A currency does three separate things. In 2026 they started moving in opposite directions at once — and the job everyone watches is the one that matters least. In the first quarter of 2026, three measurements of the dollar's standing pointed three different ways in the same window. Its share of the world's official foreign-exchange … Continue reading Currency: Three Jobs, One Word
U.S. & China: Captive on Both Ends
The U.S.–China relationship is usually described as a rivalry. Its core mechanism is a recycling machine — and the people who pay for it don't get a vote on either side. In 2025, as tariffs climbed and "decoupling" became the organizing word of American China policy, China's external surplus did not shrink. It hit a … Continue reading U.S. & China: Captive on Both Ends
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