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US Dollar (In) Demand
The last time was bad, no getting around it. From the end of 2014 until the first months of 2016, the Chinese economy was in a perilous state. Dramatic weakness had emerged which had seemed impossible to reconcile with conventions about the country. Committed to growth over everything, and I mean everything, China was the one country the world thought it could count on for being immune to the widespread economic sickness. That’s why in early 2016 authorities panicked into another huge, and wasteful, spending spree. In much of the West, it was seen as the government coming to its senses. For reasons that ... (full story)