{"id":63575,"date":"2025-05-11T13:46:40","date_gmt":"2025-05-11T03:46:40","guid":{"rendered":"https:\/\/myanmar-now.org\/mm\/?p=63575"},"modified":"2025-05-11T13:47:00","modified_gmt":"2025-05-11T03:47:00","slug":"%e1%80%91%e1%80%9b%e1%80%99%e1%80%b7%e1%80%ba%e1%80%a1%e1%80%85%e1%80%ad%e1%80%af%e1%80%b8%e1%80%9b%e1%81%8f-mar-a-lago-accord","status":"publish","type":"post","link":"https:\/\/myanmar-now.org\/mm\/news\/63575\/","title":{"rendered":"\u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u104f Mar-a-Lago Accord"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u104f \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1019\u1030\u101d\u102b\u1012\u1010\u103d\u1004\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u1014\u103e\u1004\u1037\u103a\u1006\u102d\u102f\u1004\u103a\u101e\u100a\u1037\u103a \u101e\u103d\u1004\u103a\u1038\u1000\u102f\u1014\u103a\u1001\u103d\u1014\u103a\u1010\u102d\u102f\u1038\u1019\u103c\u103e\u1004\u1037\u103a\u1001\u103c\u1004\u103a\u1038\u101e\u102c\u1019\u1000\u1018\u1032 \u1012\u1031\u102b\u103a\u101c\u102c\u1014\u103e\u1004\u1037\u103a\u101e\u1000\u103a\u1006\u102d\u102f\u1004\u103a\u101e\u100a\u1037\u103a\u1021\u1019\u103c\u1004\u103a\u1014\u103e\u1004\u1037\u103a\u1019\u1030\u101d\u102b\u1012\u1021\u1015\u103c\u1031\u102c\u1004\u103a\u1038\u1021\u101c\u1032\u1015\u103c\u102f\u101c\u102f\u1015\u103a\u1001\u103c\u1004\u103a\u1038\u1000 \u1021\u1013\u102d\u1000\u1000\u103b\u101e\u100a\u103a\u101f\u102f\u1006\u102d\u102f\u101b\u1019\u100a\u103a\u104b \u101e\u1019\u1039\u1019\u1010\u1011\u101b\u1019\u1037\u103a\u104f \u1000\u102d\u102f\u101a\u103a\u1015\u102d\u102f\u1004\u103a\u1021\u102d\u1019\u103a\u1010\u1031\u102c\u103a Mar-a-Lago \u1000\u102d\u102f \u1021\u1005\u103d\u1032\u1015\u103c\u102f\u1015\u103c\u102e\u1038&nbsp; Mar-a-Lago Accord \u101e\u1018\u1031\u102c\u1010\u1030\u100a\u102e\u1001\u103b\u1000\u103a \u1021\u1000\u1031\u102c\u1004\u103a\u1021\u1011\u100a\u103a\u1016\u1031\u102c\u103a\u1006\u1031\u102c\u1004\u103a\u101b\u1014\u103a \u1011\u101b\u1019\u1037\u103a\u104f\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1021\u1000\u103c\u1036\u1015\u1031\u1038\u1019\u103b\u102c\u1038\u1010\u103d\u1004\u103a \u1021\u1005\u102e\u1021\u1005\u1009\u103a\u101b\u1031\u1038\u1006\u103d\u1032\u1011\u102c\u1038\u101f\u1014\u103a \u101b\u103e\u102d\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mar-a-Lago Accord <\/strong><strong>\u1006\u102d\u102f\u101e\u100a\u103a\u1019\u103e\u102c<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u101e\u1019\u1039\u1019\u1010\u101b\u102e\u1002\u1004\u103a\u101c\u1000\u103a\u1011\u1000\u103a \u1041\u1049\u1048\u1045 \u1001\u102f\u1014\u103e\u1005\u103a \u1014\u101a\u1030\u1038\u101a\u1031\u102c\u1000\u103a\u1019\u103c\u102d\u102f\u1037 \u1015\u101c\u102c\u1007\u102c\u101f\u102d\u102f\u1010\u101a\u103a\u104c \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u104a \u1015\u103c\u1004\u103a\u101e\u1005\u103a\u104a \u1021\u1014\u1031\u102c\u1000\u103a\u1002\u103b\u102c\u1019\u100f\u102e\u104a \u1002\u103b\u1015\u1014\u103a\u104a \u1017\u103c\u102d\u1010\u102d\u1014\u103a\u1010\u102d\u102f\u1037 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u1015\u103c\u102e\u1038 \u101a\u1004\u103a\u1038\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u104f \u1004\u103d\u1031\u1000\u103c\u1031\u1038 \u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1019\u103b\u102c\u1038\u1019\u103c\u1004\u1037\u103a\u1010\u1000\u103a\u101c\u102c\u101b\u1014\u103a\u104a \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1010\u103d\u1004\u103a \u101d\u1004\u103a\u101b\u1031\u102c\u1000\u103a\u1006\u1031\u102c\u1004\u103a\u101b\u103d\u1000\u103a\u101b\u1014\u103a \u1021\u1005\u102d\u102f\u1038\u101b\u1019\u103b\u102c\u1038\u1000\u103c\u102c\u1038 \u101e\u1018\u1031\u102c\u1010\u1030\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1001\u103b\u102f\u1015\u103a\u1006\u102d\u102f\u1001\u1032\u1037\u1001\u103c\u1004\u103a\u1038\u1014\u103e\u1004\u1037\u103a\u1001\u102d\u102f\u1004\u103a\u1038\u1014\u103e\u102d\u102f\u1004\u103a\u1038\u104d \u1011\u101b\u1019\u1037\u103a\u104f\u1000\u102d\u102f\u101a\u103a\u1015\u102d\u102f\u1004\u103a\u1021\u102d\u1019\u103a\u1010\u1031\u102c\u103a\u1010\u103d\u1004\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038 \u101b\u1014\u103a\u1014\u103e\u1004\u1037\u103a \u1021\u1005\u102d\u102f\u1038\u101b\u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038\u1014\u103e\u1004\u1037\u103a\u1015\u1010\u103a\u101e\u1000\u103a\u101e\u100a\u1037\u103a Plaza Accord \u101c\u102d\u102f\u1015\u1004\u103a \u101e\u1018\u1031\u102c\u1010\u1030\u100a\u102e\u1001\u103b\u1000\u103a \u101c\u1000\u103a\u1019\u103e\u1010\u103a\u101b\u1031\u1038\u1011\u102d\u102f\u1038\u101b\u1014\u103a \u1021\u1019\u100a\u103a\u1015\u1031\u1038\u1011\u102c\u1038\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u104f \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1021\u1000\u103c\u1036\u1015\u1031\u1038\u1021\u1016\u103d\u1032\u1037\u1000\u102d\u102f\u1026\u1038\u1006\u1031\u102c\u1004\u103a\u101e\u1030 Stephen Miran \u101e\u100a\u103a \u1042\u1040\u1042\u1044 \u1001\u102f\u1014\u103e\u1005\u103a \u1014\u102d\u102f\u101d\u1004\u103a\u1018\u102c\u101c \u1010\u103d\u1004\u103a \u201cA User Guide to Restructuring the Global Trading System\u201d \u1006\u102d\u102f\u101e\u100a\u1037\u103a\u1005\u102c\u1010\u1019\u103a\u1038\u1000\u102d\u102f \u101b\u1031\u1038\u101e\u102c\u1038 \u1011\u102f\u1010\u103a\u1015\u103c\u1014\u103a\u1001\u1032\u1037\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u1005\u102c\u1010\u1019\u103a\u1038\u101e\u100a\u103a \u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u104f \u1012\u1031\u102b\u103a\u101c\u102c\u1014\u103e\u1004\u1037\u103a\u1000\u1019\u1039\u1018\u102c\u1037\u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u101b\u1031\u1038\u1021\u1015\u1031\u102b\u103a\u1021\u1019\u103c\u1004\u103a\u1014\u103e\u1004\u1037\u103a \u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u104f \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1019\u1030\u101d\u102b\u1012\u1026\u1038\u1010\u100a\u103a\u101b\u102c\u1000\u102d\u102f \u1011\u1004\u103a\u101f\u1015\u103a\u1005\u1031\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1011\u101b\u1019\u1037\u103a\u1014\u103e\u1004\u1037\u103a\u101e\u1030\u104f\u1021\u1000\u103c\u1036\u1015\u1031\u1038\u1019\u103b\u102c\u1038\u104a \u1000\u1000\u103a\u1018\u102d\u1014\u1000\u103a\u1021\u1016\u103d\u1032\u1037\u101d\u1004\u103a\u1019\u103b\u102c\u1038\u104f \u1021\u1019\u103c\u1004\u103a\u1019\u103e\u102c \u1010\u1000\u1019\u1039\u1018\u102c\u101c\u102f\u1036\u1038\u1000 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1000\u102d\u102f \u101d\u102d\u102f\u1004\u103a\u1038\u101d\u1014\u103a\u1038\u1021\u1019\u103c\u1010\u103a\u1011\u102f\u1010\u103a\u1014\u1031\u1000\u103c\u101e\u100a\u103a\u101f\u1030\u104d \u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1010\u101b\u102f\u1010\u103a\u1000\u1021\u1013\u102d\u1000\u1016\u103c\u1005\u103a\u101e\u101c\u102d\u102f \u1019\u101f\u102c\u1019\u102d\u1010\u103a\u1014\u102d\u102f\u1004\u103a \u1004\u1036\u1019\u103b\u102c\u1038\u101e\u100a\u103a\u101c\u100a\u103a\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1000\u102d\u102f \u1021\u1019\u103c\u1010\u103a\u1011\u102f\u1010\u103a\u101e\u100a\u1037\u103a\u1011\u1032\u1015\u102b\u101d\u1004\u103a\u101e\u100a\u103a\u101f\u102f \u101a\u1030\u1006\u1011\u102c\u1038\u1000\u103c\u101e\u100a\u103a\u104b \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a \u1021\u1019\u103c\u1032 \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u101c\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u1014\u1031\u1001\u103c\u1004\u103a\u1038\u101e\u100a\u103a (trade deficit) \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1019\u103c\u1004\u1037\u103a\u1019\u102c\u1038\u1014\u1031\u1019\u103e\u102f\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u101f\u102f \u1011\u1004\u103a\u1019\u103c\u1004\u103a\u101a\u1030\u1006\u101e\u100a\u103a\u104b \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1012\u1031\u102b\u103a\u101c\u102c\u101e\u100a\u103a \u1016\u103c\u1005\u103a\u101e\u1004\u1037\u103a\u101e\u100a\u103a\u1011\u1000\u103a \u1015\u102d\u102f\u1019\u102d\u102f\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1019\u103c\u1004\u1037\u103a\u1019\u102c\u1038\u1014\u1031\u101e\u100a\u103a\u104a &nbsp;overvalued \u1016\u103c\u1005\u103a\u1014\u1031\u101e\u100a\u103a\u101f\u102f \u1006\u102d\u102f\u1000\u103c\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u101e\u102d\u102f\u1037\u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1019\u103c\u1004\u1037\u103a\u1019\u102c\u1038\u1014\u1031\u101b\u1001\u103c\u1004\u103a\u1038\u1019\u103e\u102c \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1018\u1000\u103a \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u104f \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1014\u103e\u102d\u1019\u1037\u103a\u1001\u103b\u1011\u102c\u1038\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u1016\u103c\u1005\u103a\u1015\u103c\u102e\u1038 \u1011\u102d\u102f\u101e\u102d\u102f\u1037\u1014\u103e\u102d\u1019\u1037\u103a\u1001\u103b\u1011\u102c\u1038\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u101a\u1004\u103a\u1038\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u1000 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\u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1010\u102d\u102f\u1037 \u101d\u101a\u103a\u101a\u1030\u1005\u102c\u1038\u101e\u102f\u1036\u1038\u1000\u103c\u101e\u1016\u103c\u1004\u1037\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u101c\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u101b\u101e\u100a\u103a\u104a \u1010\u1016\u1014\u103a \u1006\u1000\u103a \u101c\u1000\u103a\u1015\u103c\u102e\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1005\u1000\u103a\u101b\u102f\u1036\u1019\u103b\u102c\u1038\u1000 \u101a\u103e\u1009\u103a\u1015\u103c\u102d\u102f\u1004\u103a\u1014\u102d\u102f\u1004\u103a\u1005\u103d\u1019\u103a\u1038\u1019\u101b\u103e\u102d\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1015\u102d\u1010\u103a\u101e\u102d\u1019\u103a\u1038\u1000\u103c\u101b\u101e\u100a\u103a\u101f\u102f\u1006\u102d\u102f\u101e\u100a\u103a\u104b \u1014\u1031\u102c\u1000\u103a\u1011\u1015\u103a\u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1000\u102d\u102f \u1012\u102f\u1000\u1039\u1001\u1015\u1031\u1038\u101e\u100a\u1037\u103a\u1021\u101b\u102c\u1019\u103e\u102c \u1011\u102d\u102f\u101e\u102d\u102f\u1037\u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u103e\u1004\u1037\u103a\u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u1015\u103c\u102f \u101b\u102c\u1010\u103d\u1004\u103a \u1015\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u101e\u100a\u1037\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u101e\u100a\u103a \u1015\u102d\u102f\u101c\u103b\u103e\u1036\u1004\u103d\u1031\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1012\u1031\u102b\u103a\u101c\u102c\u104a \u1012\u1031\u102b\u103a\u101c\u102c\u1014\u103e\u1004\u1037\u103a\u101d\u101a\u103a\u101a\u1030\u101b\u101e\u100a\u1037\u103a \u1012\u1031\u102b\u103a\u101c\u102c assets \u101f\u102f\u1001\u1031\u102b\u103a\u101e\u100a\u1037\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u1021\u101b\u1036\u1004\u103d\u1031\u1019\u103b\u102c\u1038 \u1005\u102f\u1006\u1031\u102c\u1004\u103a\u1038\u1001\u103c\u1004\u103a\u1038 (reserves)\u104a \u1021\u1005\u102d\u102f\u1038\u101b\u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038 (Treasuries Bonds)\u104a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1005\u1010\u1031\u102c\u1037\u101b\u103e\u101a\u103a\u101a\u102c\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1010\u103d\u1004\u103a \u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038\u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u1019\u103e\u102f\u1019\u103b\u102c\u1038\u104a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1010\u103d\u1004\u103a \u1021\u102d\u1019\u103a\u1001\u103c\u1036\u1019\u103c\u1031\u1019\u103b\u102c\u1038 \u101d\u101a\u103a\u101a\u1030\u1000\u103c\u101e\u1016\u103c\u1004\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1012\u1031\u102b\u103a\u101c\u102c \u1015\u102d\u102f\u1019\u102d\u102f\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1010\u1000\u103a\u101b\u101e\u101c\u102d\u102f \u1021\u1006\u102d\u102f\u1015\u102b\u1005\u1010\u1031\u102c\u1037 \u101b\u103e\u101a\u103a\u101a\u102c\u1014\u103e\u1004\u1037\u103a\u1021\u102d\u1019\u103a\u1001\u103c\u1036\u1019\u103c\u1031\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1019\u103b\u102c\u1038\u101e\u100a\u103a\u101c\u100a\u103a\u1038 \u1021\u1006\u1019\u1010\u1014\u103a\u1019\u103c\u1004\u1037\u103a\u1010\u1000\u103a\u101b\u101e\u100a\u103a\u101f\u102f\u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u101e\u102d\u102f\u1037 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1010\u1000\u103a\u101c\u1031 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1011\u102f\u1010\u103a\u1000\u102f\u1014\u103a\u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1019\u103b\u102c\u1038 \u1008\u1031\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1015\u102d\u102f\u1019\u102d\u102f\u1000\u103c\u102e\u1038\u101c\u1031\u1016\u103c\u1005\u103a\u1015\u103c\u102e\u1038 \u1011\u102d\u102f\u101e\u102d\u102f\u1037\u1008\u1031\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1000\u103c\u102e\u1038\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1021\u1001\u103c\u102c\u1038\u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1018\u1000\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u1011\u102f\u1010\u103a\u101c\u102f\u1015\u103a\u101e\u100a\u1037\u103a \u1000\u102f\u1014\u103a\u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1019\u103b\u102c\u1038\u1016\u103c\u1004\u1037\u103a \u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1010\u103d\u1004\u103a\u101a\u103e\u1009\u103a\u1015\u103c\u102d\u102f\u1004\u103a\u1014\u102d\u102f\u1004\u103a\u1005\u103d\u1019\u103a\u1038 \u1015\u102d\u102f\u1019\u102d\u102f\u1000\u103b\u1006\u1004\u103a\u1038\u101c\u1031\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104a &nbsp;\u1021\u1006\u102f\u1036\u1038\u1010\u103d\u1004\u103a \u101c\u102f\u1015\u103a\u1004\u1014\u103a\u1038\u1019\u103b\u102c\u1038\u104a \u1005\u1000\u103a\u101b\u102f\u1036\u1019\u103b\u102c\u1038 \u1015\u102d\u1010\u103a\u101e\u102d\u1019\u103a\u1038\u101b\u101e\u100a\u103a\u1011\u102d \u1016\u103c\u1005\u103a\u101b\u101e\u100a\u103a\u101f\u102f \u101a\u1004\u103a\u1038\u1010\u102d\u102f\u1037\u1000\u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u100a\u103a\u104b &nbsp;&nbsp;\u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1010\u103d\u1004\u103a \u1005\u1000\u103a\u1019\u103e\u102f\u1000\u100f\u1039\u100d\u104f \u1002\u103b\u102e\u1012\u102e\u1015\u102e\u1010\u103d\u1004\u103a\u1015\u102b\u101d\u1004\u103a\u1019\u103e\u102f\u1000 \u1041\u1040% \u1021\u1031\u102c\u1000\u103a \u101b\u1031\u102c\u1000\u103a\u101b\u101e\u101c\u102d\u102f \u1021\u101c\u102f\u1015\u103a\u101e\u1019\u102c\u1038\u101e\u1014\u103a\u1038\u1015\u1031\u102b\u1004\u103a\u1038\u1019\u103b\u102c\u1038\u1005\u103d\u102c\u101c\u100a\u103a\u1038 \u1021\u101c\u102f\u1015\u103a \u101c\u1000\u103a\u1019\u1032\u1037\u1016\u103c\u1005\u103a\u101b\u101e\u100a\u103a\u101f\u102f \u101a\u1004\u103a\u1038\u1010\u102d\u102f\u1037\u1000\u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u100a\u103a\u104b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1011\u102d\u102f\u1037\u1021\u1010\u103d\u1000\u103a\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u101c\u1000\u103a\u1011\u1000\u103a\u1010\u103d\u1004\u103a \u1015\u101c\u102c\u1007\u102c\u101e\u1018\u1031\u102c\u1010\u1030\u100a\u102e\u1001\u103b\u1000\u103a\u101c\u102d\u102f\u1015\u1004\u103a Mar-a-Lago Accord \u101e\u1018\u1031\u102c\u1010\u1030\u100a\u102e\u1001\u103b\u1000\u103a\u101b\u1031\u1038\u1011\u102d\u102f\u1038\u1015\u103c\u102e\u1038 \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u1021\u1031\u102c\u1004\u103a\u101c\u102f\u1015\u103a\u101b\u1019\u100a\u103a\u101f\u102f Stephen Miran \u1021\u1015\u102b\u1021\u101d\u1004\u103a \u1011\u101b\u1019\u1037\u103a\u104f\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1021\u1000\u103c\u1036\u1015\u1031\u1038\u1019\u103b\u102c\u1038\u1000 \u1015\u103c\u1004\u103a\u1006\u1004\u103a\u1011\u102c\u1038\u1000\u103c\u101e\u100a\u103a\u104b \u1021\u1006\u102d\u102f\u1015\u102b Mar-a-Lago Accord \u101e\u1018\u1031\u102c\u1010\u1030\u100a\u102e\u1001\u103b\u1000\u103a\u1010\u103d\u1004\u103a \u1014\u1031\u102c\u1000\u103a\u1011\u1015\u103a\u1015\u102b\u101d\u1004\u103a\u101e\u100a\u1037\u103a\u1021\u101b\u102c\u1019\u103e\u102c \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u104f \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a (Treasuries Bills\/Bonds) \u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1043\u1014\u103e\u1005\u103a-\u1041\u1040\u1014\u103e\u1005\u103a\u101e\u1000\u103a\u1010\u1019\u103a\u1038\u1019\u103e Perpetual Bonds \u1021\u1016\u103c\u1005\u103a \u1015\u103c\u1031\u102c\u1004\u103a\u1038\u101c\u1032\u101b\u1014\u103a \u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b Perpetual Bonds \u1006\u102d\u102f\u101c\u103b\u103e\u1004\u103a \u1014\u103e\u1005\u103a\u1021\u1000\u1014\u1037\u103a\u1021\u101e\u1010\u103a\u1019\u101b\u103e\u102d \u1011\u102c\u101d\u101b\u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038\u1016\u103c\u1005\u103a\u101e\u103d\u102c\u1038\u1014\u102d\u102f\u1004\u103a\u101e\u100a\u103a\u104b \u1015\u103c\u1014\u103a\u1006\u1015\u103a\u101b\u1014\u103a\u1019\u101c\u102d\u102f\u101e\u101c\u102d\u102f\u1016\u103c\u1005\u103a\u1014\u1031\u1015\u103c\u102e\u1038 \u1011\u102d\u102f\u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038\u104f \u1021\u1010\u102d\u102f\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1000\u102d\u102f\u101c\u100a\u103a\u1038 \u101c\u103b\u103e\u1031\u102c\u1037\u1001\u103b\u1001\u102d\u102f\u1004\u103a\u1038\u1019\u100a\u103a \u101f\u102f \u101e\u102d\u101b\u101e\u100a\u103a\u104b \u1015\u100a\u102c\u101b\u103e\u1004\u103a\u1019\u103b\u102c\u1038\u1000 \u1011\u102d\u102f\u101e\u102d\u102f\u1037\u1015\u103c\u102f\u101c\u102f\u1015\u103a\u1001\u103c\u1004\u103a\u1038\u101e\u100a\u103a default \u1015\u103c\u1014\u103a\u101c\u100a\u103a\u1019\u1015\u1031\u1038\u1006\u1015\u103a\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u1015\u103c\u102e\u1038 \u1000\u1019\u1039\u1018\u102c\u1037 \u1018\u100f\u1039\u100d\u102c\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1000\u100f\u1039\u100d\u1010\u1005\u103a\u1001\u102f\u101c\u102f\u1036\u1038 \u1015\u103c\u102d\u102f\u101c\u1032\u101e\u103d\u102c\u1038\u1014\u102d\u102f\u1004\u103a\u101e\u100a\u103a\u101f\u102f \u101f\u102c\u1038\u1017\u1010\u103a\u1010\u1000\u1039\u1000\u101e\u102d\u102f\u101c\u103a\u1019\u103e \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1015\u100a\u102c\u101b\u103e\u1004\u103a Kenneth Rogoff (\u1019\u1000\u103c\u102c\u101e\u1031\u1038\u1001\u1004\u103a\u1000 \u101e\u1030\u104f Our Dollar, Your Problem: Insider\u2019s Views of Seven Turbulent Decades of Global Finance, and the Road Ahead \u1011\u103d\u1000\u103a\u101b\u103e\u102d)\u1000 \u1014\u101a\u1030\u1038\u101a\u1031\u102c\u1000\u103a\u1010\u102d\u102f\u1004\u103a\u1038\u1019\u103a\u1005\u103a \u101e\u1010\u1004\u103a\u1038\u1005\u102c\u1019\u103e Ezra Klein \u1014\u103e\u1004\u1037\u103a Trump Vs. The Dollar \u1019\u1031\u1038\u1019\u103c\u1014\u103a\u1038\u1001\u1014\u103a\u1038\u1010\u103d\u1004\u103a\u1016\u103c\u1031\u1006\u102d\u102f\u1001\u1032\u1037\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u1010\u103d\u1031\u1037\u1006\u102f\u1036\u1019\u1031\u1038 \u1019\u103c\u1014\u103a\u1038\u1001\u1014\u103a\u1038\u1010\u103d\u1004\u103a\u1015\u1004\u103a Kenneth Rogoff \u1000 \u1019\u103e\u1010\u103a\u1001\u103b\u1000\u103a\u1015\u1031\u1038\u1011\u102c\u1038\u101e\u100a\u103a\u1019\u103e\u102c \u1011\u101b\u1019\u1037\u103a\u1021\u1000\u103c\u1036\u1015\u1031\u1038\u1019\u103b\u102c\u1038\u101e\u100a\u103a \u1010\u1018\u1000\u103a\u1010\u103d\u1004\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u102d\u102f\u1000\u103b\u1006\u1004\u103a\u1038\u1005\u1031\u101c\u102d\u102f\u101e\u101c\u102d\u102f \u1010\u1018\u1000\u103a\u1010\u103d\u1004\u103a\u101c\u100a\u103a\u1038 \u1012\u1031\u102b\u103a\u101c\u102c\u1000\u102d\u102f\u1021\u101b\u1036\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1021\u1016\u103c\u1005\u103a \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1010\u1000\u102c\u1000 \u1006\u1000\u103a\u101c\u1000\u103a\u1000\u102d\u102f\u1004\u103a\u1005\u103d\u1032\u1005\u1031\u1001\u103b\u1004\u103a\u101e\u101c\u102d\u102f\u1016\u103c\u1005\u103a\u1014\u1031\u101e\u100a\u103a\u101f\u1030\u104d \u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1010\u1014\u100a\u103a\u1038\u1021\u102c\u1038\u1016\u103c\u1004\u1037\u103a \u1000\u1019\u1039\u1018\u102c\u1037\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1010\u103d\u1004\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u101c\u103d\u103e\u1019\u103a\u1038\u1019\u102d\u102f\u1038\u1019\u103e\u102f\u1000\u102d\u102f\u101c\u100a\u103a\u1038 \u1006\u1000\u103a\u101c\u1000\u103a\u1010\u100a\u103a\u1010\u1036\u1037\u1005\u1031\u101c\u102d\u102f\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI\u2019m just giving you their contradictions. They say they want to be the reserve currency. But we\u2019re willing to be the reserve currency if we don\u2019t have to pay any interest. You can\u2019t do anything with the money. And we\u2019re basically defaulting. It is a partial default. It is a spectacular default, Rogoff says\u201d.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u101e\u1030\u1019\u1010\u1030\u101e\u100a\u1037\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u1000\u102d\u102f\u1015\u102d\u102f\u1004\u103a\u1006\u102d\u102f\u1004\u103a\u1011\u102c\u1038\u1001\u103c\u1004\u103a\u1038 (\u101e\u102d\u102f\u1037) Exorbitant Privilege \u101e\u100a\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1021\u1010\u103d\u1000\u103a \u1000\u1031\u102c\u1004\u103a\u1038\u101e\u101c\u102c\u1038 \u1006\u102d\u102f\u1038\u101e\u101c\u102c\u1038\u104b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1000\u1019\u1039\u1018\u102c\u1037\u1015\u1031\u102b\u103a\u101b\u103e\u102d \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1021\u101e\u102e\u1038\u101e\u102e\u1038\u101e\u100a\u103a \u1015\u102d\u102f\u101c\u103b\u103e\u1036\u101e\u100a\u1037\u103a\u1004\u103d\u1031\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1012\u1031\u102b\u103a\u101c\u102c\u1021\u1016\u103c\u1005\u103a \u101e\u102d\u1019\u103a\u1038\u1006\u100a\u103a\u1038\u1011\u102c\u1038\u1000\u103c\u101e\u1016\u103c\u1004\u1037\u103a (\u101e\u102d\u102f\u1037) \u1012\u1031\u102b\u103a\u101c\u102c\u1016\u103c\u1004\u1037\u103a\u101d\u101a\u103a\u101a\u1030\u101b\u101e\u100a\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1019\u103e \u1005\u1010\u1031\u102c\u1037\u101b\u103e\u101a\u103a\u101a\u102c\u1019\u103b\u102c\u1038\u104a \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038\u104a \u1021\u102d\u1019\u103a\u1001\u103c\u1036\u1019\u103c\u1031\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u101d\u101a\u103a\u101a\u1030\u1000\u103c\u101e\u1016\u103c\u1004\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u101e\u100a\u103a \u1019\u100a\u103a\u1019\u103b\u103e\u1015\u1004\u103a \u1021\u1005\u102d\u102f\u1038\u101b\u1018\u1010\u103a\u1002\u103b\u1000\u103a\u101c\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u1014\u1031\u1015\u102b\u1005\u1031\u104a \u101e\u102d\u102f\u1037\u1010\u100a\u103a\u1038\u1019\u101f\u102f\u1010\u103a \u1019\u100a\u103a\u1019\u103b\u103e\u1015\u1004\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u101c\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u1014\u1031\u1015\u102b\u1005\u1031 \u1021\u1001\u103c\u102c\u1038\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u101c\u102d\u102f \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1021\u1000\u103b\u1015\u103a\u1021\u1010\u100a\u103a\u1038 \u1019\u1000\u103c\u102f\u1036\u1010\u103d\u1031\u1037\u101b\u1018\u1032 \u101e\u1000\u103a\u101e\u102c\u101e\u100a\u1037\u103a\u1021\u1010\u102d\u102f\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1016\u103c\u1004\u1037\u103a \u1001\u103b\u1031\u1038\u1004\u103d\u1031\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u101b\u101a\u1030\u1014\u1031\u1014\u102d\u102f\u1004\u103a\u1015\u102b\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u1037\u1021\u1010\u103d\u1000\u103a\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u101c\u100a\u103a\u1038 \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1016\u1031\u102c\u1004\u103a\u1038\u1015\u103d\u1019\u103e\u102f\u1014\u103e\u102f\u1014\u103a\u1038\u1014\u100a\u103a\u1038\u1015\u102b\u1038\u101e\u100a\u103a\u104a \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u101e\u100a\u103a\u101c\u100a\u103a\u1038 \u101d\u101a\u103a\u1001\u103b\u1004\u103a\u101e\u1030\u1019\u103b\u102c\u1038\u104d \u1021\u1001\u103c\u102c\u1038\u1004\u103d\u1031\u1000\u103c\u1031\u1038 \u1019\u103b\u102c\u1038\u1014\u103e\u1004\u1037\u103a\u101a\u103e\u1009\u103a\u101c\u103b\u103e\u1004\u103a \u1001\u102d\u102f\u1004\u103a\u1019\u102c\u101c\u103b\u1000\u103a\u101b\u103e\u102d\u101e\u100a\u103a\u101f\u102f \u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u1021\u1014\u1031\u1016\u103c\u1004\u1037\u103a\u101c\u100a\u103a\u1038 \u1018\u1010\u103a\u1002\u103b\u1000\u103a\u1021\u101e\u102f\u1036\u1038\u1005\u101b\u102d\u1010\u103a\u101c\u102d\u102f\u1004\u103d\u1031\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u101e\u1000\u103a\u101e\u102c\u101e\u100a\u1037\u103a \u1021\u1010\u102d\u102f\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1015\u1031\u1038 \u101b\u101e\u100a\u1037\u103a \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038 \u101b\u102d\u102f\u1000\u103a\u1011\u102f\u1010\u103a\u1001\u103b\u1031\u1038\u101a\u1030\u1014\u102d\u102f\u1004\u103a\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1004\u1037\u103a \u1021\u1005\u102d\u102f\u1038\u101b\u1001\u103b\u1031\u1038\u1004\u103d\u1031\u1015\u1019\u102c\u100f\u101e\u100a\u103a \u1043\u1046\u1011\u103d\u102e\u101c\u102e\u101a\u1036\u101e\u102d\u102f\u1037 \u101b\u1031\u102c\u1000\u103a\u101b\u103e\u102d\u1014\u1031\u101e\u1031\u102c\u103a\u101c\u100a\u103a\u1038 \u1015\u103c\u101e\u1014\u102c\u1019\u1016\u103c\u1005\u103a \u1006\u1000\u103a\u101c\u1000\u103a\u101c\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u1014\u102d\u102f\u1004\u103a\u101e\u101c\u102d\u102f \u1006\u1000\u103a\u101c\u1000\u103a\u104d\u101c\u100a\u103a\u1038 \u1001\u103b\u1031\u1038\u101a\u1030\u1014\u102d\u102f\u1004\u103a\u101c\u103b\u1000\u103a \u101b\u103e\u102d\u101e\u100a\u103a\u104b \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1005\u1010\u1031\u102c\u1037\u101b\u103e\u101a\u103a\u101a\u102c\u1019\u103b\u102c\u1038\u104a \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038\u104a \u1021\u102d\u1019\u103a\u1001\u103c\u1036\u1019\u103c\u1031\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1015\u103c\u100a\u103a\u1015\u1019\u103e\u101d\u101a\u103a\u101a\u1030\u101c\u102d\u102f\u101e\u1030 \u1019\u103b\u102c\u1038\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u101c\u100a\u103a\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a \u1005\u1010\u1031\u102c\u1037\u101b\u103e\u101a\u103a\u101a\u102c\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u101e\u100a\u103a \u1000\u1019\u1039\u1018\u102c\u1019\u103e\u102c\u1021\u1000\u103c\u102e\u1038\u1006\u102f\u1036\u1038\u1016\u103c\u1005\u103a\u101e\u101c\u102d\u102f \u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038 \u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u101b\u102c\u104c\u101c\u100a\u103a\u1038 \u101e\u1030\u1037\u101c\u1031\u102c\u1000\u103a\u1021\u1000\u103b\u102d\u102f\u1038\u1021\u1019\u103c\u1010\u103a \u1015\u103c\u1014\u103a\u101c\u100a\u103a\u101b\u101b\u103e\u102d\u1019\u103e\u102f\u1000\u102d\u102f \u1019\u100a\u103a\u101e\u100a\u1037\u103a\u1005\u1010\u1031\u102c\u1037\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1019\u103e\u1019\u101a\u103e\u1009\u103a\u1014\u102d\u102f\u1004\u103a\u104b \u1021\u101c\u102c\u1038\u1010\u1030 \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038\u104a \u1021\u102d\u1019\u103a\u1001\u103c\u1036\u1019\u103c\u1031\u1019\u103b\u102c\u1038\u104f \u1010\u1014\u103a\u1016\u102d\u102f\u1038\u101e\u100a\u103a\u101c\u100a\u103a\u1038 \u1019\u103c\u1004\u1037\u103a\u1010\u1000\u103a\u101c\u103b\u1000\u103a\u101b\u103e\u102d\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1000\u1019\u1039\u1018\u102c\u1015\u1031\u102b\u103a\u1010\u103d\u1004\u103a \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1021\u1000\u103b\u1015\u103a\u1021\u1010\u100a\u103a\u1038\u1019\u103b\u102c\u1038 \u101b\u102d\u102f\u1000\u103a\u1001\u1010\u103a\u1010\u102d\u102f\u1004\u103a\u1038\u101c\u100a\u103a\u1038 \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1010\u1000\u102c\u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038\u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u101e\u1030\u1010\u102d\u102f\u1037\u1000 \u1005\u102d\u1010\u103a\u1021\u1001\u103b\u101b\u1006\u102f\u1036\u1038\u101f\u102f \u101e\u1010\u103a\u1019\u103e\u1010\u103a\u1011\u102c\u1038\u101e\u100a\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1021\u1005\u102d\u102f\u1038\u101b \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038 \u101d\u101a\u103a\u101a\u1030\u1000\u103c\u101e\u1016\u103c\u1004\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u101e\u100a\u103a \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u1019\u103e\u102f\u1000\u102d\u102f \u1004\u103d\u1031\u1021\u101c\u102f\u1036\u1038\u1021\u101b\u1004\u103a\u1038\u101e\u102f\u1036\u1038\u104d \u1016\u103c\u1031\u101b\u103e\u1004\u103a\u1038\u1014\u102d\u102f\u1004\u103a\u101e\u101c\u102d\u102f \u1021\u1010\u102d\u102f\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1000 \u101c\u100a\u103a\u1038 \u101e\u1000\u103a\u101e\u102c\u101e\u1016\u103c\u1004\u1037\u103a \u1021\u1001\u103c\u102c\u1038\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u1011\u1000\u103a&nbsp; \u1021\u1000\u103b\u1015\u103a\u1021\u1010\u100a\u103a\u1038\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1015\u102d\u102f\u1019\u102d\u102f\u1011\u102d\u101b\u1031\u102c\u1000\u103a\u1005\u103d\u102c \u101b\u1004\u103a\u1006\u102d\u102f\u1004\u103a\u1016\u103c\u1031\u101b\u103e\u1004\u103a\u1038 \u1014\u102d\u102f\u1004\u103a\u1001\u1032\u1037\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1021\u1001\u103c\u102c\u1038\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u1021\u1014\u1031\u1016\u103c\u1004\u1037\u103a \u101c\u102d\u102f\u1004\u103d\u1031\u1042\u1001\u102f (twin deficits) \u101f\u102f \u1001\u1031\u102b\u103a\u1006\u102d\u102f\u101e\u100a\u1037\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u101c\u102d\u102f\u1004\u103d\u1031 (trade deficit)\u1014\u103e\u1004\u1037\u103a \u1018\u1010\u103a\u1002\u103b\u1000\u103a\u101c\u102d\u102f\u1004\u103d\u1031 (fiscal deficit) \u1015\u103c\u101e\u100a\u1037\u103a\u1021\u1001\u102b \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u1019\u103e\u102f\u1014\u103e\u1004\u1037\u103a \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1016\u1031\u102c\u1004\u103a\u1038 \u1015\u103d\u1019\u103e\u102f\u1014\u103e\u102f\u1014\u103a\u1038\u1019\u103c\u1004\u1037\u103a\u1010\u1000\u103a\u1019\u103e\u102f\u1000\u102d\u102f\u1001\u1036\u1005\u102c\u1038\u101b\u1000\u103c\u1015\u103c\u102e\u1038 \u1000\u103c\u102e\u1038\u1019\u102c\u1038\u101e\u100a\u1037\u103a\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1021\u1000\u103b\u1015\u103a\u1021\u1010\u100a\u103a\u1038\u1019\u103b\u102c\u1038 \u1000\u103c\u102f\u1036\u1010\u103d\u1031\u1037\u1000\u103c\u101b\u101e\u100a\u103a\u104b \u101e\u102d\u102f\u1037\u101e\u1031\u102c\u103a\u101c\u100a\u103a\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1021\u1014\u1031\u1016\u103c\u1004\u1037\u103a \u1011\u102d\u102f\u101e\u102d\u102f\u1037 \u101c\u102d\u102f\u1004\u103d\u1031\u1042\u1001\u102f \u1015\u103c\u1014\u1031\u1005\u1031\u1000\u102c\u1019\u1030 \u1021\u1001\u103c\u102c\u1038\u1025\u101b\u1031\u102c\u1015\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u104a \u1002\u103b\u1015\u1014\u103a\u1010\u102d\u102f\u1037\u1011\u1000\u103a \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038 \u1010\u102d\u102f\u1038\u1010\u1000\u103a\u101c\u103b\u1000\u103a\u101b\u103e\u102d\u101e\u100a\u103a\u1000\u102d\u102f\u1010\u103d\u1031\u1037\u101b\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u1037\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u104f\u101c\u103d\u103e\u1019\u103a\u1038\u1019\u102d\u102f\u1038\u1014\u102d\u102f\u1004\u103a\u1019\u103e\u102f\u1014\u103e\u1004\u1037\u103a \u1021\u1001\u103c\u102c\u1038\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u1014\u103e\u1004\u1037\u103a\u1019\u1010\u1030 \u1001\u103b\u1031\u1038\u1004\u103d\u1031\u1019\u103b\u102c\u1038\u104a \u1021\u101b\u1004\u103a\u1038\u1021\u1014\u103e\u102e\u1038\u1019\u103b\u102c\u1038\u101b\u101b\u103e\u102d\u1014\u1031\u101e\u100a\u1037\u103a \u1021\u1001\u103d\u1004\u1037\u103a\u1021\u101b\u1031\u1038\u1000\u102d\u102f \u1015\u100a\u102c\u101b\u103e\u1004\u103a\u1019\u103b\u102c\u1038\u1000 exorbitant privilege \u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103c\u102e\u1038\u101e\u100a\u1037\u103a \u1021\u1011\u1030\u1038\u1021\u1001\u103d\u1004\u1037\u103a\u1021\u101b\u1031\u1038\u101f\u102f \u1001\u1031\u102b\u103a\u101d\u1031\u102b\u103a\u1000\u103c\u101e\u100a\u103a\u104b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u101e\u102d\u102f\u1037\u101e\u1031\u102c\u103a\u101c\u100a\u103a\u1038 Carnegie Endowment for International Peace\u1019\u103e Micheal Pettis \u1010\u102d\u102f\u1037\u101c\u102d\u102f \u1012\u1031\u102b\u103a\u101c\u102c\u101e\u100a\u103a exorbitant privilege \u1019\u101f\u102f\u1010\u103a\u104a \u1012\u1031\u102b\u103a\u101c\u102c\u101e\u100a\u103a exorbitant burden \u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103c\u102e\u1038\u101e\u100a\u103a \u101d\u1014\u103a\u1011\u102f\u1010\u103a\u101d\u1014\u103a\u1015\u102d\u102f\u1038\u101f\u102f\u101e\u102f\u1036\u1038\u101e\u1015\u103a\u101e\u100a\u1037\u103a \u1015\u100a\u102c\u101b\u103e\u1004\u103a\u1019\u103b\u102c\u1038\u101c\u100a\u103a\u1038\u101b\u103e\u102d\u1014\u1031\u101e\u100a\u103a\u104b \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u101e\u100a\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u1010\u103d\u1004\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1018\u1000\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u1000 \u1021\u1019\u103c\u1032\u1015\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u1014\u1031\u1015\u103c\u102e\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1000 &nbsp;\u1021\u1019\u103c\u1032\u101c\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u1014\u1031\u101b\u1001\u103c\u1004\u103a\u1038\u101e\u100a\u103a \u1010\u1018\u1000\u103a\u1005\u1031\u102c\u1004\u103a\u1038\u1014\u1004\u103a\u1038 \u1000\u1019\u1039\u1018\u102c\u1037\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1005\u1014\u1005\u103a\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1010\u101b\u102f\u1010\u103a\u1021\u1015\u102b\u1021\u101d\u1004\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1018\u1000\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038 \u101e\u100a\u103a \u1015\u102d\u102f\u1037\u1000\u102f\u1014\u103a\u1019\u103b\u102c\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u101e\u102d\u102f\u1037\u1010\u1004\u103a\u1015\u102d\u102f\u1037\u101b\u1031\u1038\u1000\u102d\u102f\u101e\u102c \u1026\u1038\u1005\u102c\u1038\u1015\u1031\u1038\u104d \u101a\u1004\u103a\u1038\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u104f \u101d\u101a\u103a\u101c\u102d\u102f\u1021\u102c\u1038\u101e\u100a\u103a \u1021\u1019\u103c\u1032\u1010\u1005\u1031 \u1014\u100a\u103a\u1038\u1015\u102b\u1038\u1014\u1031\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1019\u103e\u1015\u103c\u100a\u103a\u101c\u100a\u103a\u1010\u1004\u103a\u101e\u103d\u1004\u103a\u1038\u1019\u103e\u102f\u1019\u103e\u102c\u101c\u100a\u103a\u1038 \u1014\u100a\u103a\u1038\u1015\u102b\u1038\u1014\u1031\u101e\u100a\u103a\u104b \u1010\u1014\u100a\u103a\u1038\u1006\u102d\u102f\u101b\u101c\u103b\u103e\u1004\u103a \u104e\u1004\u103a\u1038\u1010\u102d\u102f\u1037\u1005\u1000\u103a\u101b\u102f\u1036\u1019\u103b\u102c\u1038 \u1011\u102f\u1010\u103a\u101c\u102d\u102f\u1000\u103a\u101c\u102d\u102f\u1000\u103a\u101e\u100a\u1037\u103a \u1011\u102f\u1010\u103a\u1000\u102f\u1014\u103a\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1015\u103c\u100a\u103a\u1010\u103d\u1004\u103a\u1038\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1010\u103d\u1004\u103a \u101d\u101a\u103a\u101a\u1030\u101e\u102f\u1036\u1038\u1005\u103d\u1032\u1019\u103e\u102f \u1021\u102c\u1038\u1014\u100a\u103a\u1038\u1014\u1031\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1015\u102d\u102f\u101c\u103b\u103e\u1036\u101e\u100a\u1037\u103a\u1000\u102f\u1014\u103a\u1015\u1005\u1039\u1005\u100a\u103a\u1038 \u1021\u1019\u103b\u102c\u1038\u1021\u1015\u103c\u102c\u1038\u1000\u102d\u102f \u1008\u1031\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u101e\u1000\u103a\u101e\u102c \u1005\u103d\u102c\u1016\u103c\u1004\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u101e\u102d\u102f\u1037 \u1010\u1004\u103a\u101e\u103d\u1004\u103a\u1038\u101c\u102c\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a \u1005\u1000\u103a\u101b\u102f\u1036\u1021\u101c\u102f\u1015\u103a\u101b\u102f\u1036\u1019\u103b\u102c\u1038\u1000 \u1011\u102f\u1010\u103a\u101c\u102f\u1015\u103a\u101e\u100a\u1037\u103a\u1000\u102f\u1014\u103a\u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1019\u103b\u102c\u1038\u101e\u100a\u103a \u1010\u101b\u102f\u1010\u103a\u1000\u102f\u1014\u103a\u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1019\u103b\u102c\u1038\u1014\u103e\u1004\u1037\u103a \u101a\u103e\u1009\u103a\u1015\u103c\u102d\u102f\u1004\u103a\u1014\u102d\u102f\u1004\u103a\u1001\u103c\u1004\u103a\u1038\u1019\u101b\u103e\u102d\u1010\u1031\u102c\u1037\u1018\u1032 \u1014\u1031\u102c\u1000\u103a\u1006\u102f\u1036\u1038\u1015\u102d\u1010\u103a\u101e\u102d\u1019\u103a\u1038\u1000\u103c\u101b\u101e\u100a\u103a\u104b \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1021\u101c\u102f\u1015\u103a\u101e\u1019\u102c\u1038\u101e\u1014\u103a\u1038\u1014\u103e\u1004\u1037\u103a\u1001\u103b\u102e \u1021\u101c\u102f\u1015\u103a\u101c\u1000\u103a\u1019\u1032\u1037 \u1016\u103c\u1005\u103a\u1000\u103c\u101b\u101e\u100a\u103a\u101f\u102f \u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1010\u101b\u102f\u1010\u103a\u104a \u1017\u102e\u101a\u1000\u103a\u1014\u1019\u103a\u1000\u1032\u1037\u101e\u102d\u102f\u1037 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u103e\u1004\u1037\u103a\u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u1010\u103d\u1004\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u1018\u102e\u101c\u102e\u101a\u1036\u101b\u102c\u1001\u103b\u102e \u1015\u102d\u102f\u1004\u103d\u1031\u1015\u103c\u1014\u1031\u101e\u100a\u1037\u103a \u1014\u102d\u102f\u1004\u103a\u1004\u1036 \u1019\u103b\u102c\u1038\u101e\u100a\u103a \u1021\u101c\u102f\u1015\u103a\u101c\u1000\u103a\u1019\u1032\u1037\u1016\u103c\u1005\u103a\u1015\u103d\u102c\u1038\u1019\u103e\u102f\u1000\u102d\u102f \u1015\u102d\u102f\u1037\u1000\u102f\u1014\u103a\u1021\u1016\u103c\u1005\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u101e\u102d\u102f\u1037\u1010\u1004\u103a\u1015\u102d\u102f\u1037\u1014\u1031\u1001\u103c\u1004\u103a\u1038\u1015\u1004\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a exporting umemployment \u101f\u102f \u101d\u1031\u1016\u1014\u103a\u101b\u1031\u1038\u101e\u102c\u1038\u1000\u103c\u101e\u100a\u103a\u104b \u1019\u102d\u1019\u102d\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103e \u1021\u101c\u102f\u1015\u103a\u101e\u1019\u102c\u1038\u1019\u103b\u102c\u1038\u104f \u101c\u102f\u1015\u103a\u1001\u101c\u1005\u102c\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1021\u101c\u103d\u1014\u103a\u101e\u1000\u103a\u101e\u102c\u1021\u1031\u102c\u1004\u103a\u101c\u102f\u1015\u103a\u1011\u102c\u1038\u1001\u103c\u1004\u103a\u1038\u104a \u1005\u1000\u103a\u101b\u102f\u1036\u1021\u101c\u102f\u1015\u103a\u101b\u102f\u1036\u1019\u103b\u102c\u1038 \u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u101c\u102f\u1015\u103a\u1004\u1014\u103a\u1038\u1019\u103b\u102c\u1038\u1019\u103e \u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038\u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u1019\u103e\u102f\u1021 \u1010\u103d\u1000\u103a \u1004\u103d\u1031\u1001\u103b\u1031\u1038\u101a\u1030\u101b\u102c\u1010\u103d\u1004\u103a\u101c\u100a\u103a\u1038 \u1021\u1011\u1030\u1038\u101e\u1000\u103a\u101e\u102c\u101e\u100a\u1037\u103a \u1021\u1010\u102d\u102f\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1019\u103b\u102c\u1038\u1016\u103c\u1004\u1037\u103a \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1010\u1031\u102c\u103a\u1015\u102d\u102f\u1004\u103a\u1018\u100f\u103a\u1019\u103b\u102c\u1038\u1019\u103e \u1011\u102f\u1010\u103a\u1001\u103b\u1031\u1038\u1001\u103c\u1004\u103a\u1038\u104a \u1021\u1001\u103c\u102c\u1038\u1011\u1031\u102c\u1000\u103a\u1015\u1036\u1037\u1019\u103e\u102f\u1019\u103b\u102c\u1038\u1015\u1031\u1038\u1021\u1015\u103a\u1001\u103c\u1004\u103a\u1038\u1014\u103e\u1004\u1037\u103a \u1019\u102d\u1019\u102d\u1015\u103c\u100a\u103a\u1010\u103d\u1004\u103a\u1038\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1021\u1010\u103d\u1004\u103a\u1038\u101e\u102d\u102f\u1037 \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1001\u103c\u102c\u1038\u1019\u103e \u101e\u103d\u1004\u103a\u1038\u1000\u102f\u1014\u103a\u1019\u103b\u102c\u1038\u1010\u1004\u103a\u101e\u103d\u1004\u103a\u1038\u1019\u101c\u102c\u1014\u102d\u102f\u1004\u103a\u101b\u1014\u103a \u1021\u1001\u103d\u1014\u103a\u1019\u101f\u102f\u1010\u103a\u101e\u100a\u1037\u103a \u1021\u1010\u102c\u1038\u1021\u1006\u102e\u1038\u1019\u103b\u102c\u1038 (non-tariff barriers)\u1001\u103b\u1019\u103e\u1010\u103a \u1011\u102c\u1038\u1001\u103c\u1004\u103a\u1038\u1010\u102d\u102f\u1037\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1000\u102f\u1014\u103a\u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1019\u103b\u102c\u1038 \u1010\u101b\u102f\u1010\u103a\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1000\u102d\u102f \u1019\u1011\u102d\u102f\u1038\u1016\u1031\u102c\u1000\u103a\u1014\u102d\u102f\u1004\u103a\u1016\u103c\u1005\u103a\u101b\u101e\u100a\u103a\u101f\u102f \u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u101c\u102d\u102f \u1010\u101b\u102f\u1010\u103a\u1021\u101c\u102f\u1015\u103a\u101e\u1019\u102c\u1038\u1019\u103b\u102c\u1038\u104f \u101d\u1004\u103a\u1004\u103d\u1031\u101c\u1005\u102c\u1014\u100a\u103a\u1038\u1015\u102b\u1038\u1001\u103c\u1004\u103a\u1038\u104a \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u101e\u1030\u1019\u103b\u102c\u1038 \u1018\u100f\u103a\u1010\u103d\u1004\u103a\u1004\u103d\u1031\u1005\u102f\u1006\u1031\u102c\u1004\u103a\u1038\u101b\u102c\u1010\u103d\u1004\u103a \u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1015\u1031\u102b\u1000\u103a\u1008\u1031\u1038 \u1021\u1010\u102d\u102f\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1000\u102d\u102f\u1019\u101b\u101b\u103e\u102d\u101e\u100a\u1037\u103a\u1021\u1010\u103d\u1000\u103a \u1005\u102f\u1006\u1031\u102c\u1004\u103a\u1038\u1004\u103d\u1031\u1019\u103b\u102c\u1038\u1019\u103e \u1010\u102d\u102f\u1038\u101b\u1004\u103a\u1038\u1015\u1031\u102b\u1004\u103a\u1038\u101b\u101b\u103e\u102d\u1019\u103e\u102f\u1014\u100a\u103a\u1038\u1015\u102b\u1038\u1015\u103c\u102e\u1038 \u1019\u102d\u1019\u102d\u1010\u102d\u102f\u1037\u1021\u1014\u102c\u1002\u1010\u103a\u1021\u1010\u103d\u1000\u103a \u101b\u101e\u1019\u103b\u103e\u1005\u102f\u1006\u1031\u102c\u1004\u103a\u1038\u1019\u103e\u101e\u102c \u1005\u102d\u1010\u103a\u1001\u103b\u101b\u1019\u101c\u102d\u102f\u1016\u103c\u1005\u103a\u1001\u103c\u1004\u103a\u1038 \u1000\u103c\u1031\u102c\u1004\u1037\u103a\u101c\u100a\u103a\u1038 \u1005\u102f\u1006\u1031\u102c\u1004\u103a\u1038\u1004\u103d\u1031 (saving) \u1019\u103c\u1004\u1037\u103a\u1019\u102c\u1038\u1015\u103c\u102e\u1038 \u1005\u102c\u1038\u101e\u102f\u1036\u1038\u1014\u102d\u102f\u1004\u103a\u1019\u103e\u102f (consumption) \u1014\u100a\u103a\u1038\u1015\u102b\u1038\u101b\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1005\u102c\u1038\u101e\u102f\u1036\u1038\u1014\u102d\u102f\u1004\u103a\u1019\u103e\u102f\u1014\u103e\u1004\u1037\u103a\u101d\u101a\u103a\u101c\u102d\u102f\u1021\u102c\u1038\u1014\u100a\u103a\u1038\u1015\u102b\u1038\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u101c\u100a\u103a\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1019\u103e\u1000\u102f\u1014\u103a\u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1019\u1010\u1004\u103a \u101e\u103d\u1004\u103a\u1038\u1014\u102d\u102f\u1004\u103a\u1016\u103c\u1005\u103a\u101b\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u1021\u1001\u102b \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1021\u1014\u1031\u1016\u103c\u1004\u1037\u103a \u1010\u101b\u102f\u1010\u103a\u1021\u1015\u102b\u1021\u101d\u1004\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1018\u1000\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1021\u1019\u103b\u102c\u1038 \u1021\u1015\u103c\u102c\u1038\u104f \u1005\u1000\u103a\u101b\u102f\u1036\u1019\u103b\u102c\u1038\u1019\u103e\u1011\u102f\u1010\u103a\u101c\u102f\u1015\u103a\u101c\u102d\u102f\u1000\u103a\u101e\u100a\u1037\u103a \u1015\u102d\u102f\u101c\u103b\u103e\u1036\u1015\u1005\u1039\u1005\u100a\u103a\u1038\u1021\u102c\u1038\u101c\u102f\u1036\u1038\u1000\u102d\u102f \u101e\u102d\u1019\u103a\u1038\u1000\u103c\u102f\u1036\u1038\u101d\u101a\u103a\u101a\u1030\u1014\u1031\u101b\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a \u101f\u102f \u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1011\u102d\u102f\u1000\u1032\u1037\u101e\u102d\u102f\u1037 \u1012\u1031\u102b\u103a\u101c\u102c\u101e\u100a\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1014\u103e\u1004\u1037\u103a\u1015\u103c\u100a\u103a\u101e\u1030\u1019\u103b\u102c\u1038\u1021\u1010\u103d\u1000\u103a \u1021\u1000\u103b\u102d\u102f\u1038\u1019\u101b\u103e\u102d\u104a \u1000\u1019\u1039\u1018\u102c\u1037\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038 \u1005\u1014\u1005\u103a\u1000\u103c\u102e\u1038 \u1010\u1018\u1000\u103a\u1005\u1031\u102c\u1004\u103a\u1038\u1014\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u1014\u1031\u101e\u100a\u103a\u101f\u102f\u101e\u100a\u1037\u103a \u1021\u101a\u1030\u1021\u1006\u101b\u103e\u102d\u101e\u1030\u1019\u103b\u102c\u1038\u1000 \u101a\u1001\u102f\u1021\u1001\u102b \u101e\u1019\u1039\u1019\u1010 \u1011\u101b\u1019\u1037\u103a\u104f \u1021\u1000\u103c\u1036\u1015\u1031\u1038\u1019\u103b\u102c\u1038\u104a \u1000\u1000\u103a\u1018\u102d\u1014\u1000\u103a\u1021\u1016\u103d\u1032\u1037\u101d\u1004\u103a\u1019\u103b\u102c\u1038\u1016\u103c\u1005\u103a\u101c\u103b\u1000\u103a\u101b\u103e\u102d\u1015\u103c\u102e\u1038 \u1011\u102d\u102f\u1037\u1021\u101a\u1030\u1021\u1006\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u101c\u100a\u103a\u1038 \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a \u1019\u103e\u102f\u1014\u103e\u1004\u1037\u103a\u101e\u1000\u103a\u1006\u102d\u102f\u1004\u103a\u101e\u100a\u1037\u103a \u101e\u103d\u1004\u103a\u1038\u1000\u102f\u1014\u103a\u1021\u1001\u103d\u1014\u103a\u1014\u103e\u102f\u1014\u103a\u1038\u1011\u102c\u1038\u1019\u103b\u102c\u1038 \u1010\u102d\u102f\u1038\u1019\u103c\u103e\u1004\u1037\u103a\u1000\u1031\u102c\u1000\u103a\u1001\u1036\u1001\u103c\u1004\u103a\u1038\u1000\u102d\u102f \u1011\u101b\u1019\u1037\u103a \u1012\u102f\u1010\u102d\u101a \u1021\u1000\u103c\u102d\u1019\u103a\u1021\u102c\u100f\u102c\u101b\u101c\u102c\u1015\u103c\u102e\u1038\u1000\u1010\u100a\u103a\u1038\u1000 \u1005\u1010\u1004\u103a\u101c\u102d\u102f\u1000\u103a\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1006\u1000\u103a\u101c\u1000\u103a\u1015\u103c\u102e\u1038\u101c\u100a\u103a\u1038 Mar-a-Lago Accord \u101e\u1018\u1031\u102c\u1010\u1030\u100a\u102e\u1001\u103b\u1000\u103a \u1021\u1000\u1031\u102c\u1004\u103a\u1021\u1011\u100a\u103a\u1016\u1031\u102c\u103a\u1019\u100a\u103a\u101c\u102c\u1038\u1006\u102d\u102f\u101e\u100a\u103a\u1000\u102d\u102f \u101b\u103e\u102f\u1005\u102c\u1038\u101b\u1019\u100a\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1012\u1031\u102b\u103a\u101c\u102c\u1000\u1010\u1031\u102c\u1037 \u1011\u101b\u1019\u1037\u103a&nbsp; \u1021\u1005\u102d\u102f\u1038\u101b\u1010\u1000\u103a\u101c\u102c\u1000\u1010\u100a\u103a\u1038\u1000 \u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u101c\u102c\u1001\u1032\u1037\u101e\u100a\u103a\u1000\u102d\u102f\u1010\u103d\u1031\u1037\u101b\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u1012\u1031\u102b\u103a\u101c\u102c\u101c\u103d\u103e\u1019\u103a\u1038\u1019\u102d\u102f\u1038\u1019\u103e\u102f\u1000\u103b\u1006\u1004\u103a\u1038\u1001\u103c\u1004\u103a\u1038<\/strong><strong>&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1012\u1031\u102b\u103a\u101c\u102c\u101e\u100a\u103a \u1011\u102d\u102f\u101e\u102d\u102f\u1037\u1000\u1019\u1039\u1018\u102c\u1037\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1014\u103e\u1004\u1037\u103a\u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u1006\u102d\u102f\u1004\u103a\u101b\u102c\u1019\u103e\u102c \u1018\u102f\u101b\u1004\u103a\u1010\u1005\u103a\u1015\u102b\u1038\u1016\u103c\u1005\u103a\u1014\u1031\u1001\u103c\u1004\u103a\u1038\u104a \u101c\u103d\u103e\u1019\u103a\u1038\u1019\u102d\u102f\u1038 \u1014\u102d\u102f\u1004\u103a\u1001\u103c\u1004\u103a\u1038\u101f\u102c \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1015\u103c\u100a\u103a\u1011\u1031\u102c\u1004\u103a\u1005\u102f\u104f \u1010\u101b\u102c\u1038\u1025\u1015\u1012\u1031\u1005\u102d\u102f\u1038\u1019\u102d\u102f\u1038\u1019\u103e\u102f (rule of law) \u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1004\u103d\u1031\u1000\u103c\u1031\u1038 \u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1006\u102d\u102f\u1004\u103a\u101b\u102c \u1005\u100a\u103a\u1038\u1019\u103b\u1009\u103a\u1038\u1005\u100a\u103a\u1038\u1000\u1019\u103a\u1038\u1019\u103b\u102c\u1038\u104a \u1017\u101f\u102d\u102f\u1018\u100f\u103a\u104f \u101e\u102e\u1038\u1001\u103c\u102c\u1038\u101c\u103d\u1010\u103a\u101c\u1015\u103a\u1005\u103d\u102c\u101b\u1015\u103a\u1010\u100a\u103a\u1019\u103e\u102f \u1021\u1015\u102b\u1021\u101d\u1004\u103a \u1015\u103c\u100a\u103a\u1010\u103d\u1004\u103a\u1038\u1015\u103c\u100a\u103a\u1015 \u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038\u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u101e\u1030\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1000\u103b\u1031\u102c\u101e\u102c\u1038\u101b\u1004\u103a\u101e\u102c\u1038\u1019\u1001\u103d\u1032\u1001\u103c\u102c\u1038\u1018\u1032 \u1010\u101b\u102c\u1038\u1025\u1015\u1012\u1031\u101b\u103e\u1031\u1037\u1019\u103e\u1031\u102c\u1000\u103a\u1010\u103d\u1004\u103a \u1019\u103b\u103e\u1010\u1005\u103d\u102c \u1006\u1000\u103a\u1006\u1036\u1001\u103c\u1004\u103a\u1038\u1010\u102d\u102f\u1037\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u101f\u102f \u1006\u102d\u102f\u101b\u1019\u100a\u103a\u104b Institutions \u1019\u103b\u102c\u1038 \u1021\u102c\u1038\u1000\u1031\u102c\u1004\u103a\u1038\u101e\u100a\u103a\u101f\u102f\u1006\u102d\u102f\u101b\u1019\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1010\u100a\u103a\u1004\u103c\u102d\u1019\u103a\u101e\u100a\u1037\u103a\u1004\u103d\u1031\u101c\u1032\u101c\u103e\u101a\u103a\u1014\u103e\u102f\u1014\u103a\u1038 (stable exchange rate)\u104a \u1017\u101f\u102d\u102f\u1018\u100f\u103a\u104f \u101c\u103d\u1010\u103a\u101c\u1015\u103a\u1005\u103d\u102c \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1006\u102d\u102f\u1004\u103a\u101b\u102c \u1019\u1030\u101d\u102b\u1012\u1001\u103b\u1019\u103e\u1010\u103a\u1021\u1000\u1031\u102c\u1004\u103a\u1021\u1011\u100a\u103a\u1016\u1031\u102c\u103a\u1006\u1031\u102c\u1004\u103a\u1014\u102d\u102f\u1004\u103a\u1019\u103e\u102f (independent monetary policy)\u1014\u103e\u1004\u1037\u103a \u1011\u102d\u1014\u103a\u1038\u1001\u103b\u102f\u1015\u103a\u1019\u103e\u102f\u1000\u1004\u103a\u1038 \u101e\u100a\u1037\u103a \u1010\u1036\u1001\u102b\u1038\u1016\u103d\u1004\u1037\u103a\u1011\u102c\u1038\u101e\u1031\u102c \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038\u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u1019\u103e\u102f\u1008\u1031\u1038\u1000\u103d\u1000\u103a (open capital market) \u101e\u102f\u1036\u1038\u1019\u103b\u102d\u102f\u1038\u1005\u101c\u102f\u1036\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1000 \u1011\u102c\u1038\u101b\u103e\u102d\u1014\u102d\u102f\u1004\u103a\u1001\u103c\u1004\u103a\u1038\u1019\u103e\u102c \u1012\u1031\u102b\u103a\u101c\u102c\u1021\u102c\u1038\u101e\u102c\u1001\u103b\u1000\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u101a\u1030\u101b\u102d\u102f\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1010\u103d\u1004\u103a \u1011\u102d\u102f\u1043\u1019\u103b\u102d\u102f\u1038\u1005\u101c\u102f\u1036\u1038 \u1011\u102c\u1038\u101b\u103e\u102d\u1014\u102d\u102f\u1004\u103a\u101e\u1031\u102c\u103a\u101c\u100a\u103a\u1038 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1005\u1010\u1031\u102c\u1037\u1014\u103e\u1004\u1037\u103a\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1019\u103b\u102c\u1038\u1000 \u1000\u103c\u102e\u1038\u1019\u102c\u1038\u101e\u1031\u102c\u1000\u103c\u1031\u102c\u1004\u1037\u103a&nbsp; \u1021\u1019\u1031 \u101b\u102d\u1000\u1014\u103a\u1012\u1031\u102b\u103a\u101c\u102c\u1000\u102d\u102f \u1021\u101e\u102f\u1036\u1038\u1019\u103b\u102c\u1038\u1001\u103c\u1004\u103a\u1038\u101c\u100a\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1011\u102d\u102f\u101e\u102f\u1036\u1038\u1019\u103b\u102d\u102f\u1038\u1000\u102d\u102f impossible trinity \u101f\u102f\u101c\u100a\u103a\u1038 \u1001\u1031\u102b\u103a\u1006\u102d\u102f\u104d \u1010\u101b\u102f\u1010\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u101e\u100a\u103a \u1011\u102d\u102f\u1043\u1019\u103b\u102d\u102f\u1038\u1010\u103d\u1004\u103a \u1042\u1019\u103b\u102d\u102f\u1038\u1000\u102d\u102f\u101e\u102c \u101c\u102f\u1015\u103a\u1006\u1031\u102c\u1004\u103a\u1014\u102d\u102f\u1004\u103a\u101e\u1031\u102c\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1010\u101b\u102f\u1010\u103a\u101a\u103d\u1019\u103a\u101e\u100a\u103a \u1000\u1019\u1039\u1018\u102c\u101e\u102f\u1036\u1038 \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1010\u1005\u103a\u1001\u102f\u1016\u103c\u1005\u103a\u101c\u102c\u101b\u1014\u103a \u1021\u101c\u102c\u1038\u1021\u101c\u102c\u1014\u100a\u103a\u1038\u1015\u102b\u1038\u101e\u1031\u1038\u101e\u100a\u103a\u104b \u1014\u1031\u102c\u1000\u103a\u1006\u102f\u1036\u1038\u1010\u1005\u103a\u1019\u103b\u102d\u102f\u1038 \u1010\u1036\u1001\u102b\u1038\u1016\u103d\u1004\u1037\u103a\u1011\u102c\u1038\u101e\u100a\u1037\u103a \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038\u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u1019\u103e\u102f\u1008\u1031\u1038\u1000\u103d\u1000\u103a \u1019\u1016\u1031\u102c\u103a\u1006\u1031\u102c\u1004\u103a\u1014\u102d\u102f\u1004\u103a\u101e\u1031\u102c\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1010\u1036\u1001\u102b\u1038\u1016\u103d\u1004\u1037\u103a\u1011\u102c\u1038\u101c\u103b\u103e\u1004\u103a \u101b\u102f\u1010\u103a\u1010\u101b\u1000\u103a \u1010\u101b\u102f\u1010\u103a\u1015\u103c\u100a\u103a\u1010\u103d\u1004\u103a\u1038\u1019\u103e\u101a\u103d\u1019\u103a\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1015\u103c\u100a\u103a\u1015\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1019\u103e\u1012\u1031\u102b\u103a\u101c\u102c\u1016\u103c\u1004\u1037\u103a \u1021\u101c\u102f\u1036\u1038\u1021\u101b\u1004\u103a\u1038\u101c\u1032\u101c\u103e\u101a\u103a\u1000\u103c\u101c\u103b\u103e\u1004\u103a \u101a\u103d\u1019\u103a \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1011\u102d\u102f\u1038\u1000\u103b\u1019\u100a\u103a\u1000\u102d\u102f \u1005\u102d\u102f\u1038\u101b\u102d\u1019\u103a\u101e\u1031\u102c\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u101c\u100a\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1008\u1031\u1038\u1000\u103d\u1000\u103a\u1000\u102d\u102f\u1015\u102d\u1010\u103a\u1011\u102c\u1038 \u101e\u100a\u1037\u103a\u1000\u103c\u102c\u1038\u1000\u1015\u1004\u103a \u1005\u1005\u103a\u1021\u102c\u100f\u102c\u101e\u102d\u1019\u103a\u1038\u1015\u103c\u102e\u1038 \u1019\u103c\u1014\u103a\u1019\u102c\u1000\u103b\u1015\u103a\u1004\u103d\u1031\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u101b\u1001\u103c\u1004\u103a\u1038 \u1021\u1000\u103c\u1031\u102c\u1004\u103a\u1038\u101b\u1004\u103a\u1038\u1010\u1005\u103a\u1001\u102f\u1019\u103e\u102c &nbsp;\u1019\u103c\u1014\u103a\u1019\u102c\u1015\u103c\u100a\u103a\u101e\u1030\u1010\u102d\u102f\u1037\u1000 \u1000\u103b\u1015\u103a\u1004\u103d\u1031\u1000\u102d\u102f\u1000\u102d\u102f\u1004\u103a\u1006\u1031\u102c\u1004\u103a\u1019\u1011\u102c\u1038\u101c\u102d\u102f\u104d \u1012\u1031\u102b\u103a\u101c\u102c\u104a \u1011\u102d\u102f\u1004\u103a\u1038\u1018\u1010\u103a\u104a \u1005\u1004\u103a\u1000\u102c\u1015\u1030\u1012\u1031\u102b\u103a\u101c\u102c\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1021\u101c\u102f\u1036\u1038\u1021\u101b\u1004\u103a\u1038 \u101d\u101a\u103a\u101a\u1030\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1011\u101b\u1019\u1037\u103a\u1021\u102c\u100f\u102c\u101b\u1015\u103c\u102e\u1038\u1014\u1031\u102c\u1000\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u101e\u100a\u103a \u1021\u1001\u103c\u102c\u1038\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1019\u103b\u102c\u1038\u1016\u103c\u1004\u1037\u103a\u1014\u103e\u102d\u102f\u1004\u103a\u1038\u101a\u103e\u1009\u103a\u1015\u102b\u1000 \u1049%\u1000\u103b \u1006\u1004\u103a\u1038\u1001\u1032\u1037\u101e\u100a\u103a\u101f\u102f \u101e\u102d\u101b\u101e\u100a\u103a\u104b \u1021\u1013\u102d\u1000\u1000\u103b\u1006\u1004\u103a\u1038\u101b\u1001\u103c\u1004\u103a\u1038\u1000\u1010\u1031\u102c\u1037 \u1018\u101a\u103a\u101e\u1030\u1019\u1015\u103c\u102f\u1019\u102d\u1019\u102d\u1019\u103e\u102f \u1006\u102d\u102f\u101e\u101c\u102d\u102f \u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b \u1019\u1030\u101d\u102b \u1012\u1019\u103b\u102c\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u1015\u1004\u103a \u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1021\u1006\u102d\u102f\u1038\u1006\u102f\u1036\u1038\u1019\u103e\u102c \u101e\u1030\u104f\u1025\u1015\u1012\u1031\u1019\u1032\u1037\u101c\u102f\u1015\u103a\u101b\u1015\u103a\u1019\u103b\u102c\u1038\u104a \u1018\u1031\u102c\u1004\u103a\u1000\u103b\u1031\u102c\u103a\u101c\u102f\u1015\u103a\u1006\u1031\u102c\u1004\u103a\u1019\u103e\u102f\u1019\u103b\u102c\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a \u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1027\u1015\u103c\u102e\u101c\u1042\u101b\u1000\u103a\u1014\u1031\u1037\u1010\u103d\u1004\u103a \u101b\u1014\u103a\u101e\u1030\u1019\u102d\u1010\u103a\u1006\u103d\u1031\u1019\u1001\u103d\u1032\u1001\u103c\u102c\u1038 \u1001\u103b\u1019\u103e\u1010\u103a\u1001\u1032\u1037\u101e\u100a\u1037\u103a \u101e\u1030\u104f reciprocal tariffs \u101f\u102f \u1001\u1031\u102b\u103a\u101e\u100a\u1037\u103a \u1019\u103c\u1004\u1037\u103a\u1019\u102c\u1038\u101e\u100a\u1037\u103a\u101e\u103d\u1004\u103a\u1038\u1000\u102f\u1014\u103a\u1001\u103d\u1014\u103a\u1019\u103b\u102c\u1038\u1014\u103e\u1004\u1037\u103a \u1014\u1031\u102c\u1000\u103a\u1006\u1000\u103a\u1010\u103d\u1032 \u1021\u101b\u103e\u102d\u1014\u103a\u1021\u101f\u102f\u1014\u103a\u1015\u103c\u1004\u103a\u1038\u101c\u102c\u101e\u100a\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a-\u1010\u101b\u102f\u1010\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u101b\u1031\u1038\u1005\u1005\u103a\u1015\u103d\u1032\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u101c\u100a\u103a\u1038 \u1015\u102d\u102f\u1019\u102d\u102f\u1000\u103b\u1006\u1004\u103a\u1038\u1001\u1032\u1037\u101b\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1021\u1011\u1030\u1038\u1005\u102d\u102f\u1038\u101b\u102d\u1019\u103a\u1005\u101b\u102c\u1000\u1031\u102c\u1004\u103a\u1038\u101e\u100a\u103a\u1000\u1010\u1031\u102c\u1037 \u1041\u1040 \u1014\u103e\u1005\u103a\u1001\u1036 \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a \u1021\u1010\u102d\u102f\u1038\u1014\u103e\u102f\u1014\u103a\u1038\u1019\u103b\u102c\u1038\u1019\u103c\u1004\u1037\u103a\u1010\u1000\u103a\u101c\u102c\u1001\u103b\u102d\u1014\u103a (10 Year Treasuries Bond Yields) \u1010\u103d\u1004\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u101c\u102c\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1021\u1013\u102d\u1015\u1039\u1015\u102c\u101a\u103a\u1019\u103e\u102c \u101a\u1001\u1004\u103a\u1000\u1005\u102d\u1010\u103a\u1001\u103b\u101b\u1015\u102b\u1015\u103c\u102e\u101f\u102f\u101a\u1030\u1006\u1011\u102c\u1038\u101e\u100a\u1037\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u1021\u1005\u102d\u102f\u1038\u101b \u1004\u103d\u1031\u1010\u102d\u102f\u1000\u103a\u1005\u102c\u1001\u103b\u102f\u1015\u103a\u1019\u103b\u102c\u1038\u1021\u1015\u1031\u102b\u103a \u101a\u102f\u1036\u1000\u103c\u100a\u103a\u1019\u103e\u102f\u1000\u103b \u1006\u1004\u103a\u1038\u101c\u102c\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1015\u1031\u1038\u1011\u102c\u1038\u101e\u100a\u1037\u103a\u1002\u1010\u102d\u1019\u103b\u102c\u1038\u1000\u102d\u102f \u1019\u102d\u1010\u103a\u1006\u103d\u1031\u101b\u1004\u103a\u1038 \u1019\u101f\u102c\u1019\u102d\u1010\u103a\u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1019\u103b\u102c\u1038\u1021\u1015\u1031\u102b\u103a\u1010\u103d\u1004\u103a \u1015\u1004\u103a \u1016\u1031\u102c\u1000\u103a\u1016\u103b\u1000\u103a\u1014\u1031\u101e\u100a\u1037\u103a \u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u1021\u1015\u1031\u102b\u103a \u101a\u102f\u1036\u1000\u103c\u100a\u103a\u1019\u103e\u102f \u101c\u103b\u1031\u102c\u1037\u1014\u100a\u103a\u1038\u101c\u102c\u1001\u103c\u1004\u103a\u1038\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1021\u1013\u102d\u1000\u1021\u1001\u103b\u1000\u103a \u1019\u103b\u102c\u1038\u1010\u103d\u1004\u103a\u101c\u100a\u103a\u1038 \u1010\u101b\u102c\u1038\u1025\u1015\u1012\u1031\u1005\u102d\u102f\u1038\u1019\u102d\u102f\u1038\u1019\u103e\u102f (rule of law)\u1014\u103e\u1004\u1037\u103a \u1005\u100a\u103a\u1038\u1019\u103b\u1009\u103a\u1038\u1005\u100a\u103a\u1038\u1000\u1019\u103a\u1038\u1019\u103b\u102c\u1038\u104a&nbsp; \u101a\u1004\u103a\u1038\u1010\u102d\u102f\u1037\u1000\u102d\u102f\u101e\u1000\u103a\u101d\u1004\u103a \u1021\u1031\u102c\u1004\u103a\u1006\u1031\u102c\u1004\u103a\u101b\u103d\u1000\u103a\u1015\u1031\u1038\u101e\u100a\u1037\u103a \u1021\u1016\u103d\u1032\u1037\u1021\u1005\u100a\u103a\u1038\u1019\u103b\u102c\u1038 (institutions) \u1000\u102d\u102f \u1016\u103b\u1000\u103a\u1006\u102e\u1038\u1014\u1031\u1001\u103c\u1004\u103a\u1038\u1000\u103c\u1031\u102c\u1004\u1037\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b \u1017\u101f\u102d\u102f\u1018\u100f\u103a\u104f \u101e\u102e\u1038\u1001\u103c\u102c\u1038\u101c\u103d\u1010\u103a\u101c\u1015\u103a\u1005\u103d\u102c \u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1006\u102d\u102f\u1004\u103a\u101b\u102c\u1019\u1030\u101d\u102b\u1012\u1001\u103b\u1019\u103e\u1010\u103a\u1014\u102d\u102f\u1004\u103a\u1019\u103e\u102f\u1000\u102d\u102f \u1016\u103b\u1000\u103a\u1006\u102e\u1038\u1015\u1005\u103a\u1015\u102b\u1000 \u1012\u1031\u102b\u103a\u101c\u102c\u104f \u1021\u1001\u1014\u103a\u1038\u1000\u100f\u1039\u100d \u1015\u102d\u102f\u1019\u102d\u102f\u1000\u103b\u1006\u1004\u103a\u1038\u101e\u103d\u102c\u1038\u1019\u100a\u103a\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u104b&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u1012\u1031\u102b\u103a\u101c\u102c\u101e\u100a\u103a \u1000\u1019\u1039\u1018\u102c\u1037\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1005\u1014\u1005\u103a\u1010\u103d\u1004\u103a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u1019\u103e\u102f\u104a \u1018\u100f\u1039\u100d\u102c\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u101b\u1004\u103a\u1038\u1014\u103e\u102e\u1038\u1019\u103c\u103e\u102f\u1015\u103a\u1014\u103e\u1036\u1019\u103e\u102f\u1014\u103e\u1004\u1037\u103a\u1004\u103d\u1031\u1000\u103c\u1031\u1038 \u101c\u1032\u101c\u103e\u101a\u103a\u1019\u103e\u102f\u1019\u103b\u102c\u1038\u1010\u103d\u1004\u103a \u1021\u1013\u102d\u1000\u1000\u103c\u102c\u1038\u1001\u1036\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1016\u103c\u1005\u103a\u1014\u1031\u101e\u100a\u1037\u103a\u1021\u1010\u103d\u1000\u103a \u1012\u1031\u102b\u103a\u101c\u102c\u104f\u1021\u101b\u1031\u1038\u1015\u102b\u101e\u100a\u1037\u103a\u1021\u1001\u1014\u103a\u1038 \u1000\u100f\u1039\u100d &nbsp;\u101b\u102f\u1010\u103a\u1010\u101b\u1000\u103a\u1015\u103b\u1000\u103a\u1005\u102e\u1038\u101e\u103d\u102c\u1038\u1019\u100a\u103a\u1019\u101f\u102f\u1010\u103a\u1018\u1032 \u1010\u1016\u103c\u100a\u103a\u1038\u1016\u103c\u100a\u103a\u1038\u1001\u103b\u1004\u103a\u1038\u101e\u102c&nbsp; \u1000\u103b\u1006\u1004\u103a\u1038\u101e\u103d\u102c\u1038\u1019\u100a\u103a\u101f\u102f \u1015\u100a\u102c \u101b\u103e\u1004\u103a\u1019\u103b\u102c\u1038\u1000 \u101e\u102f\u1036\u1038\u101e\u1015\u103a\u1000\u103c\u101e\u100a\u103a\u104b \u101c\u1000\u103a\u101b\u103e\u102d\u1010\u103d\u1004\u103a \u1014\u102d\u102f\u1004\u103a\u1004\u1036\u1010\u1000\u102c\u1021\u101b\u1036\u1004\u103d\u1031\u1000\u103c\u1031\u1038\u1005\u102f\u1005\u102f\u1015\u1031\u102b\u1004\u103a\u1038\u104f \u1046\u1040%\u1001\u1014\u1037\u103a\u104a \u1000\u102f\u1014\u103a\u101e\u103d\u101a\u103a\u101b\u1031\u1038\u1010\u103d\u1004\u103a \u1004\u103d\u1031\u1015\u1031\u1038\u1001\u103b\u1031\u101b\u102c\u104c \u1012\u1031\u102b\u103a\u101c\u102c\u1000\u102d\u102f\u1021\u101e\u102f\u1036\u1038\u1015\u103c\u102f\u1019\u103e\u102f\u101e\u100a\u103a\u1045\u1044%\u1014\u103e\u1004\u1037\u103a 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\u101b\u102f\u1010\u103a\u1010\u101b\u1000\u103a\u1000\u103d\u101a\u103a\u1015\u103b\u1031\u102c\u1000\u103a\u101e\u103d\u102c\u1038\u1019\u100a\u103a\u1019\u101f\u102f\u1010\u103a\u1001\u103b\u1031\u104b&nbsp; \u101e\u102d\u102f\u1037\u101e\u1031\u102c\u103a\u101c\u100a\u103a\u1038 \u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u1021\u1014\u1031\u1016\u103c\u1004\u1037\u103a&nbsp; Mar-a-Lago Accord \u101e\u1018\u1031\u102c\u1010\u1030\u100a\u102e\u1001\u103b\u1000\u103a\u1000\u102d\u102f\u101e\u102c \u1021\u1000\u1031\u102c\u1004\u103a\u1021\u1011\u100a\u103a\u1016\u1031\u102c\u103a\u1001\u1032\u1037\u1015\u102b\u1000 \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u101e\u102c\u1019\u1000 \u1000\u1019\u1039\u1018\u102c\u1037\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1021\u1015\u1031\u102b\u103a\u1010\u103d\u1004\u103a\u101c\u100a\u103a\u1038 \u1000\u103c\u102e\u1038\u1019\u102c\u1038\u101e\u100a\u1037\u103a\u101e\u1000\u103a\u101b\u1031\u102c\u1000\u103a\u1019\u103e\u102f\u1019\u103b\u102c\u1038 \u101b\u102d\u102f\u1000\u103a\u1001\u1010\u103a\u101c\u102c \u1019\u100a\u103a\u1019\u103e\u102c \u1027\u1000\u1014\u103a\u1019\u102f\u1001\u103b\u1016\u103c\u1005\u103a\u101e\u100a\u103a\u101f\u102f \u1010\u1004\u103a\u1015\u103c\u101c\u102d\u102f\u1000\u103a\u101b\u1015\u102b\u101e\u100a\u103a\u104b<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.atlanticcouncil.org\/programs\/geoeconomics-center\/dollar-dominance-monitor\/\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcXfS0VWrGJyrcBlz0fU1Q7iNUNZg-sHgZaqPvNyhbuajGyc-YlIBagAIw1c9fzKGMLN0j-alteLybvs6mGZhMg0Dscc6EC__Qk_5imu8CBPRwnUoMcYaGUwSnIYTnsIlmnkUyIJ8cC4uno3mo5myM?key=yIifE7uzEIKKLyweLC0vSg\" alt=\"A screenshot of a graph\n\nAI-generated content may be incorrect.\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u1011\u101b\u1019\u1037\u103a\u1021\u1005\u102d\u102f\u1038\u101b\u1000  \u1012\u1031\u102b\u103a\u101c\u102c\u1010\u1014\u103a\u1016\u102d\u102f\u1038\u1000\u103b\u1006\u1004\u103a\u1038\u101b\u1031\u1038   \u1021\u1000\u1031\u102c\u1004\u103a\u1021\u1011\u100a\u103a\u1016\u1031\u102c\u103a\u101c\u103b\u103e\u1004\u103a \u1021\u1019\u1031\u101b\u102d\u1000\u1014\u103a\u101e\u102c\u1019\u1000 \u1000\u1019\u1039\u1018\u102c\u1037\u1005\u102e\u1038\u1015\u103d\u102c\u1038\u101b\u1031\u1038\u1021\u1015\u1031\u102b\u103a\u1010\u103d\u1004\u103a\u101c\u100a\u103a\u1038 \u101e\u1000\u103a\u101b\u1031\u102c\u1000\u103a\u1019\u103e\u102f \u1000\u103c\u102e\u1038\u1019\u102c\u1038\u1019\u100a\u103a 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