Category Archives: the dollar

Mnuchin and Manipulation of Money

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(March 25, 2017) US Treasury Secretary Steven Mnuchin already finds himself hemmed in on all sides.

Domestic constraints come from the promises that he and President Trump have made and the laws of arithmetic.    How, for example, is he ever going to be able to reconcile the specific tax proposals that candidate Trump campaigned on with the promise of the “Mnuchin rule” that taxes won’t be cut for the rich? Continue reading

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Demonetization on Five Continents

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(Dec. 29, 2016) Several countries are undergoing “demonetization” or currency reforms in which the government recalls bills of particular denomination that are circulation and replaces them with new notes. Some of these initiatives are going better than others.

India is still reeling from the consequences of Prime Minister Modi’s announcement on November 8 that 500- and 1000-rupee denomination bills, which constitute 86 % of the cash in circulation, could no longer be used and that residents have until the end of December to turn them in. Continue reading

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No, Japan Does Not Intervene in FX These Days

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(April 10, 2016) There has been recent speculation that the Japanese authorities might intervene to push down the yen. Continue reading

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