As long as the world economy retains faith in the omnipotence of the U.S. dollar as the commodity in highest demand, the internal costs for the American economy will be offset by profits in foreign markets, providing the U.S. financial system with relative stability
The March
collapse
of three major U.S. banks—Signature ...
... concentration, in individual countries, of financial assets that exceed the size of their economies by tens, hundreds and even thousands of times. For example, the financial assets controlled by Luxembourg
exceed its GDP
by 248 times, and those of the Cayman ... ...
of global monetary liquidity is generated. For example, in 2007–2008, the Federal Reserve Bank of New York opened temporary dollar swap lines for the central banks of 14 countries worth over $10 trillion to refinance the dollar liabilities of
lending ...