US bank trouble heralds end of dollar reserve system

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In: Asia, Finance

NEW YORK – The US banking system is broken. That doesn’t portend more high-profile failures like Credit Suisse. The central banks will keep moribund institutions on life support. But the era of dollar-based reserves and floating exchange rates that began on August 15, 1971, when the US severed the link between the dollar and gold, […]Continue Reading

Time for China to spend more and save less

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The atmospherics surrounding the recent National People’s Congress all came down to one question: when exactly will China become the world’s biggest economy? Communist Party leader Xi Jinping didn’t offer a specific answer. But it’s clear that the new reform team Xi has assembled is accelerating the timeline by prioritizing consumption over investment. There’s not a […]Continue Reading

China’s social credit system bigger than Big Brother

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In: Asia

China’s social credit system is widely viewed in the West as a digital surveillance system to categorize and guide people through reward and punishment. This perception continues despite efforts by scholars to build a morally normalized, rather than ideologically charged, framework to understand the system. The social credit system should be understood as method — […]Continue Reading

Sri Lanka receives first tranche of IMF bailout

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In: Asia

COLOMBO: Sri Lanka has received the first tranche of an IMF bailout programme, President Ranil Wickremesinghe told parliament on Wednesday (Mar 22). The crisis-ridden island nation was scheduled to receive a US$330 million tranche, the first part of a nearly US$3 billion bailout approved by the International Monetary Fund onContinue Reading