Level Playing Field
Bessent put currency prices on the G20 record as a policy choice behind global imbalances. The G20 agreed the test and the referee. The word is equilibrium.
Wednesday, September 2. The G20 finance meeting closed in Asheville, and the clips that traveled were the loud ones. The snake, the British Virgin Islands, the $100 million houses. We will get to those, because they matter. But the most consequential words the US Treasury Secretary broadcast all week were delivered in the flattest voice he owns, in a working session most outlets did not bother to highlight.
Scott Bessent, hosting the world's 20 largest economies, read this into the record: "Global imbalances do not arise by accident."
That sentence sounds like nothing. It is the kind of line that puts a press room to sleep. Read it the way this channel reads central bank paperwork, and it is the clearest official statement yet of the rule underneath everything we have tracked since spring: a currency priced away from its fundamentals is a fault in the system, the fault is a choice someone made, and the people who run the system have now agreed to correct it.
His word for the destination is equilibrium.
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