In times of trouble, the dollar is the world’s refuge and strength. This is true even when the US is the source of the trouble, as happened in the financial crisis of 2007-09. It is true again now. A series of shocks, including high inflation in the US, has triggered a familiar upward movement in the dollar. Moreover, this has not been just against the currencies of emerging economies, but also against those of other high-income countries. Meanwhile, the general story of the dollar cycle underlies some specific ones. Messing up one’s macroeconomic policies, especially fiscal management, proves particularly dangerous when the dollar is strong, interest rates are rising and investors seek safety. Kwasi Kwarteng, please note.
在困难时期，美元是世界的避难所和力量。即便在美国就是造成问题的根源的时候也是如此，就像在2007-09年金融危机中那样。这一次依然如此。一系列冲击，包括美国的高通胀，引发了令人熟悉的美元上行趋势。而且，美元不只是对新兴manbetx20客户端下载 体的货币在上行，对其他高收入国家的货币也在上行。与此同时，在美元周期的一般性故事背后，隐藏着一些独特的故事。在美元走强、利率持续上升、投资者寻求避风港之时，宏观manbetx20客户端下载 政策一旦处理不好，特别是在财政管理方面，就会格外危险。夸西•克沃滕(Kwasi Kwarteng)，请注意。