了 28% 和 20%。美元兑欧元升值 19%,自 2002 年以来首次达到平价。
从加权平均水平衡量,美元位于 20 年来的最高水平。事实上,以总体外币来衡量,它现在甚至比 2002 年还要高。比现在明显更强势的美元要回溯到 1983-85 年。
从某种意义上说,美元近期的反弹似乎令人费解。毕竟,飙升的通胀和持续的经济放缓应该损害对美元的需求。但美元目前的强势可以用美国经济的相对韧性和美联储的持续加息承诺来解释。
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