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... llions of dollars in overseas transactions are gathered in this small place every year, including the six major state-owned banks, and only their New York branch has the right to clear overseas dollar transactions.

Through tools like SWIFT and CHIPS, the United States is tied to every country that uses the dollar for commodity trade, every country that reserves dollar foreign exchange, and with this, the Federal Reserve can invent something unique in the world - unlimited Quantitative eas ...

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