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The Global Currency War Is Escalating

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Washington’s Blog
February 6, 2013

According to numerous high-level insiders, we’re in a dangerous global currency war:

Actually, we’ve been in a global currency war for years.

As the Wall Street Journal asked in 2010:

Beggar-thy-neighbor currency devaluations proved ruinous for the global economy in the 1930s. Is the world setting off down the same slippery slope again?

Yes, we are.

Indeed, Japan’s escalation of the currency war has caused leaders in the EurozoneNorway, Sweden, South Korea and many other regions to consider further devaluing their currencies.

(And James Rickard and Reggie Middleton think that Germany’s demand for its gold is part of the currency war.)

And it’s not just conservative voices such as the Journal slamming the currency wars.  For example, former Secretary of Labor Robert Reich points out that a weak dollar makes everyone poorer, and any new jobs created by a a policy of devaluation are low-wage jobs.

 

This article was posted: Wednesday, February 6, 2013 at 1:29 pm





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