Karthik Sankaran
@rajakorman.bsky.social
Bay Area US. Aging macro expat. Cheap lunch guy. 1st to ever rhyme Duce and Juche. Neoliberal peacenik. Has Herder immunity. Virulent vector of dad jokes. 1/3 each phlegm, spleen & dad humors.
Pinned
“The months since April 2 have clarified the multiple contradictory desires of the Trump administration vis-a-vis its position in the global economic hierarchy.”
@rajakorman.bsky.social on Trumponomics, dollar diplomacy, and multipolarity
www.phenomenalworld.org/analysis/mon...
@rajakorman.bsky.social on Trumponomics, dollar diplomacy, and multipolarity
www.phenomenalworld.org/analysis/mon...
Monetizing Primacy | Karthik Sankaran
Trumponomics, dollar diplomacy, and multipolarity
www.phenomenalworld.org
I threw everything in here—the dollar, bonds, the future of the defense umbrella, the insistence on centrality, stablecoin, why centrality is not always strength, the evolution of US & global (r,g ) dynamics, and a shoutout to Steven Solomon. But no dad jokes alas.
One hallmark of a good society is that is wary of consigning people to serial hellish experiences of making decisions with huge consequences while typically being on the wrong side of information asymmetry.
Trump: "I want the money to go into an account for people where they buy their own health insurance. It's so good. The insurance will be better. It'll cost less. Everybody is gonna be happy. They're gonna feel like entrepreneurs. They're actually able to go out & negotiate their own insurance"
November 11, 2025 at 12:38 AM
One hallmark of a good society is that is wary of consigning people to serial hellish experiences of making decisions with huge consequences while typically being on the wrong side of information asymmetry.
I’m glad to see the Treasury Secretary agrees with my view that one of the great things about crypto is the ability to stop people out of currency positions over weekends when not even Auckland is in the office.
‘Bitcoin Never Shuts Down’: U.S. Treasury Secretary Marks Anniversary, Needles Democrats
Scott Bessent marked the white paper’s anniversary by lauding bitcoin’s resilience and contrasting it with Washington gridlock, rekindling debate over Treasury’s crypto stance.
#btc #crypto #news
Scott Bessent marked the white paper’s anniversary by lauding bitcoin’s resilience and contrasting it with Washington gridlock, rekindling debate over Treasury’s crypto stance.
#btc #crypto #news
‘Bitcoin Never Shuts Down’: U.S. Treasury Secretary Marks Anniversary, Needles Democrats
Scott Bessent marked the white paper’s anniversary by lauding bitcoin’s resilience and contrasting it with Washington gridlock, rekindling debate over Treasury’s crypto stance.
www.coindesk.com
November 11, 2025 at 12:22 AM
I’m glad to see the Treasury Secretary agrees with my view that one of the great things about crypto is the ability to stop people out of currency positions over weekends when not even Auckland is in the office.
Reposted by Karthik Sankaran
See I thought it was Blackrock realising they were the marks?
November 10, 2025 at 9:24 PM
See I thought it was Blackrock realising they were the marks?
What better way to observe Anti-Communism Week than having a Debate Over Marks?
November 10, 2025 at 9:22 PM
What better way to observe Anti-Communism Week than having a Debate Over Marks?
Reposted by Karthik Sankaran
It is far more cost-effective for Europe and China to help emerging markets and developing economies expand through renewable energy than to pay for rapidly increasing climate-related costs, @pisaniferry.bsky.social and Beatrice Weder di Mauro find. bit.ly/4hSz3uO
The Case for a European-Chinese Green Pact
Jean Pisani-Ferry & Beatrice Weder di Mauro think both sides have much to gain from pursuing closer economic ties through clean energy and technology.
bit.ly
November 10, 2025 at 9:26 AM
It is far more cost-effective for Europe and China to help emerging markets and developing economies expand through renewable energy than to pay for rapidly increasing climate-related costs, @pisaniferry.bsky.social and Beatrice Weder di Mauro find. bit.ly/4hSz3uO
Reposted by Karthik Sankaran
And one of them has no use for Trojans.
November 10, 2025 at 7:46 PM
And one of them has no use for Trojans.
Well both of them do like to Hector people.
Definitely the two fattest, baldest, most physically laughable fucking nerds on the planet know alpha
November 10, 2025 at 7:37 PM
Well both of them do like to Hector people.
Reposted by Karthik Sankaran
Very excited that on November 14 at 2PM EST, I will moderate a webinar on N. American integration featuring Susan Helper, former Chief Economist at Commerce, Arturo Sarukhan, former MX ambassador to US, & Flavio Volpe, head of CA auto parts manuf. assoc. Join Us!!
quincyinst.org/events/the-u...
quincyinst.org/events/the-u...
The USMCA Review: What Future for North American Economic Integration?
We discuss the future of the USMCA.
quincyinst.org
November 6, 2025 at 3:23 PM
Very excited that on November 14 at 2PM EST, I will moderate a webinar on N. American integration featuring Susan Helper, former Chief Economist at Commerce, Arturo Sarukhan, former MX ambassador to US, & Flavio Volpe, head of CA auto parts manuf. assoc. Join Us!!
quincyinst.org/events/the-u...
quincyinst.org/events/the-u...
Preemptive Sauer Grapes?
SOLICITOR GENERAL SAUER, last week: “.. They are not revenue-raising tariffs.” 🤡
November 10, 2025 at 4:34 PM
Preemptive Sauer Grapes?
Reposted by Karthik Sankaran
Reposted by Karthik Sankaran
There's a bit of that logic in the piece I just published. The EU may have to bend in the short term, but also needs to think about long-term options
November 10, 2025 at 3:38 PM
There's a bit of that logic in the piece I just published. The EU may have to bend in the short term, but also needs to think about long-term options
How is this not doing better?
The American constitution is a frequent source of Separation Anxiety.
November 10, 2025 at 3:34 PM
How is this not doing better?
As someone who tries to do both, maybe there’s an action-reaction thing where, if nothing else, true Gramscian hegemony is eroded by growing recognition that the hegemon’s control of the key nodes of the network is exercised in a way that is ever less neutral?
Once again, I will table my deeply unpopular view that the thing everyone needs to spend less time pondering is the end of 🇺🇸 power/hegemony & the thing everyone needs to spend more time pondering is the increasingly authoritarian nature & unilateral abuse of 🇺🇸 power/hegemony.
The combination of Cass invoking fortress USMCA as an example of sovereignty prevailing over efficiency & Miran getting excited about $ stablecoin expansion pushing down US rates is a reminder of a (bipartisan) view that US sovereignty requires asymmetric interventions in the sovereignty of others.
November 10, 2025 at 2:38 PM
As someone who tries to do both, maybe there’s an action-reaction thing where, if nothing else, true Gramscian hegemony is eroded by growing recognition that the hegemon’s control of the key nodes of the network is exercised in a way that is ever less neutral?
As Porfirio Diaz once said, “Poor Canada, so close etc., etc.”
CANADA LOSES MEASLES ELIMINATION STATUS AFTER YEARLONG OUTBREAK
November 10, 2025 at 2:25 PM
As Porfirio Diaz once said, “Poor Canada, so close etc., etc.”
The combination of Cass invoking fortress USMCA as an example of sovereignty prevailing over efficiency & Miran getting excited about $ stablecoin expansion pushing down US rates is a reminder of a (bipartisan) view that US sovereignty requires asymmetric interventions in the sovereignty of others.
November 10, 2025 at 2:19 PM
The combination of Cass invoking fortress USMCA as an example of sovereignty prevailing over efficiency & Miran getting excited about $ stablecoin expansion pushing down US rates is a reminder of a (bipartisan) view that US sovereignty requires asymmetric interventions in the sovereignty of others.
And now that the de Minimis exemption is gone, you can’t even console yourself saying “de Cecco’s in the mail.”
Trump trade war costs US Italian pasta: “Exporters say import and antidumping duties totaling 107% on their pasta brands will make doing business in America too costly and are preparing to pull out of U.S. stores as soon as January.” Via WSJ
Italian Pasta Is Poised to Disappear From American Grocery Shelves — The Wall Street Journal
Trump administration is set to impose duties of 107% on Italian pasta imports, among most punitive of tariffs it has levied
apple.news
November 10, 2025 at 1:48 PM
And now that the de Minimis exemption is gone, you can’t even console yourself saying “de Cecco’s in the mail.”
Reposted by Karthik Sankaran
every generation loves Rumours. it’s fucking Rumours
November 9, 2025 at 2:55 AM
every generation loves Rumours. it’s fucking Rumours
Reposted by Karthik Sankaran
I guess I'm kind of making the point in a roundabout way that this time around the Americans will need to make Ottawa and Mexico City a much more generous offer if it wants to lock issues like this in
November 9, 2025 at 3:30 PM
I guess I'm kind of making the point in a roundabout way that this time around the Americans will need to make Ottawa and Mexico City a much more generous offer if it wants to lock issues like this in
The American constitution is a frequent source of Separation Anxiety.
November 9, 2025 at 3:10 PM
The American constitution is a frequent source of Separation Anxiety.
Reposted by Karthik Sankaran
Fair point. The story of YPF though is the while real assets in the country might be on sale, they dont necessarily stau sold.
November 9, 2025 at 3:01 PM
Fair point. The story of YPF though is the while real assets in the country might be on sale, they dont necessarily stau sold.
Reposted by Karthik Sankaran
That is true for financial assets such as bonds. Peso weakens so demand for 🇦🇷 bonds weakens because lenders know borrower has fewer dollars in which to repay.
For fixed assets (mines, land, hydro for export) it’s different. Peso weakens so USD buys more. Country is for sale.
For fixed assets (mines, land, hydro for export) it’s different. Peso weakens so USD buys more. Country is for sale.
November 9, 2025 at 2:57 PM
That is true for financial assets such as bonds. Peso weakens so demand for 🇦🇷 bonds weakens because lenders know borrower has fewer dollars in which to repay.
For fixed assets (mines, land, hydro for export) it’s different. Peso weakens so USD buys more. Country is for sale.
For fixed assets (mines, land, hydro for export) it’s different. Peso weakens so USD buys more. Country is for sale.
Reposted by Karthik Sankaran
It's also a non-starter for a Canadian government trying to diversify options away from dependence on the US and negotiating new options with China, India and the EU
November 9, 2025 at 2:57 PM
It's also a non-starter for a Canadian government trying to diversify options away from dependence on the US and negotiating new options with China, India and the EU
This is yet another version of things I’ve said before, but you’re kind of screwed if demand for your assets drops a lot faster as your currency weakens than demand for your goods increases as your currency weakens. Which is Argentina’s problem right now.
November 9, 2025 at 2:48 PM
This is yet another version of things I’ve said before, but you’re kind of screwed if demand for your assets drops a lot faster as your currency weakens than demand for your goods increases as your currency weakens. Which is Argentina’s problem right now.
With friends like this, who needs NMEs?
2 other points. 1) Sovereign Control is an extension of US sovereignty into the sovereignty of those of its trading partners who are too dependent on US demand to resist such intrusion. 2) Cass, after his blah-blah refers w. a straight face to the need to keep “non-market economies” out of USMCA.
November 9, 2025 at 2:32 PM
With friends like this, who needs NMEs?
This is robbing Peter to pay Peter while also making it a lot harder to repay Peter if SCOTUS rules against the IEEPA tariffs.
Trump announces that he will be paying a “tariff dividend” of at least $2,000 per person.
November 9, 2025 at 1:46 PM
This is robbing Peter to pay Peter while also making it a lot harder to repay Peter if SCOTUS rules against the IEEPA tariffs.