Why isn’t ECB responding to fx needs of Ukrainian refugees? Because its precious balance sheet cannot be put at risk, because taking a loss would be tantamount to monetary financing.
Kant had a word for this: “self-inflicted immaturity”!
Chartbook #103
adamtooze.substack.com/p/chartbook-10… https://t.co/BE2TQK77jS
RT @BJMbraun: How to be an effective political economist: Laser focus on the neuralgic points of the state-market nexus, follow
RT @BJMbraun: How to be an effective political economist: Laser focus on the neuralgic points of the state-market nexus, follow the money,…