Emerging nations fuel a crisis for their currencies
Several emerging nations are encouraging their currencies to drop, with central banks unusually moving out of step with the Federal Reserve to lower interest rates. Not only is this a marked change in behaviour, interest rates are being lowered when currencies are extremely weak. Cutting interest rates when currencies are so close to record lows seems reckless with those lowering rates having little concern for the currencies that are suffering. To put this into context, the Philippine peso and Indonesian rupiah are very close to the lows achieved in the ...
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