ScienceGuy

Click here to read my summary of an article by Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate

Click here to read the summarized BIS paper titled " Dollar Debt in FX Swaps and forwards: huge, missing and growing ". FX swaps, forwards and currency swaps create forward dollar payment obligations that do not appear on balance sheets and are missing in standard debt statistics. Non-banks outside the United States owe as much as $25 trillion in such missing debt, up from $17 trillion in 2016. Non [1] US banks owe upwards of $35 trillion. Much of this debt is very short-term and the resulting rollover needs make for dollar funding squeezes. Policy responses to such squeezes include central bank swap lines that are set in a fog, with little information about the geographic distribution of the missing debt.

The historical world was of authoritarian nature - ruled by monarchs. I won't say that this philosophy was a failure, given it stayed for several hundred years if not a thousand. Indeed there had been dynasties that lasted merely a decade but at the same time, some dynasties lasted several generations. I believe it is worth pondering as to what was the reason behind such long survival of such authoritarian regimes. Their secret, I believe, is the rule of law.  In any society, I believe, the expectations from any subject would be to get heard and justice be served. Any subject would only reach the leader when things cannot be resolved at their levels and they trust that the leader would provide the correct resolution. Hence, regimes where the rule of law dominated enjoyed success. Over time we transformed towards democracies. This is because the rule of law had started to become subjective to the monarchs. Hence, subjects decided to jot down the rule of law and re-organize society.

Recently, my windows updated; however, somehow the update led to a windows sign-on initialization blue screen error and I could not boot my device. It was possible because the update had corrupted the windows file. The previous time a similar error had occurred, the service centre had conveyed that it was a windows crash and I had to get it re-installed and lighten my pockets down. This time though, I have found a quick temporary fix, at least that would allow runs and enable users to take a backup of the data. So, the way is, for my hp pavilion, 1. Reboot the device and keep pressing Esc while the device is booting 2. This opens up the boot options 3. Select Boot Device Manager 4. Next select Boot through SSD (I had Kingston SSD installed...) Done! Next, uninstall the recently downloaded updates that might have created the failure. For this, refer to the following link ,

FED chair Powell spoke at the Brookings Institute on economic output on 30 Nov 22'. Here are some crucial points from his speech for us, the emerging economists, to understand and improve our economic comprehension:      >>>  MOM inflation data are quite volatile and not heavily reliable. Dips in MOM inflation are usually seen with higher inflation numbers in the consequent months, as MOM numbers provide a delusional outlook of improvement while the reality remains anchored      >>>  Though FED is concerned with overall inflation, core inflation is a more accurate indicator of where inflation might be heading      >>>  Forecasting core inflation is very difficult and uncertainty persists going ahead      >>>  FED wants interest rates to be sufficiently restrictive. JP believes significant progress has been made. However, the pivot rate is still unclear      >>>  Interest rates are rising to slow aggregate demand. Slowing demand would aid