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      <title>Stablecoin Series: Understanding the Underlying Logic of the Global Financial System Through the Lens of the Nature of Money</title>
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      <description>This article debunks common misconceptions about money, reveals the underlying logic of the credit money era, analyzes the core premises of Modern Monetary Theory (MMT), explores the fundamental nature of distributional conflicts in the U.S. economy, and discusses the key pricing power China needs to secure in the face of global competition.</description>
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