The New Monetary Disorder
Currency chaos is back, highlighting demands for a revised international monetary order. The rapid decline of the dollar and the pound, but also of the renminbi – now more firmly tied to the dollar than ever – is fanning tensions, while some ghosts of the 1930’s also have returned, particularly the fear that competitive devaluation is creating unfair trade advantages.
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PRINCETON – Currency chaos is back, highlighting demands for a revised international monetary order. The rapid decline of the dollar and the pound, but also of the renminbi – now more firmly tied to the dollar than ever – is fanning tensions. Some of the ghosts of the 1930’s have returned, too – in particular, the fear of unfair trade advantages caused by competitive devaluation. United States Treasury Secretary Timothy Geithner has already accused China of currency manipulation.