Blyth/Tooze: An Open Letter to Beijing: Where’s the Stimulus?

Professor Mark Blyth and Professor Adam Tooze explore how coronavirus is laying bare the hidden risks embedded within our financial systems and how central banks worldwide are scrambling to paper over those chasms of danger. In this wide-ranging discussion, they explore China, and specifically the People’s Bank of China (PBOC) as the “dog that hasn’t barked.” They also explore the U.S. dollar and central bank swap lines, and capital flight in China, but the main theme is fragile just how fragile our global financial system is, and how it relies on ever greater injections of liquidity in order to stay afloat. Mark Blyth is the William R. Rhodes ’57 Professor of International Economics and Professor of Political Science and International and Public Affairs at Brown University. He is the author of “Austerity: The History of a Dangerous Idea” and the upcoming book “Angrynomics” with Eric Lonergan. Adam Tooze is the Shelby Cullom Davis chair of History at Columbia University and serves as Director of the European Institute.

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