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Except, of course, that an exchange rate race will not be "to the bottom." All it does is create a spurt of inflation while the competitive devaluation shakes out and the participants discover the exchange rates that can be sustained without challenge. As long as you do it continuously rather than in one big, messy chunk, it doesn't terribly hurt anybody except bondholders. And fuck them.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Apr 9th, 2012 at 10:03:27 AM EST
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