America's Quiet Default
Markets Outlook
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The US and Russia's Efforts to Seize Afghan Central Bank
The us. Seized afghan central bank assets held in new york and bizarrely handed a large portion over to the plaintiffs in a nine 11 lawsuit. Not content with that, biden then dropped the financial nok on russia with the seizure of her reserves. While seizing afghan or russian reserves may feel righteous, just the immediate effect of its actions is to completely undermine the credibility of the dollar debt as an international savings device. The us. Wants to have its cake and eat it too. We need foreigners to buy our debt so the government can finance its structurally high levels of spending. But we increasingly seek to impose moral conditions on who can hold that debt.
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