Where finance and media intersect with reality.
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And why warehouse receipts originated by foreign participants in China could be the latest incarnation of eurodollars.
Dear legacy site subscribers, I am writing to encourage you once again to shift your subs over to Substack, where I continue to produce daily
TLDR: Washington’s $55 billion IMF quota increase, criticised by the WSJ as a bad deal, is better understood as a strategic, one-off liquidity concession to China — wrapped in multilateral optics — to head off a destabilising dollar crunch and BRI unraveling. It also helps accelerate America’s pivot away from weakening multilateral influence toward more controllable bilateral dollar swap arrangements.
What looks like a desperate plea from a dollar-rich sovereign is in reality a sophisticated signal about how the plumbing of global finance actually works — and who still controls it in 2026.
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