Ben Bernanke writes this recent article published in Business Insider providing his take on currency wars. Below are some quotes from the article. Below is Jim Rickards Twitter comment on the article.
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"The financial crisis and its immediate aftermath saw close cooperation among the world’s policymakers, especially central bankers. For example, in October 2008, the Federal Reserve coordinated simultaneous interest-rate cuts with five other major central banks.
It also established currency swap arrangements—in which the Fed provided dollars in exchange for foreign currencies—with fourteen foreign central banks, including four from emerging markets.
However, once the crisis had passed and recovery begun, national economic interests began to diverge. In particular, some foreign policymakers argued that the Fed’s aggressive monetary policies, undertaken to support the U.S. economic recovery, were damaging their own economies.
Two criticisms were prominent, and a third perennial issue also reared its head. . . . . . .
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Here is the twitter comment posted by Jim Rickards about this article. I won't be surprised if Jim writes a review of this article at some time in the future.
Jim Rickards
#Bernanke currency war essay contradicts his early research, and what he told me privately: http://read.bi/1O4oL6T
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