AMAZON

The IMF’s Colonial Impulse?
by brian domitrovic
In his eagerness to convict Western imperialists of "meddling," Jamie Martin ignores foundational principles of economics.
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Restoring The Fed’s Credibility?
by andrew stuattaford
Paul Volcker would have been appalled by the Fed's complacent reaction to growing inflation last year, a blunder that damaged the bank's credibility.
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China and Russia—With Help from Biden—Attack the Dollar  by Gordon G. Chang 

THE CHINESE YUAN CANNOT THREATEN US DOLLAR

Biden's Middle East: Saudi Arabia Embraces China; Will They Topple the Dollar?
by Judith Bergman

The Middle East: An American Vision
Review of Behind the Silken Curtainby Amir Taheri

US TREASURY YIELDS GROWING, OUTPACING CHINA

THE CASE FOR FREE TRADE IS STRONG

CAPITAL INFLOWS = FATAL DEPENDENCY

What Does Jerusalem Have to Do with Glasgow?  by james r. rogers
Since humans are created in the image of God, they possess dignity, which has implications for freedom—including economic freedom.
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September 11’s Long Shadow  by william anthony hay
It is hard to see how 9/11 could not have dominated American life at least for a time, but the long-term shifts were dire.
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Dollar doomed as China shifts to consumptionThe US dollar may lose a third of its value, with a chronically low savings rate, a large current account deficit and a huge federal financing requirement likely to force a sharp devaluation of the greenback, 
report Uwe Parpart and David Goldman.

​The US dollar is still king during the coronavirus

The Future of the Dollar
Henry Paulson, Foreign Affairs

Falling Trade, Rising Imbalances...
by Brad W. Setser

China’s Digital Currency Will Rise, Not Rule
Eswar Prasad, Project Syndicate

Is the Almighty Dollar Slipping?
Nouriel Roubini sees the recent depreciation as a symptom of short-term factors, though challenges lie ahead.

America’s New Debt Bomb
Todd G. Buchholz draws parallels to the World War II era and proposes solutions for avoiding a fiscal cliff.

Financial Repression Revisited?
Anne O. Krueger has reservations about a long-used method for reducing massive public liabilities over time.

America’s Coming Double Dip
 Stephen S. Roach argues that the pandemic's continuing impact on consumer demand all but rules out a V-shaped recovery.

The Dark Heart of Gold
Jeffrey Frankel explains why the recent record price for the metal should not determine US monetary policy.

Dual Circulation and China’s New Hedged Integration Strategy | Center for Strategic and International Studies - Jude Blanchette and Andrew Polk
The latest, and perhaps most consequential, development in the Xi administration’s ongoing efforts to position China to withstand volatile geopolitical exigencies is the new “dual circulation” strategy (DCS), first announced at the May Politburo meeting. The strategy, which envisions a new balance away from global integration (the first circulation) and toward increased domestic reliance (the second circulation), stems from Beijing’s belief that China has entered a new paradigm that combines rising global uncertainty and an increasingly hostile external environment with new opportunities afforded by a floundering and listless United States, which China has long viewed as its most important geopolitical rival. Ever the dialectician, Chinese leader Xi Jinping declared in April that China must “take the initiative to seek change, and successfully capture and create opportunities in the midst of the crises and difficulties before us."

This new worldview sees the continued decoupling of global supply chains as an enduring trend, and so Beijing now seeks to attempt a new “big thing”—balancing emphases on both internationalization and self-sufficiency (自力更生) that marks China’s own version of “hedged integration.” This model entails engaging international capital, financial, and technological markets when advantages can be gained while simultaneously bolstering indigenous capabilities to avoid overreliance on the global economy—due to national security concerns or the vagaries of global economic cycles...

If the DCS begins to bear fruit, the impacts on the global economy would be momentous. While Chinese policymakers and commentators have been clear that the DCS does not mean a full-scale pivot away from global economic integration or reliance on external demand, even a marginal shift by China away from its focus on mercantilist export practices could fundamentally reshape global trade and investment flows. But perhaps more importantly, Yu’s argument that China should renew its focus on high-end manufacturing—rather than services and consumer sectors—may mean that China will seek to replicate the German manufacturing model. If successful, such a move would represent a major challenge to industrialized economies. China’s scale of production could begin to disrupt a range of new market segments—as has happened with solar and lithium batteries in the past.

CSIS

Coronavirus, Judy Shelton, and the Federal Reserve
​A Major Newspaper Wants To Quarantine the Nominee’s Ideas
Editorial of The New York Sun | March 4, 2020
https://www.nysun.com/editorials/coronavirus-judy-shelton-and-the-fed/91037/

A Way Forward for Judy Shelton
Editorial of The New York Sun | November 17, 2020
https://www.nysun.com/editorials/a-way-forward-on-judy-shelton/91340/

The Classical Gold Standard Can Inform Monetary Policy
quoting Michael D. Bordo, Milton Friedman via CATO
Watching the frenzy surrounding Judy Shelton's confirmation hearing before the Senate Banking Committee on February 13, one is led to believe that the gold standard is a "nutty" idea, for which no serious economist or monetary policymaker could possibly have a kind word. 

Joseph Sternberg, author, The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future; and WSJ editorial board; in re: Judy Shelton’s nomination to the Federal Reserve Board in the Senate is under abeyance.   Where’s productivity?  Why does Judy Shelton think that even if we work as hard as we can, we can’t match the productivity of our parents’s (or grandparents’s) generation: because we need to return to some form of the gold standard, which would put the Fed out of business is several matters. This is because of the Fed, which has been unable to keep up. Price signals are going wild because the dollar and other currencies are unmoored; when central banks try to manipulate value, productivity cannot be maintained.
..
Judy Shelton was director of the Sound Money Project at the Atlas Network; in 2012 she joined TheGoldStandardNow.Org as a senior advisor.  In March 2018, she was confirmed by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development.  Shelton is known as a critic of the Federal Reserve. She has called for a 0% inflation target, contradicting the bank's current 2% target. She has written that a "fundamental question" of economics is, "Why do we need a central bank?"

Why Judy Shelton Would Be a Boon For Federal Reserve
By JOHN TAMNY, Special to the Sun | February 17, 2020
https://www.nysun.com/national/why-judy-shelton-would-be-a-boon-for-federal/91017/

Judy Shelton Would Help Redeem Republican Promises
Editorial of The New York Sun | February 12, 2020
https://www.nysun.com/editorials/judy-shelton-and/91010/

Judy Shelton's Moral Contract
Editorial of The New York Sun | February 13, 2020
https://www.nysun.com/editorials/judy-sheltons-moral-compass/91013/

The best move for President Trump after today's hearing for his nominees to the Federal Reserve would be to withdraw his nomination of Christopher Waller and stick with Judy Shelton. That's our reaction to the calls for Mr. Trump to withdraw Ms. Shelton after a premeditated attack on her by the Democrats and one or two Republicans. It was a disgraceful performance.
No single feature of it was quite as disgraceful as the question Senator Sherrod Brown put to Mr. Waller and the answer Mr. Waller delivered. "Given Ms. Shelton's answers on monetary policy and thirty years writing on the gold standard," the oleaginous Ohioan asked Mr. Waller, "would you recommend we confirm her to the Fed?"
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WHAT REPLACES THE US DOLLAR

ASIA TIMES

​Central Bank Independence Is Not Enough
by John Taylor

Toward a sterling crisis 
Desmond Lachman | AEIdeas

A Reciprocal Solution to the US-China Trade Dispute
Shang-Jin Wei proposes a balanced and reciprocal approach to resolve escalating Sino-American tensions once and for all.

The US Will Lose Its Trade War with China
Anatole Kaletsky thinks America's strength can be turned against it, simply by stimulating Chinese domestic demand.