The stability or otherwise of the global economy is the sum of sovereign national macroeconomic policies.
Why are people, politicians especially, inclined to see the global economy as a zero-sum game?
In particular, the sum of the value of global stocks, bonds, and bank assets is 366% of the size of global GDP.
Yuan-based "dim sum" bonds are drawing global investors these days for their higher yields, not merely as a bet that the Chinese currency will rise.
With this huge sum of money Apple could address global biodiversity loss in an instant by single-handedly supporting the efforts to save thousands of endangered species, enlarging protected area networks for biodiversity and indigenous peoples and providing sustainable livelihoods for millions of others, not to mention all those disappearing North American apple habitats.
To sum up for now, MUFG is a relatively global engine with many cylinders, and seemed last year to hit on most of them.
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And in an era of stagnant wages and global competition, opportunity comes to be seen as a zero sum game, in which your dreams come at my expense.
In addition to the global issuers, the offshore subsidiaries of Chinese companies have also issued dim sum bonds.
The bleaker outlook for the yuan would make investors more cautious about buying assets denominated in the currency, like the dim sum bonds that until recently had been dominated by a desire among global investors to bet on yuan's rise.
The global targets the world set for itself five years ago did not emerge from the bottom up, as the sum of what might be feasible in each poor country.
Since first being introduced in 2010, the issuance of dim sum bonds is increasing rapidly due to the growing amount of RMB that is now circulating in the global economy.
In sum, planners are willing to squeeze business and the job market with tight money because the kings of global capital would pull it out of high-inflation countries.
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