The Rise of Carry: How financial markets reflect power imbalances

Many parts in the 2020 book “The Rise of Carry” are fascinating. Lee et al. delineate the ramifications of carry in all angles of financial markets and identify the root cause for the emergence of the carry regime in a global dysbalance of power and wealth. Their analysis is sometimes sharp yet often disconnected. The conclusions they draw, however, display a misconception of money and the role of policy.