Nice one by Barclays...
The CNY's share of cross-border payments has overtaken the USD Source: Ronnie Stoeferle, Barclays, Bloomberg
High global cost of capital hurts weak global balance sheets
Pakistan, Nigeria, Ethiopia, Egypt, DRC, Iran, Türkiye, Argentina account for 12% of world population (>1bn people) and they are all hit by inflation rates >30% (Argentina 250%, Türkiye 60%, DRC 50%), interest rates >20% & pressure of currencies. Source: BofA
NEW: Bitcoin just passed the Russian ruble and is now the 14th largest currency in the world 🔥
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Fiat money debasement does have some strong polical and economical consequences
Javier Milei has just won Sunday’s presidential runoff against Economy Minister Sergio Massa. Javier Milei, a 53-year-old far-right economist and former television pundit with no governing experience, claimed nearly 56% of the vote, with more than 80% of votes tallied. Voters in this nation of 46 million demanded a drastic change from a government that has sent the peso tumbling, inflation skyrocketing and more than 40 percent of the population into poverty. With Milei, Argentina takes a leap into the unknown. He has promised to fix Argentina’s perennial economic problems by making drastic budget cuts, replacing the battered peso with the US dollar and shutting down the central bank. He will take office on December 10th.
Global currencies vs. the dollar last 10-years % change
Source: Charlie Bilello
Major reserve currencies since 1250
by James Eagle
