Four decades ago, the swanky Plaza Hotel in New York became famous in finance lore. On September 22 1985, the US government persuaded Britain, Japan, Germany and France to jointly devalue the dollar, to boost America’s industrial competitiveness.
Could this happen again? The idea is sparking endless gossip among financiers. Or as the Aberdeen investment group recently told clients: “There has been speculation about a new Plaza Accord — dubbed the ‘Mar-a-Lago Accord’ — to depreciate the US dollar.” Indeed, some traders expect it this year.
Most mainstream observers might consider this utterly mad — or, as Mark Sobel, a former top US Treasury official, says, a touch more diplomatically, “far-fetched and implausible”.
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