The Feds Are Having a Negative Am Loop in Emerging Markets

Foreign countries are able to reserve, accumulate dollar assets when the dollar is weaker. And so there they're not really printing their own currency to buy dollars. Instead, their accountt is holding tight. If the music stops, and a lot of people will start grabbing for dollars at the same time, ah, that's when you get a dollar spike. The fed has various tools they can resort to. They can do swap lines, where they start ouno loaning dollars out to certain countriesad then they can also start buying the ocrade new dollars to buy the treasures they're being sold by various entities that need the dollars. So we're kind of in a situation now where the

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