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by JumpCrisscross 1551 days ago
> can only be exploited by people with massive resources

Not true. Unrealistic pegs paired with reams of floating-rate debt always break. See the Asian and Russian Financial Crises [1][2].

We discuss those as financial crises, not a man breaking a central bank, because they (a) don’t have a narratively-convenient antagonist and (b) aren’t Western central banks.

[1] https://www.britannica.com/event/Asian-financial-crisis

[2] https://en.m.wikipedia.org/wiki/1998_Russian_financial_crisi...