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Ambrose Evans-Pritchard: The BRICs currency ignores the traumatic lessons of the half-baked euro
By Ambrose Evans-Pritchard
The Telegraph, London
Thursday, August 24, 2023
Dollar hegemony has become a curse for the global economy. It serves the interests of no country, least of all the United States itself.
The frenetic monetary lurches of the U.S. Federal Reserve are transmitted worldwide in disruptive cycles of dollar liquidity, and amplified through the $12 trillion market for offshore dollar loans and a vast nexus of debt contracts linked to U.S. borrowing costs.
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When the Fed giveth by means of zero rates and money creation (QE), it floods the international system with cheap funding and sets off destabilising credit booms.
When the Fed taketh by driving real rates through the roof and destroying money (QT), it drains global liquidity and tortures dollar debtors everywhere. It overwhelms other central banks trying to navigate the reefs -- even in Europe or China -- and imposes a de-facto monetary policy on countries whether they want it or not.
The effects can be violently pro-cyclical and malign. Ultimately it "blows back" into the U.S. economy. That is the risk we face now as the Fed pushes half the world into a credit crunch by the most aggressive monetary tightening in 40 years.
We badly need other currencies to step up to the plate. None is fit for purpose. As the saying goes, Europe is a museum; Japan is a nursing home; and China is a prison. ...
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