Another enlightening piece by @adam_tooze. Still trying to get my head around the mechanics of the swap lines, but their essential role for global liquidity is clear. The differences between 2008 and now, + new geopolitical dynamics, are very interesting. https://www.nytimes.com/2020/03/20/opinion/coronavirus-economy-currency.html

This thread by @DanielaGabor has been v helpful for understanding central bank swap line mechanics!! I'll need more work to get the intuition right, but getting better https://twitter.com/DanielaGabor/status/1241020048380243971