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Andrew Sheng and Xiao Geng say without multilateral cooperation and global coordination on fiscal and monetary policies, the world economy could sleepwalk into a recession that would likely trigger more debt and financial crises, as well as proxy wars ....
In 2020, Sebastian Mallaby of the Council on Foreign Relations announced the beginning of the "age of magic money", in which advanced economies would "redefine the outer limits of their monetary and fiscal power". ....