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Alasdair Macleod: It's all hotting up
By Alasdair Macleod
Thursday, April 13, 2023
Increasing numbers of national governments are abandoning the U.S. sphere of influence. Opportunities from trade with Asia compare favourably with rising currency and banking risks in a dollar-centric world.
Against an imploding banking system in long-established financial markets, China's renminbi looks like a safe haven. Thanks to a savings-driven economy, China's consumer price inflation remained very low, when those of the western alliance soared.
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Now we face a credit crunch, as banks struggle to reduce their operational gearing, which has become uncomfortably high. Consequently, borrowing rates will be driven higher, taking interest rate control out of central banking hands. Higher interest rates and therefore bond yields due to a credit crunch will escalate the banking crisis, which is only in its early stages.
Consequently, central bank credit will be inflated to prevent the commercial banking network from collapsing and to fund rising government budget deficits. It is the prospect and realisation of these conditions that will lead ultimately to a collapse of fiat currency values, and foreign holders of dollars, euros, and sterling are only beginning to understand the danger. ...
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