This looks great, Sarah. Can't wait to read it. Congratulations!
10.10.2025 13:03 β π 1 π 0 π¬ 1 π 0@danielmcdowell.bsky.social
Family man | Professor @Syracuse | Sr. Fellow @Atlantic Council | Fmr. China Fellow @TheWilsonCenter | Geoeconomics, Finance, & Cleveland sports | www.danielmcdowell.org
This looks great, Sarah. Can't wait to read it. Congratulations!
10.10.2025 13:03 β π 1 π 0 π¬ 1 π 0Really proud of this article, and happy to have it placed in @ejir.bsky.social.
10.10.2025 12:30 β π 8 π 2 π¬ 1 π 0π€©
10.10.2025 00:36 β π 0 π 0 π¬ 0 π 0That legislation expired in, I believe, two years time, and it was not renewed.
(good question)
We are clearly just screaming into the void, aren't we Mark. Sigh.
09.10.2025 22:52 β π 1 π 0 π¬ 1 π 0Which is unfortunate because that would have made the joke funnier.
09.10.2025 22:51 β π 2 π 0 π¬ 0 π 0To my knowledge, the last time the ESF was tapped for this purpose was a small loan to Uruguay in 2002.
So, the Trump White House is dusting off a very old tool to help Argentina today. Lucky for them, Al D'Amato is no longer in Congress.
FIN
The new restrictions limited how the Clinton administration's could use the ESF during the Asian Financial Crisis.
Ultimately, the threat of further Congressional action to restrict the ESF's use played a major part in the sunsetting of its use in foreign bailouts.
4/
Republicans, like Rep. Steve Stockton (TX), charged that the real beneficiary of the bailout wasn't Mexico, but "Goldman Sachs."
Soon, legislation introduced by Rep. Al D'Amato (R-NY) passed, requiring all foreign ESF credits above $1bn w/ maturities over 60 days to have Congressional approval
3/
In 1995, the Clinton administration tapped the ESF for, coincidentally, $20 bn which it loaned to Mexico, which was facing down a currency crisis.
It was an unprecedented sum for an ESF loan, and sparked a political backlash from Republicans on the Hill.
2/
Today, a Republican administration has reactivated the Exchange Stabilization Fund as a bailout fund on behalf of Argentina to a tune of $20 bn.
30 years ago, it was a Republican-led Congress that acted to restrict the president's ability to use the ESF for this very purpose.
1/
He really is Cillian's dead ringer.
09.10.2025 22:25 β π 2 π 0 π¬ 0 π 0Here's a link to Chapter 6, which includes case studies on various Exchange Stabilization Fund 'bailouts' in the 1980s and 1990s including the 1984 Argentina rescue. Enjoy! (if you enjoy this kind of thing)
drive.google.com/file/d/12EkK...
In case you're interested in the history of US bailouts, I once wrote a book about the subject:
Link: academic.oup.com/book/5313
πThey had a good run there.
09.10.2025 21:13 β π 1 π 0 π¬ 0 π 0Party like it's 1984! & 1985, 1987, 1989, & 1995!
(If you don't get the joke: these are previous years when the US used the Treasury's Exchange Stabilization Fund to bailout Argentina)
Everyone who studies research methods just had an aneurysm
09.10.2025 19:09 β π 3099 π 630 π¬ 9 π 48An interesting story abt the ways in which China's gold hoard may be a counterweight to USD dominance. Hot takes:
1. insurance against sanctions? Sure.
2. more gold in China makes yuan more appealing? Hm, I dunno.
3. China as gold custodian? I'm listening.
www.bloomberg.com/news/feature...
We're covering the basics of financial sanctions in my class today.
09.10.2025 13:15 β π 9 π 0 π¬ 1 π 0Central bank gold purchases driving up the metal's price, but what good is bullion these days? A paper I wrote in 2023 explores how Russian gold reserves helped the Kremlin weather the first wave of financial sanctions in 2022.
Link: drive.google.com/file/d/1FXdm...
"The latest figures show that the value of U.S. Treasuries held at the New York Fed on behalf of foreign central banks is $2.78 trillion. That's the lowest since August 2012, and down $130 billion in just two months."
Story: www.reuters.com/markets/us/g...
dodgers π¬
My team is already buried πͺ¦
Ah, ok. well, something to look forward to!
07.10.2025 19:49 β π 1 π 0 π¬ 1 π 0funny story, my son was looking thru my old cards a couple weeks back and when he saw and expos card, he was perplexed--"Dad, what in the world is this team?!" ππ’
07.10.2025 19:48 β π 0 π 0 π¬ 0 π 0Have you watched it yet? (I'm not even sure when it was being released, but I will have to get to it at some point soon)
07.10.2025 19:47 β π 1 π 0 π¬ 1 π 0Putin turns 73 on October 7. He was 46 when he first became Prime Minister in August 1999. Since that time he has been either Prime Minister or President for more than 26 years, more than 1/3 of his life. In 2004, he said "one could go crazy" working as president for 7 years.
07.10.2025 00:09 β π 159 π 38 π¬ 10 π 2New blog!
The Disunited States: Threats of Secession in Red and Blue America and Why They Wonβt Work
Read @ryan-griffiths.bsky.social on what a project of American secession would look like, and why America is ill-suited for a peaceful 'national divorce'
Read more: edin.ac/46Tl0jy