Another fine mess.
Contrary to most economists, President Erdoğan has long believed that raising interest rates increases inflation.
People queueing to buy forex at currency exchange in Istanbul.
It’s two years since Turkey’s last near-death experience, and the same short-term fixes are unlikely to work again.
Trump says Argentina is intentionally weakening the peso.
Most countries manipulate their currencies – at least a little – but at the moment that’s not the real reason they are undervalued relative to the dollar.
The US and China have an interdependent economic relationship. If this unravels it will have global ramifications.
We are being sucked in to something Trump started.
Australia has more to fear than most countries from a global trade and currency war. All eyes will be on the Reserve Bank governor Friday as he attempts to outline what might happen.
The Australian dollar has already slipped, falling to its lowest point against the US since the global financial crisis.
President Trump’s decision to slap tariffs on US$300 billion of China’s exports has set up a currency war that has engulfed Australia.
A supermarket in Caracas, Venezuela, in August 2018. The prospect of prices doubling every hour encourages those who can afford it to horde. Hence the empty shelves and shortages.
Venezuela’s hyperinflation has been caused by an inept public policy of printing more money and private individuals making the most of differences between official and unofficial exchange rates.
Venezuelan President Nicolás Maduro created a new cryptocurrency called the ‘Petro’ to combat hyperinflation.
Reuters/Carlos Garcia Rawlins
When an elected leader turns autocratic, the economy tends to suffer. That’s because, in a functioning democracy, economic policy is made jointly, with lawmakers playing a key role.
A KFC in Harare, like many other shops, has shut down as a result of Zimbabwe’s financial crisis .
Emmerson Mnangagwa’s administration is struggling to overcome the national economic destruction wreaked on Zimbabwe over two decades under Robert Mugabe.
The value of Argentina’s peso has plummeted in recent months.
SC Image / Shutterstock.com
A number of emerging markets are struggling but this doesn’t mean they are totally related.
The Turkish currency, the lira, has fallen by more than 40% against the US dollar.
It is contagious populist ideology more than financial contagion that should scare us right now.
Turkish president, Recep Tayyip Erdoğan.
President Erdoğan is accusing the West of striving to destabilise Turkey.
London’s financial district at night.
The London Interbank Offered Rates is one of the world’s key financial tools, but the 2008 rigging scandal has led to calls for its being phased out. Can we find better ways of building the LIBOR rate?
Treasury Secretary Steven Mnuchin walks through the snow at Davos.
AP Photo/Markus Schreiber
The treasury secretary said a weak dollar would be ‘good’ for the U.S. Here’s why he’s wrong.
There may be trouble ahead.
US accusations of German currency manipulation do not appear to be motivated by economics.
The effects of a sovereign credit rating downgrade would be painful for all South Africans.
Consumers don’t always behave the way central banks expect.
Negative interest rates are not the weapon some central bankers had hoped they would be.
A change in the scales isn’t likely to put a major dent in the growth in US exports to China.
Yuan dollar via www.shutterstock.com
China’s interventions to cheapen its currency relative to others will hurt US imports in the short term, but the country’s surging “mainstream” will easily offset the impact.
Why the Chinese yuan took its biggest one-day loss in two decades.
Who knew a coin could do so much harm.
Currency wars have been predicted for years. Outright monetary battles were last seen during the Great Depression of the 1930s, when governments competed to devalue their currencies to gain market advantage…