President Donald Trump’s tweeted demands for a weaker dollar, and his subsequent designation of China as a “ currency manipulator”, have sparked fears that his trade battles are morphing into a currency war. The last time we had a global competitive devaluation was in the 1930s, as the world descended into the Depression. But today, currency values are set in huge global markets rather than against gold. That leaves the US alone on the battlefield, armed with only the equivalent of a pea shooter.
美國(guó)總統(tǒng)唐納德?特朗普(Donald Trump)發(fā)推文要求美元貶值，隨后還將中國(guó)列為“匯率操縱國(guó)”，這讓人們擔(dān)憂他發(fā)起的貿(mào)易戰(zhàn)正在變成匯率戰(zhàn)。上一次我們經(jīng)歷全球競(jìng)爭(zhēng)性貶值是在20世紀(jì)30年代，當(dāng)時(shí)世界陷入了“大蕭條”(Great Depression)。但今天，匯率是由龐大的全球市場(chǎng)決定，而不是相對(duì)于黃金設(shè)定。這使得美國(guó)在戰(zhàn)場(chǎng)上是孤家寡人，而且只有相當(dāng)于一個(gè)豌豆射手的火力。