What about capital controls to stop the outflow of financial assets? Gopinath reckoned it would have only limited success, as would other measures like hedging a currency against the dollar or FX intervention by central banks. Yet the Mundell-Fleming model remains the basis for IMF policy.

:xigma-male: Chinese Yuan

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Stock market entryism is a revisionist lie.

:stonks-up: :stonks-down: :ritzy-marx: .

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“I have, which will surprise you not a little, been speculating - partly in American funds, but more especially in English stocks, which are springing up like mushrooms this year (in furtherance of every imaginable and unimaginable joint stock enterprise), are forced up to quite an unreasonable level and then, for the most part, collapse. In this way, I have made over £400 and, now that the complexity of the political situation affords greater scope, I shall begin all over again. It’s a type of operation that makes demands on one’s time, and it’s worth while running some risk in order to relieve the enemy of his money.”

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