David Frum

@davidfrum ↗

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Last Checked March 2, 2022

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Sun Feb 27 17:27:52 +0000 2022

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David Frum @davidfrum

The bottom line problem: citizens of an authoritarian regime don't trust it. (If they did trust it, it wouldn't have to be authoritarian in the first place.) The regime seeks to gain trust for its untrustworthy money by showing ownership of piles of trustworthy money. 7/x — PolitiTweet.org

Posted Feb. 27, 2022

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David Frum @davidfrum

But once the regime opens even a little, it needs to persuade its subjects that its money *can* buy things. And a money that can buy things is a money that must have some way to be converted into other currencies - and most especially the central currencies: dollar, Euro, pound. — PolitiTweet.org

Posted Feb. 27, 2022

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David Frum @davidfrum

But as the ECB and the Federal Reserve are demonstrating: the authoritarian regime can "own" vast stockpiles of Euros or dollars. It does not *control* those stockpiles. They exist on the computers of the ECB and the Fed - who control any large-scale transactions. 8/x — PolitiTweet.org

Posted Feb. 27, 2022