Unless the US Federal Reserve starts implementing fundamental policies soon, the world faces a real currency war that may reverse globalisation & wreak economic chaos on us all.
By now, it’s an old story: Central banks are engaged in “currency wars” competitively devaluing their own currencies to steal global trade from their neighbours – at least, if you believe the mainstream media, which makes a living selling fear and anxiety in a time of difficult global transition. For years, I’ve argued against such a juvenile assessment, which is an affront to the painful economic lessons of the 20th century. But recent actions by the US Federal Reserve make currency war an ever increasing threat to global economic stability. Here is why. Continue reading