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It has prompted flight from some stablecoins into others
The former is a valid concern. The latter is a misleading distraction
The Chinese and Russian economies, though, are probably shrinking
Imports have collapsed, but exports are holding up
A vicious sell-off in risky assets jolts stablecoins
Covid-related supply bottlenecks meet slowing foreign demand
Despite all the euro zone’s crisis-proofing, Italy remains a worry
The shifting structure of the global economy will make that hard