In a normal world, American spending would have sharply declined during the past year. But a flood of newly printed money has juiced spending and imports.
China was one of the first countries to develop a metallic money that was valued and exchanged by weight. Evidence suggests that this monetary regime originated during the Shang Dynasty (1766–1122 BC).
Monetary sovereignty is not something the government decides. It all depends on the public's demand for a currency. That demand comes and goes, and once it's gone, a currency is irreparably damaged.
To be an economist with integrity means having to say things that people don't want to hear and especially to say things that the regime does not want to hear.
