The Dollar Emergency Is Worse Than You Think
- The Dollar Emergency Is Worse Than You Think
by Joseph C. Sternberg, https://www.wsj.com/
Currency exchange-rate chaos is becoming an economic headwind and creating a crisis for capitalism.
Ladies and gentlemen, the dollar emergency has arrived.
It has been clear for some time that exchange-rate chaos was a major global risk, though many have been slow to acknowledge it. The danger arose from the determined, almost obstinate disorganization among major central bankers combating inflation each in their own dysfunctional way. The resulting swings in currency values (as a shorthand, let’s describe it here primarily as dollar strength) were destined to ripple through the global economy in ways that would be hard to predict.