Iran built a parallel financial infrastructure on the same stablecoin rails the US just legitimized. That contradiction is not an accident.
Looking for a “fair” international monetary system
President Trump’s Chief Economic Adviser, Stephen Miran, has claimed that the international monetary system in which the US provides the rest of the world with a safe, liquid asset is “unfair” as it supposedly prevents the US from eliminating its current account deficit. His proposed solution is to lower the value of the dollar through coordinated currency market intervention by foreign central banks. This column finds the idea that there could be lasting reversal of exchange rates following an international currency agreement highly speculative, and argues that a multipolar system would attenuate the Triffin dilemma and provide the US with a deficit-adjustment tool.
Stablecoins, Tokens, and Global Dominance
Technology is reshaping capital flows and currency dominance; data integrity is essential for financial stability
The Quiet Rewiring of American Finance
Stablecoins, Treasury markets, and the most significant shift in financial infrastructure that almost nobody is discussing.
Seven Months In, Iran and the US Actually Talked. The Oil Market Believed It.
Seventh piece in a series that started with Mokha falling on 09-11. Previous: The Strait Fell, and Riyadh Called Washington → Both Banks, and Now Iran's Own...
Read the JD Vance Dossier
We’re publishing the supposed Iran-hacked document. Here’s why.
Who supplies and demands safe assets – and why it matters
Safe assets are the building blocks of modern financial markets. This column examines the sectoral dynamics of safe assets across advanced economies since the 1980s. It shows that foreign demand for these assets has steadily increased, with the financial sector playing a key role in meeting it. However, because financial institutions often back the safe assets they create with risky loans, this rising foreign demand can fuel domestic credit booms and contribute to macroeconomic instability. The results highlight the importance of carefully managing the creation of safe assets within the global financial system.
The Fossil Fuel System Is Collapsing – and Taking Civilisation’s Safety Net With It
The Iran war is accelerating an irreversible breakdown of a system on which every hospital, harvest and factory depends - and only a rapid transition to energy superabundance can save us, argues Nafeez Ahmed, Divyesh Desai and Sandrine Dixson-Decleve
Is Dollar Dominance Good for the U.S.?
Thoughts on the U.S.'s so-called exorbitant privilege.
Issue 104 – World Tyranny Financial
As the Trump family’s crypto dealings raise more alarms, crypto enforcement is falling to new lows
Opinion | We’re Measuring the Economy All Wrong (Published 2018)
The official statistics say that the financial crisis is behind us. It's not.
The U.S. Dollar’s Role as a Reserve Currency
One of the U.S. dollar’s influential international roles is as the dominant reserve currency, widely used in international foreign exchange reserves, which are rainy day funds for governments.
Is the US dollar's reserve currency status eroding? | Brookings
Robin Brooks analyzes changes in the U.S. dollar's reserve currency status during the second Trump administration.
Truth, Consequences, Climate, and Demand Destruction
"This is how the attack by one petro-state (ours) on another (Iran's) may be turning out to be very bad for petroleum, because the only thing history loves more than a surprise party is irony." The Crisis The biggest news is always the climate news, and sometimes it's so big
The Missile Reached Riyadh. The Oil Market Didn't Blink.
Sixth piece in a series that started with Mokha falling on 09-11. Previous: The Strait Fell, and Riyadh Called Washington → Both Banks, and Now Iran's Own...
The Weaponized World Economy
When Washington announced a “framework deal” with China in June, it marked a silent shifting of gears in the global political economy. This was not the beginning of U.S. President Donald Trump’s imagined epoch of “liberation” under unilateral American greatness or a return to the Biden administration’s dream of managed great-power rivalry. Instead, it was the true opening of the age of weaponized interdependence, in which the United States is discovering what it is like to have others do unto it as it has eagerly done unto others.
L'ère de la fragmentation opportuniste : penser la finance du développement après Trump | Le Grand Continent
« America First is not America alone ». Sur le multilatéralisme et les institutions de Bretton Woods, Washington tente par tous les moyens de tordre à son avantage le système — sans en sortir complètement. La finance du développement pourrait être à un tournant. En cartographiant cette mutation, Martin Kessler formule des hypothèses sur la forme que prendrait le nouvel ordre.
