david

@RnaudBertrand Indeed, quite something

This would have been unthinkable even 10 years ago, yet the data is unequivocal: the world at large now has an overwhelmingly more positive opinion of China than of the United States, with 79% of the world's countries favoring China. This data was compiled based on a survey of 111,273 people in 100 countries by the Alliance of Democracies Foundation, founded by former NATO Secretary General Anders Fogh Rasmussen. Needless to say, not exactly an organization with a pro-China bias 😏 Here are the findings: - 79% of the world's countries favor China versus the U.S. - Fascinatingly, this is even the case among countries classified in the survey as "democracies" (as opposed to "authoritarian") who also favor China on average, particularly in Western Europe - China is now the only great power among the three with a net positive image, while the U.S. and Russia are both viewed more negatively than positively - The U.S. in particular has seen a sharp decline in its global standing over the past year, while perceptions of China and Russia have steadily improved This is a link to the study: allianceofdemocracies.org/democracy-perc…

‘Think the unthinkable’: British Treasury veteran Peter Sedgwick suggests new fiscal-monetary approach. Britain is grappling with the first inflation crisis since Bank of England independence in 1997. Sedgwick believes Treasury should be back in the game. lnkd.in/eWJEPxi6

Seminal piece by IMF’s Ashok Bhatia on OMFIF website on euro area central banks’ stretched balance sheets. Vital reading for everyone exploring trials facing CBs in aftermath of massive QE. Ashok’s message: Don’t worry (too much) - problem is manageable! lnkd.in/egzqwSyU

3 facts: 1) Leading central banks losses from higher interest rates/excessive QE. 2) Future seigniorage income smaller - cash falling.3) Central banks boosting income at commercial banks’ expense. So I believe AI is vital in commercial v central bank figh lnkd.in/ey-t-JSb

Janet Yellen in Beijing. Mark Sobel asks if she can bring calm and calculation to Sino-American relationship. I believe America is basing China policy on perception of its own relative strength. Much healthier than view of US weakness just a few years ago lnkd.in/eejQh-wd

The European Central Bank is persisting too long with re-investing bonds purchased under its emergency 2020 pandemic messures. This is distorting interest rate structures throughout the euro area and holding back welcome attempts to reform budgetary rules lnkd.in/e-_ugJ-X

Inflation stuck at 8.7%, no choice for Bank of England but to intensify rate tightening. Andrew Bailey has declared ‘no ifs and buts’ in inflation fight. Yet with more criticism of earlier complacency, he faces crisis of confidence. So does Rishi Sunak. lnkd.in/eWR8Eedi

Andrew Bailey, Bank of England governor, sidestepped some opprobrium after 2022 Truss-Kwarteng debacle. He’s now under fire again. Real problem is British exceptionalism. Autumn reprieve only temporary. lnkd.in/etiH6-_b

Mark Sobel, OMFIF US chair, sums up what’s at stake at the Federal Reserve rate-setting meeting. The Fed may ‘skip’ a hike, but that’s not the same as a longish tightening pause. And, once rates reach a plateau, they are likely to stay there for some time lnkd.in/eNH-kN-5

Europe’s growth prospects depend hugely on success in transforming the economy towards lower carbon emissions. And ‘greening’ will require significantly greater use of capital markets. Both objectives are held back by squabbling in the German coalition. lnkd.in/edriT-3d

Arch pragmatist Patrick Harker of Federal Reserve Bank of Philadelphia tells OMFIF meeting he wants to slow momentum on monetary tightening - make haste slowly en route to 2% inflation. No need to ‘crush the economy’. All very sensible. lnkd.in/e9ZdqiHj

It’s that time of Scylla and Charybdis at European Central Bank. Markus Kerber, veteran legal battler who never takes No for an answer at German Constitutional Court, points to some contradictions in Frankfurt - occupying minds of some ECB policy-makers. lnkd.in/eaHF3mdk

Jacques de Larosiere is closest you can get to being doyen of world central bankers. In an OMFIF article, he points to the instigators of financial disorder - central banks themselves. lnkd.in/dq-afK_N

Revealing OMFIF article by U.K. treasury veteran Peter Sedgwick on 1980s curency warnings still reverberating around British politics today. Even highly intelligent ministers and officials ignored the warnings . No wonder Liz Truss blundered into the trap lnkd.in/gK6xvGg8

lnkd.in/eAPPZeAc. Strong, cautious words. In talk with OMFIF & University College London :’Risk of doing too much [in credit tightening] at least as much as too little.’ lnkd.in/eWEDXjDF

. Unsettling global concerns from OMFIF advisory council. If inflation & interest rates stay higher for longer, what happens to biggest debtors? lnkd.in/eQA6SvbD

Giorgia is on many people’s minds. Italy is racing to deploy €200bn-plus of European spending that could radically improve growth prospects. PM Meloni has had a good start - with steadying hand of predecessor Mario Draghi not far behind her. Will it last? lnkd.in/dtMJC8UE

Joachim Nagel, Bundesbank pesident, flies the flag of monetary tightening - but calls too for a social contract, where companies and workers share anti-inflation pain. The balance went down well with a Scottish audience on final day of an OMFIF UK tour. lnkd.in/eJgrkmNi

Telling it like it is. OMFIF’s Clive Horwood relates how the fall of Credit Suisse - sad and sorry tale though it is - does not represent part of a global banking crisis. But it’s unquestionably bad news for Switzerland - with lessons for rest of Europe. lnkd.in/e4sJyAgy

Back from a week-long fact-finding tour of ‘China after lockdown’ , OMFIF’s John Orchard has produced an authoritative account of what’s happening on the shifting financial scene. After recent years’ setbacks Hong Kong is mounting a fight back … lnkd.in/eZ8GyBwQ