Currency exchange -> Reserve Currency (USD swap line) Reserve currency comes from US trade + military superpower Also legal regimes ultimately mean nothing w/o force to back them, particularly if you have habitual line-stepping regimes who fancy themselves hegemonshttps://twitter.com/vgr/status/1006315868660224000 …
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Rising dollar crushed numerous EMs, easiest example being Argentina. Swap lines are common tool to cause pain when our allies get out of hand. Russia has to move gold around and play tricks just to try and get their hands on dollar.
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Euro and Yen dependent on dollar so “hedging” against it a comical event
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