In this issue:

• Reserve Currencies as Giffen Goods and the Consumer of Last Resort

• Huawei/UK

• TikTok and Tech Nationalism

• Infrastructure Long Game

• Taxing Locals

• Taxing Non-Locals

• Are Browsers a Business?

Reserve Currencies as Giffen Goods and the Consumer of Last Resort

You can divide the economy into two parts: the steady-state bits, that are expected to work ro…