Neighbours and Borders

FRB have manipulated interest rates and the dollar to bankroll its Himalayan deficits. The dollar's slide over the last decade amounts to a systematic devaluation to meet the demands of a US economy in crisis, although that dirty word has been eschewed. That policy has failed too. Financial markets have not forgotten Nixon's expletive revealed in one of the Watergate tapes: "I couldn't give a shit for the lira".