It's an admission that the decades of preference falsification and praise of the emperors clothes is not worthy anymore. Carney hints that the same pressures that kept the dysfunctional Soviet system is similar to the same pressures that keep the dysfunction of capitalism, Neo-liberalism (religion) as well as Neo-classical economics (theology).
Most think that the cracks in the financial system started to appear after 2008 (global financial crisis) and become truly visible after the financial system was weaponized through the seizures of Russian central bank USD reserves. It setup a precedent that it happened once it could happen again to some other country.
Cheers to you for mentioning Triffin's dilemma. In my opinion, the dilemma is in the ability of the host country to be able to make "good use" of the exorbitant privilege. The financial system was not only used against other states but against its own people. Instead of developing the country and building equity through the middle class, it cannibalized its own.
Blackrock released a document you can download that outlines their 2026 outlook. A key point there was: "We go underweight long-term US Treasuries." A sign of bearishness on USD due to fiscal policy.
I was there 2 years ago. I went inside one of the multi storey gaming places in Akihabara. The old school (90's and older) era games are a small section in one floor when there is 6 storeys of gaming.
That sounds like the Taito Station on the right side of the street. On the other side there is a Gigo with a whole floor for retro games, and Hey! that is focused almost only on retro games.
Timur Kuran writes about this idea (preference falsification) in "Private Truths, Public Lies".
He explains that its this idea that had kept the Soviet Union (this bad idea/system) from dying sooner. People thought it was the system of oppression but in reality it was people who hated the system showed approval. https://youtu.be/xzjqjU2FOwA?si=aTG0GnJKVDoK_-qb&t=819
I think the outcomes achieved for domestic vs foreign is another interesting angle. The degradation of purchasing power of working and middle class is have been consistently getting worse.
The political class and plutocrats always wins regardless of the election outcome. The two party system guarantees they come out unscathed regardless of their jousting.
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