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My new post (partly in reply to the critics of the previous) How the mainstream abandoned universal economic principles (but forgot to mention it) branko2f7.substack.com/p/how-the-main…

Stablecoins but not CBDC? Note Sec 4 explicitly does NOT include anyone from the Fed! whitehouse.gov/presidential-a…

Important. Evidence of settlement constraint?

Charles Kindleberger, the Dollar System, and Financial Crises | Institute for New Economic Thinking ineteconomics.org/perspectives/b… #inet

This is quite a key paper, as Ulrich Bindseil is in charge of market infrastructure and payment system for the European Central Bank . He knows what he is speaking about. And he tells you public blockchains are good and private blockchains quite useless. Few nuggets below 🧶👇

paulkrugman.substack.com/p/musk-in-your…

That was 2011, and I was contrasting Bagehot with present times. But now I know more. tandfonline.com/doi/full/10.10…

Yes, an update and expansion of the MOOC (filmed Fall 2012). Students of the MOOC have been asking me for a written version ever since it first aired in fall 2013.

My review of Konings, Bailout State: doi.org/10.1017/fas.20…

First review of The Bailout State out - by Perry Mehrling in Finance and Society Polity cambridge.org/core/journals/…

Martijn Konings Perry Mehrling Finance and Society Polity critical but in a way that makes you want to read the book

This week’s review! - on Charles Kindleberger’s unrealised vision for the dollar system, according to Perry Mehrling. Link below👇.

Making sense of present chaos. But I wonder, end of globalization or morph of globalization?

"My strong, unwavering belief is that Pax Americana is a damn good deal for the United States AND the world" Somebody's been reading their Kindleberger!

One of the greats. Theory of Capitalist Regulation (1976) was a seminal influence for me.

"An inferior lender of last resort beats no lender of last resort" cepr.org/voxeu/columns/…

The Global Trade Reset Was Inevitable | George Magnus youtu.be/7gEkxdMfUOw?si… via YouTube

NEW ODD LOTS; It’s the return of Perry Mehrling Tracy Alloway and I talked to economist and financial historian about Trump’s echoing of the 1971 Nixon Shock and why the global dollar system will NOT be derailed. podcasts.apple.com/us/podcast/odd…

In case you missed it, Japanese 30-year rates have now caught up with 30Y German rates (even if policy rates are very different, 2.25% in the Eurozone and 0.50% in Japan). Bond markets are behaving differently in 2025, from Japan to the US. The old rules no longer apply

My conversation with Paul Krugman Global Inequality: Branko Milanovic Talking with the guy down the hall paulkrugman.substack.com/p/global-inequ…