As Zimbabwe's economy worsens, its government now insists residents start using easily-inflated local currency again. This is sowing the seed of another devastating episode of hyperinflation.
Some people — including Donald Trump — think the dollar is too strong, and many propose the creation of a new version of the Plaza Accord, i.e., a multilateral agreement that includescoordinated intervention in foreign exchange markets.
Without a turn toward hard money, the odds are that the world’s dependence on the Greenback will not decline but presumably grow even more in the years to come.
In a true market — i.e., without a central bank — banks are intermediaries of real savings in their lending activities, thus promoting genuine and real economic growth.
