ECONOMIC AFFAIRS: Global currency war and the new protectionism*

When the Australian dollar reached parity with the US dollar, political foreheads on both sides of Australian politics merely creased imperceptibly. Our leaders seem not to recognise that if the tentacles of a currency crisis are indeed beginning to take hold of the world economy, we won’t escape their grasp.Recognised even less are the dots connecting a looming currency crisis and the financial catastrophe of three years ago that all but demolished the world economy. Still less will any of this…

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