Mises Daily
Author:
Hans F. Sennholz
Online Publish Date:
In ages past, the money markets of the world used to obey well-known classical rules. Whenever a country suffered substantial current-account deficits, for instance, its currency faced devaluation pressures. In recent months, this rule seems to have lost its force. The United States suffers huge deficits while the dollar sparkles in strength. And