- The trade war threatens a zero-sum game of tit-for-tat race to the bottom in which everybody will be worse off.
- The tariffs have put upward pressure on the dollar which is taken as a clue for ‘currency manipulation’ and risk setting off a second zero-sum race to the bottom.
- The post-war international economic order on which most of the post-war prosperity was built is collateral damage and we wonder how long investors keep ignoring this risk.
The New Currency Wars
July 20th, 2019 · No Comments