… Edward.
I read your India
book as I researched my own, clockwise from Bombay to Bombay, and liked it v
much.
Rgds.
Patrick.
Patrick
Lawrence
Byers Cottage
314 Ashpohtag
Road
Norfolk, Conn.
06058
tel.: + 1. 860. 542. 8003
cellular: + 1. 212. 658. 0243
e: pl@grantfarm.us
From: Edward Luce
[mailto:edward.luce@ft.com]
Sent: Sunday, February 13, 2022 11:40 AM
To: pl@grantfarm.us
Cc: Clyde Prestowitz; Warren Coats; Chas Freeman; Chas Freeman
Subject: Re: [Salon] In the Name of the Patriot Act: That's Ours
I would rather improve the morals of US dollar policy as I
don't like the alternatives. You're right that the Afghanistan reserves
decision is a disgrace.
Edward.
Yes, I think you’re right about this—a
moral point for better or worse.
Kind rgds.
Patrick
Patrick Lawrence
Byers Cottage
314 Ashpohtag Road
Norfolk, Conn. 06058
tel.: + 1. 860. 542. 8003
cellular: + 1. 212. 658. 0243
e: pl@grantfarm.us
From: Edward Luce
[mailto:edward.luce@ft.com]
Sent: Sunday, February 13, 2022 10:53 AM
To: pl@grantfarm.us
Cc: Clyde Prestowitz; Warren Coats; Chas Freeman; Chas Freeman
Subject: Re: [Salon] In the Name of the Patriot Act: That's Ours
The
dollar's share of global reserves at 60 per cent-ish is the same as it was in
2008. It briefly went up to almost 70 per cent after 2008. Much of its
relatively modest subsequent decline since then to the longer-term trend share
of 60pc comes from the Russian central bank's diversification into remninbi. So
your premise is questionable. Your conclusion - that the dollar morally deserves
to decline - seems to be your real point.
Hello to all.
When I read of the indefensible
move to commandeer Afghanistan’s reserves my mind went immediately to the
withholding of Iranian reserves, and then to the theft of Citgo’s revenues and
physical plant, and then to the piracy at sea last year. I gather we’ve now got
this question’s version of John Yoo developing some pretzel logic to justify
this disgrace. Apart from the question of mistrust in the dollar as global
reserve, these people are nicely on the way to leading the world into state of
lawless chaos—the larger matter, it seems to me.
The dollar’s decline
as the world’s reserve seems to be on its way far more quickly than one heard
among the currency traders and strategists even a few years ago. Not quickly
enough given the abuses.
Rgds to everyone,
Patrick.
Patrick Lawrence
Byers Cottage
314 Ashpohtag Road
Norfolk, Conn. 06058
tel.: + 1. 860. 542. 8003
cellular: + 1. 212. 658. 0243
e: pl@grantfarm.us
From: Clyde Prestowitz
[mailto:presto@econstrat.org]
Sent: Saturday, February 12, 2022 7:41 PM
To: Warren Coats; Chas Freeman
Cc: Chas Freeman
Subject: Re: [Salon] In the Name of the Patriot Act: That's Ours
Hi Warren,
You are exactly right. But I tend to think that ending
the dollar’s role as the global reserve currency would be good for everyone.
Yes, it would be painful in the short term. But “no pain no gain” is the
watchword. Clyde
The
attacks on our liberties facilitated by the Patriot Act only worsen with time.
But the rest of the world grows more weary with the reserve currency status of
the US dollar as the US increasingly sanctions its uses for one reason or
another, sometimes unilaterally. Biden’s proposed confiscation of Afghan
reserves at the NY Fed are another nail in that coffin. As they add up, plus
growing concerns over the size and cost of US debt, we are ever closer to the
one that sends the dollar over the cliff.
--
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https://mlm2.listserve.net/mailman/listinfo/salon
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