this post was submitted on 01 May 2025
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Carney knows that the world is holding the U.S. economy by the balls through bonds. China owning the vast majority of U.S. debt. Canada owns over 130 billions if I recall. If they start asking for their money, the U.S. economy will collapse.
Right now they're just giving Trump a chance to realize his mistake and roll back on his policies. Hence the "pauses".
It would be extremely foolish to expect that the US will be a reliable partner going forward.
Convincing the US to reverse policies that are harming us makes sense only to give us time to transition our economy to less dependence them. It’s important to underscore this, and not hold out hope that somehow a return to the old ways is possible.
Of course. This totally changed the dynamics of world economies. It was a wake up call.
My issue is with the expressed idea of Trump realizing his mistake and rolling back.
It’s not a mistake. And they don’t want to go back. This is intentional and directed behaviour, we think it’s crazy or weird just because it’s so stupid.
I do realize I’m being an annoying pedant about it. But because I feel it’s so important to underscore this as it informs what our response needs to be.
The system of bonds and the USDs unique place in the world economy that you (accurately) described needs to be replaced. We shouldn’t try to save it or implement workarounds except as a temporary measure to disentangle ourselves in an orderly fashion.