David Frum

@davidfrum ↗

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Last Checked March 2, 2022

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Sun Feb 27 17:30:41 +0000 2022

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David Frum @davidfrum

China faces a special problem. Its development strategy was the biggest export drive in the history of the world. It sold and sold - but bought little in return. Instead, it accumulated vast quantities of IOUs from the West. 9/x — 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

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David Frum @davidfrum

Russia's foreign holdings of $630 billion are dwarfed by China's holdings: $3.25 TRILLION. China is struck with those holdings, because any use of them would lower the value of the dollar/Euro, raise the value of Chinese currency - and cut into China's exporting. 10/x — PolitiTweet.org

Posted Feb. 27, 2022