At best, the G7 currency intervention will postpone the inevitable adjustment of world currencies to a change in demand for yen. At worst, the Bank of Japan can enforce a permanent depreciation through money creation, which will redistribute wealth.
Government planners developed a particular aesthetic obsession: they were frustrated by the untidy complexity of real human societies.
Gold is the universal language and has been for eons.
Irish dirt is an actual product that people can and do buy.
In fact, it is pretty clear that there is no such thing as homemade ice cream, and that we use the phrase only in the most metaphorical sense. Thank goodness. The store is just the last stop in a huge and extended process that emerged over centuries and requires the involvement of people all over the world.
The world had never seen government paper money until the colonial government of Massachusetts, 1690.
Try to find someone in present-day Vienna who is familiar with the exceptional work of the former finance minister of the Austrian monarchy.
In a wider historical perspective, the current currency war is the latest conflict in a series of acute crises of the modern international monetary system. In a world of national monetary regimes based on fiat money without physical anchors, domestic monetary instability automatically transforms into exchange-rate instability.
