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11.03.25 - 15:48
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If Europe Seizes Russian FX Reserves, It Would Immediately Reset The Global Financial System (ZeroHedge)
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If Europe Seizes Russian FX Reserves, It Would Immediately Reset The Global Financial System
By Michael Every of Rabobank
Resetting expectations
Yesterday saw the Nikkei -2.2%, the Dax -1.7%, the S&P -2.7%, and the Nasdaq –3.8%, while the US Treasury 10-year yield the White House is now focused on was -5bp to 4.16%. As the headlines put it, markets were “swooning”, first on China drifting back to deflation, then on President Trump's comments that refused to rule out a US recession. Frankly, that commentary managed to be both very shallow and deeply myopic at the same time.
China is “struggling” with deflation due to mercantilism. An economy that 'must' grow at 5%, and via more supply, not demand, necessarily makes too much, exports it, and… dominates global supply chains. Many Western economies could do with that right now – as Trump implied.
He made clear he wants to reset the US, and by extension, global economy: "I hate to predict things like [a recession]. There is a ...
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