Evergrande was a margin call on leveraged real estate developers globally -

UPDATE 5/11/21: Kaisa shares have been suspended after it missed payment on 'wealth management products' that weren't disclosed to investors or acknowledged in its annual report. Fantasia missed interest and principal...

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Kathleen Tyson - September 20, 2021

The Toilet Roll Core Inflation Index

I was Zooming with an old friend the other day to catch up on recent events. We discussed how package sizes were getting smaller while prices were steadily rising for the sorts of foods and goods we have been buying for...

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Kathleen Tyson - September 10, 2021

SDR Basket Weightings: Setting the formula is political; using the formula is maths

One of the things that drew fire in my recent OMFIF commentary was the observation that China's renminbi could gain primacy of weighting in the IMF's SDR basket despite joining the basket as recently as 2016 and being used...

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Kathleen Tyson - September 1, 2021

Pacemaker Advisor Andrew Sheng on the blowback from lower for longer

From the perspective of a long career in central banking, markets supervision, and public policy, Andrew Sheng speaks truth to power: Central bankers can no longer deny the moral consequences of keeping interest rates low. Low rates encourage...

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Kathleen Tyson - August 27, 2021

Jackson Hole looks depressingly insular

It's Jackson Hole Economic Symposium day, and so, of course, I woke up with the top priority of getting today's agenda from the Kansas City Fed website - even before coffee. For those who aren't Fed geeks, the Jackson Hole Economic Symposium...

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Kathleen Tyson - August 25, 2021

A Spiral of GDP Inequality?

This amazing graphic gives a very visual snapshot of the inequality of global GDP per capita among nations. Luxembourg has the richest population in terms of GDP per capita, enhanced by the fact that many who work in Luxembourg's banking and asset...

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Kathleen Tyson - August 18, 2021

Central banks need new tools for dollar dominance

18/08/21: I published a further commentary at OMFIF today on the challenge to monetary sovereignty from accelerating dollarisation of both the global economy and many domestic economies. The piece starts with ex-Bank of...

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Kathleen Tyson - August 15, 2021

50 Years Ago Today the USA Repudiated Bretton Woods

On 15 August 1971, in a speech broadcast on American television, pre-empting Bonanza, President Nixon announced that he was 'temporarily' closing the Gold Window that allowed other nations to exchange USD for gold at $35 per ounce. The Bretton...

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Kathleen Tyson - August 6, 2021

Charles Goodhart - Central Banking Lifetime Achievement Award and Interview

Photo: Lasse Skog/Global Utmaning/Flickr Professor Charles Goodhart has been an advisor to Pacemaker since the first inspiration for a Financial Stability FinTech. I have known Charles more than 30 years, and we...

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Kathleen Tyson - July 8, 2021

Didi listed a Grand Cayman VIE - another Bloomberg omission

So I wrote about the Didi imbroglio earlier this week, suggesting Bloomberg's coverage was peculiarly slanted, omitted key details, and was over-critical of China. In both a news article and a commentary Bloomberg omitted the...

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