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中国正逐渐被排挤出美元体系

发自伦敦—最近宣布的中美之间“第一阶段”协议被视为迈向一份全面协议的重要一步,持续了一年有余的贸易战也有望从此走向终点。但是如果您据此认为美国总统特朗普准备放弃其针对中国政策,那么就得三思了。事实上特朗普政府已经转而展开另一场与中国密切相关的战争,而这次是关于资金流动。

在一个高度整合的世界经济中,贸易和金融是同一枚硬币的两面。跨境贸易交易仰赖于一个运作良好的国际支付系统和一个愿意且能够发行信贷的强大金融机构网络。而这一金融基础设施则是围绕美元这个最具流动性和可兑换性的国际货币建立的。

美元作为全球第一储备货币的地位长期以来一直为美国提供了法国前财政部长瓦莱里·吉斯卡德·埃斯塔因(Valéry Giscard d'Estaing)所谓的“过度特权”:美国可以以微不足道的成本印制货币然后在全球范围内购买商品和服务。但随着全球资本市场的开放,美国也获得了凌驾于世界其他地区的过度影响力。

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  1. skidelsky147_Christoph Soederpicture alliance via Getty Images_policechristmasmarketgermany Christoph Soeder/picture alliance via Getty Images

    The Terrorism Paradox

    Robert Skidelsky

    As the number of deaths from terrorism in Western Europe declines, public alarm about terrorist attacks grows. But citizens should stay calm and not give governments the tools they increasingly demand to win the “battle” against terrorism, crime, or any other technically avoidable misfortune that life throws up.