Money, Markets & the Global Financial System
Money creation, central banks, the yield curve, inflation, the plumbing of repo and money funds, banks and the shadow system, government debt and the deficit, currencies and the dollar's place, the capital markets, derivatives, digital money, crises, emerging markets, and the regulation that followed them. Written as of October 2026, after the Federal Reserve's first rise since 2023 and before its October 27-28 meeting, in a year of an oil shock and a president against the rise. Where the field argues, from looking through the oil shock to private credit, fiscal dominance, the dollar's reserve status, the spending on artificial intelligence, stablecoins, Argentina's rescue, and the 2025-26 deregulation, each side makes its case before the evidence. Opens with a market snapshot from one day's close, and its worked examples run on October's numbers, from a repo-financed basis trade to an airline's hedge through the oil shock.