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« 2017: Murky Road Ahead | Main | MMT's Fatal Flaw? »

February 03, 2017


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mark Hartford

Thanks for the well written analysis. I am going to post the word for chinese currency on my facebook feed and ask everyone 1: Do they know the word and its definition; 2: Do they understand the importance and potential impact on their lives and the lives of their future family members,ie children and grandchildren... I will be curious what people have to say... M

Steve Clark

I hadn't thought about that history, but it certainly is relevant. Makes me wonder more about the roots and culture of the Bank of China and how the intervention of the CCP since 1949 - and, especially, after Deng made the deal with the West - is shaping its destiny. With the matters of a possible global debt cancellation and the restructuring of finance to ensure full employment now pressing for attention in global affairs (well, "pressing" may be a bit optimistic!), the possibility that China might side with the corporate-accountability movement is intriguing.

Mary Lou Langenhop

Thanks Steve. I've been waiting for you to write this kind of analysis. Ever since you posted earlier about the renminbi, I have wondered what you thought about one of the last things mentioned in the Debt book about China's history of using debt more to overwhelm their adversaries with generosity than to bind them to subservience through debt. I have not reread it in this context, but it struck me really strongly when I first read it. Thanks again for your thoughtful analysis.

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