At a global level, there is just one really big surplus (China) – and one really big deficit (the US).  That in a sense makes global adjustment easy.     -Brad Setser, Council on Foreign Relations, via X, 2/5/25 When paired with Setser’s chart on the prior page, the inference is that China has recycled a substantial portion of its world-leading surpluses into US equities, and specifically, the Nasdaq 100.  i.e., the Nasdaq 100 is the biggest

We’re going to monetize the asset side of the U.S. balance sheet for the American people.  There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people.     – Scott Bessent, via Reuters, 2/3/25 We’re also at a unique moment geopolitically, & I could see in the next few years that we are going to have to have some kind of a

President Trump has also discussed adopting substantial changes to dollar policy. Sweeping tariffs and a shift away from strong dollar policy can have some of the broadest ramifications of any policies in decades, fundamentally reshaping the global trade and financial systems.     -Trump Head of Council of Economic Advisors Stephen Miran, November 2024 Wall Street consensus that an Administration has no means by which to affect the foreign exchange value of the dollar, should it desire