Over on the birdsite, @michaelxpettis@twitter.com & @Brad_Setser@twitter.com are saying what needs to be said about Zoltan Posner & co.'s ongoing category error in arguing that a set of authoritarian petro-states with large current account surpluses & excess domestic savings can dislodge the #dollar from it's role as the dominant global reserve #currency.

The global balance of payments simply doesn't add up this way.

https://twitter.com/michaelxpettis/status/1610565125433614337

https://twitter.com/Brad_Setser/status/1610451072841314305

#capitalflows
#globalfinance
#dollarhegemony