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Alasdair Macleod: Protection from a currency collapse
By Alasdair Macleod
Friday, June 10, 2022
While markets seem becalmed, financial conditions are rapidly deteriorating.
Last week Jamie Dimon of JPMorgan Chase gave the clearest of signals that bank credit is beginning to contract. Russia has consolidated its rouble, which has now become the strongest currency by far. The Fed announced the previous week that its balance sheet is in negative equity. And there's mounting evidence that we have a nascent crack-up boom.
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Russia now appears to be protecting the rouble from these developments in the West, while previously she was only attacking the dollar's hegemony. China has yet to formulate a defensive currency policy but is likely to back the renminbi with a commodity basket, at least for foreign trade. If it is taken up more widely by the members if the Shanghai Cooperation organisation and the BRICS, the development of a new commodity-based super-currency in Central Asia could end the dollar's global hegemony.
These are major developments. And finally, due to widespread interest in the subject, I examine the outlook for residential property values in the event of a collapse of Western fiat currencies. ...
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