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sspin.bsky.social @sspin.bsky.social · 1d

That power exclusively belongs to Congress.

sspin.bsky.social @sspin.bsky.social · 1d

It’s one thing to make a highly irresponsible loan for dubious (foreign aid isn’t dubious. Neither is helping the people of Argentina. But seeking to influence their elections. In this manner. Is.) purposes. It is something else entirely to give (not lend) a foreign gov money.

sspin.bsky.social @sspin.bsky.social · 1d

Unusual. Extraordinary. These words do not capture what was just announced by Sec Bessent. Arg isn’t a country w/ ample USD reserves (typical of nations participating in a USD ‘swap line’). Argentina has negative USD reserves. And the ARS is no EUR, CAD, GBP, JPY as a stable store of value.

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sspin.bsky.social @sspin.bsky.social · 1d

Our expectation is that the ARS will rapidly decline vis a vis the USD! It’s a promise we insisted on ARG to make in its latest IMF agreement! The gall.

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sspin.bsky.social @sspin.bsky.social · 1d

As to the other component, the outright purchase of ARS using USD, this is an outrageous, unconstitutional appropriation. This power is exclusively the purview of Congress. It’s a giveaway of (? They didn’t even bother to announce) to a foreign government.

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sspin.bsky.social @sspin.bsky.social · 1d

which could theoretically work in the short term but not in any time horizon beyond that. Which is a very different aim of what a ‘swap line’ is achieving. And I’m offended that the Treasury would be taking this on and accepting the ARS as collateral. That goes for the ‘swap line’ component.

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sspin.bsky.social @sspin.bsky.social · 1d

But for the explicit purpose of helping a foreign government that happens to stroke the ego of the current occupant in the WH do better in an election. I have my doubts about any kind of efficacy seeing as how Arg does not actually have USD reserves so this is just a play at spooking speculators

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sspin.bsky.social @sspin.bsky.social · 1d

Yes it is nauseating after hearing so much nonsense & mischaracterizations of what US ‘foreign aid’ compromises of and what it achieves to have the loudest voices spouting this nonsense do the very thing they supposedly hate. And not for the purposes of hunger or health.

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sspin.bsky.social @sspin.bsky.social · 1d

This is precisely why it is Secretary Bessent making the announcement & not Jerome Powell. This ‘swap line’ component of what was just announced is not a swap line in any traditional sense. It is a loan. Secured w/ flimsy collateral. That’s why it’s the Treasury and not the Fed.

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sspin.bsky.social @sspin.bsky.social · 1d

Unusual. Extraordinary. These words do not capture what was just announced by Sec Bessent. Arg isn’t a country w/ ample USD reserves (typical of nations participating in a USD ‘swap line’). Argentina has negative USD reserves. And the ARS is no EUR, CAD, GBP, JPY as a stable store of value.

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sspin.bsky.social @sspin.bsky.social · 2d

His actions on the FOMC will be in service of what 😡 wants out of him/the FOMC. In his comments he’ll try to sound like a reasonable person behaving in a responsible manner. But his actions (it’s been one meeting) totally betray that.

sspin.bsky.social @sspin.bsky.social · 2d

Laying my cards on the table - His public statements & presentations reflect that he hasn’t given much serious thought to this or many other of the considerations we expect out of policy makers on a monetary policy rate making committee. He might think this is all 💩💩 for egg heads for all I know.

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sspin.bsky.social @sspin.bsky.social · 2d

If he sincerely believed r* is .5% 1) He would be in full agreement w/ his colleagues (past & present) on the FOMC. 2) He wouldn’t be agitating for aggressive rate cuts as he did in the recent SEP.

He’s just saying what he knows sounds good bc saying ‘-1.5%’ would have him laughed at.

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Reposted

Standing Together @standing-together.bsky.social · 4d

This Sukkot, our hope is that everyone across this land soon dismantle their temporary structures and find home again. May every single family soon live in permanent safety and peace.

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sspin.bsky.social @sspin.bsky.social · 10d

It’s pretty simple. Borrowing costs are a function of both perceived capability & perceived willingness to pay. Neither entity is perceived as incapable of paying while the board of Microsoft is perceived as much more trustworthy in its willingness to pay than the leadership of the US gov at present

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sspin.bsky.social @sspin.bsky.social · 14d

Years ago I would piggy back on this w/ some snark like ״ליגה אחרת״ באמת.

But truth be told there is nothing funny about this moment in time. He’s an outlaw. A war criminal.

Yair Wallach @yairwallach.bsky.social · 14d

Sadly, it's a widespread issue. Since COVID class attendance really dropped, students don't show up. Maybe move to zoom or provide short recorded lectures

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sspin.bsky.social @sspin.bsky.social · 21d

Yeah. The market clearing price in most locales in Mexico was lower than here across the river for a number of socioeconomic reasons. But it certainly is exacerbated now since we began placing a 50% tariff on imports from Brazil distorting the local price for coffee.

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sspin.bsky.social @sspin.bsky.social · 25d

I’ve been following you for years & we’ve interacted on a few occasions but I’m embarrassed to say I’ve never clicked on your profile before. I have a quick ? for you that’s up your alley as a genealogist with a focus on Jewish communities in the region surrounding Lviv. Can you follow so I can dm?

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sspin.bsky.social @sspin.bsky.social · Sep 9

Beautifully said Yossi and echoes my own emotions.

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