From Paul Brodsky of Macro-Allocation Inc.
Shift Happens
The Economist ran a special report October 3 entitled “The sticky superpower”, a long essay that questioned America’s ongoing status as an effective global economic and monetary hegemon. At times the report was unsparing in describing today’s reality: “the global monetary system is unreformed, unstable and possibly unsustainable” and the world has no “credible lender of last resort”.