Sanctions against Hong Kong risk undermining the dollar.
Imagine if pirates were sailing up and down America’s coasts, plundering treasure worth between 0.9 percent and 2.6 percent of U.S. GDP every year.
Not for the first or the last time, “social responsibility” is being used as a way to get round democratic controls.
How many governments, I wonder, will be as honest as France’s on this topic?
In this case, the BVG left open the route to a solution that could both keep the QE going and leave the fundamental conflict of laws unresolved.
The next chapter in the long battle over efforts to stabilize the euro zone will be dominated by pushing and shoving ahead of a summit due for July 17/18.
The least bad way out of this mess remains the division of the single currency into ‘northern’ and ‘southern’ units.
I wrote about some early signs of a compromise in the making the other day. And now here’s another.
David Marsh is on top form as he looks at the current jurisdictional, political, and financial collision between German law and the European Central Bank.