Turkey burned 130 tonnes of gold just to hold a line that did not bend. Japan is drawing down its strategic reserve faster than at any point in its history. I would not call it irrational. Does it make it necessarily then about survival? I am not sure it is ever so binary. Every central bank is managing a genuine shock with the tools it has. To me the questions really come down to how long the buffers hold and when does Hormuz normalise.
Great article Marjorie, actually interesting
Subscribed, would love to have you along too🙂🙌
Joys of a multi polar world. Practical short term, improbable long term.
Survival or irrational logic, take your pick?
Some masters manage tools more deftly - timing, more optionally, quantity and quality.
Survival is interesting because it depends on the techniques determining life or death.
As you always state, what could make this thesis false. Survival is the same but rationality may be much more obscure.
😀
Turkey burned 130 tonnes of gold just to hold a line that did not bend. Japan is drawing down its strategic reserve faster than at any point in its history. I would not call it irrational. Does it make it necessarily then about survival? I am not sure it is ever so binary. Every central bank is managing a genuine shock with the tools it has. To me the questions really come down to how long the buffers hold and when does Hormuz normalise.
Thank you for sharing