Zoltan Pozsar is back with his stories about “Bretton Woods III” and the petro-yuan. (The original report is presumably for bank clients, but I found this summary by ER Valasco.) Although developing countries trading with China might take these developments seriously, from the perspective of the developed economies, how third parties arrange their affairs has limited domestic impact.
...it links directly to a couple of the original texts of the most recent pieces by Zoltan Pozsar (dated December 27 and December 29).
In it is the statement (perhaps only marginally hyperbolic):
"Apart from Michael Hudson, Poszar may be the only western economic analyst who understands the global shift in power..."
In my limited understanding of these matter the critical aspect of MMT used in the analysis seems to be one of Chartalism and the loss of the dollars acceptance as a 'trustworthy' international reserve currency (an acceptance that has basically been backed by a threat of violence).
In some respects maybe you answer your own uncertainty with your objections to Pozsar's analysis at the start of your final paragraph... "other than in the scenario of energy flows being cut off from the West"... which is, of course, precisely what is happening (US drawdown of SPR, begging trips to Saudi Arabia and Venezuela, destruction of Nord Stream 2, etc.).
You might want to check out Pepe Escobar's latest piece in The Cradle...
https://thecradle.co/Article/Columns/20037
...it links directly to a couple of the original texts of the most recent pieces by Zoltan Pozsar (dated December 27 and December 29).
In it is the statement (perhaps only marginally hyperbolic):
"Apart from Michael Hudson, Poszar may be the only western economic analyst who understands the global shift in power..."
In my limited understanding of these matter the critical aspect of MMT used in the analysis seems to be one of Chartalism and the loss of the dollars acceptance as a 'trustworthy' international reserve currency (an acceptance that has basically been backed by a threat of violence).
In some respects maybe you answer your own uncertainty with your objections to Pozsar's analysis at the start of your final paragraph... "other than in the scenario of energy flows being cut off from the West"... which is, of course, precisely what is happening (US drawdown of SPR, begging trips to Saudi Arabia and Venezuela, destruction of Nord Stream 2, etc.).