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Nick, Very much agreed. Currency wars is just another name for global QE. But what about capital controls with a currency peg, a la China? Their defense of that peg leads to them pursuing contractionary monetary policy to combat the inflation maintaining the peg and sterilizing inflows would produce. The Fed could, of course, effectively make China abandon the peg if it was determined to do so, but barring that, the dimunition of Chinese demand makes this into the bad kind of currency war, no?
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Sep 8, 2011