From Profit Confidential January 16, 2013 - 11:02am
It’s quite a race…
As countries around the world struggle to grow in 2013, central banks in the global economy are in a race to devalue their currencies. This is one race I predict will end with a bunch of losers.
The central bank of Japan has gained some extra attention lately due to its increased printing activities. The Prime Minister of Japan, Shinzo Abe, made an announcement last week about a new 10.3-trillion yen spending spree to boost Japan’s economic growth. (Source: Financial Times, January 11, 2013.)
But Japan is not the only country involved in printing and devaluing its currency. Other countries in the global economy are doing the same. The central banks of Switzerland, Brazil, and China have taken steps to devalue their currencies. It’s an outright currency war amongst central banks.
Even Russia is getting into the currency devaluation race. The central bank of Russ...
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