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The debt deal will do little to delay the day of reckoning for the dollar as the world’s reserve currency. In my book, Eclipse: Living in the Shadow of China’s Economic Dominance, I argued that the renminbi could overtake the dollar as the world’s ...
It was a toxic combination that sparked the Asian financial crisis in 1997. The bad news is that same combination–of Federal Reserve monetary tightening and Japanese fiscal tightening–is looming once again. Rewind to March 1997. Then, the Fed’s ...
Europe’s dominant powers and institutions are for the first time willing to risk a Greek default and ejection from the euro if Athens refuses to comply with austerity demands, calculating that the eurozone system is now strong enough to withstand a ...
North American foreign exchange trading volume jumped 21% in October from a year earlier, according to a semi-annual survey by the New York Federal Reserve. Average daily foreign exchange trading volume in North America hit a record high $976.7 ...
It is not fashionable to call the Australian dollar higher. The last time we did it - predicting the Aussie dollar would rise to $US1.50 as long as the boom in China continued, a barrage of online abuse ensued. The alarm is entirely understandable. ...
The permanent European bailout fund, ESM, should be granted a banking licence enabling it to borrow in the European Central Bank’s refinancing operations, Austrian Chancellor Werner Faymann said in an interview with German magazine Der Spiegel. “If ...
The European Central Bank’s efforts to inject funds into the Eurozone banking system are showing signs of success in preventing a credit crunch, ECB President Mario Draghi said Friday. Speaking to the World Economic Forum here, Draghi noted that ...