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Cake day: June 15th, 2023

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  • I’m not sure that anything in this article is true. Has China “cut” its treasury holdings or have they declined in value? Or have some maturing treasuries not been reinvested in new treasuries? Probably a bit of both, but there’s no evidence that China has “cut” its ownership of treasuries. And it probably reinvests most of its maturing treasuries into other dollar bonds. China isn’t de-dollarising its foreign reserves to any significant extent and this likely isn’t a story.



  • The European Court of Human Rights enforces the European Convention on Human Rights, which is an internationally treaty that was ratified in the UK in 1951 (with enthusiastic support from Churchill). It lists a bunch of fundamental rights.

    In 1998, the UK passed the Human Rights Act, which provides these protections under domestic law, with the European court acting as a backstop.

    So, yes, this is domestic law.