“We must accept finite disappointment, but must never lose infinite hope.” – Martin Luther King Jr.
15th August 1971: surely the most important date of the 20th century for economics and finance, the day that marked the decision of US President Nixon to unpeg the dollar from gold. Taken on a Sunday evening, before the opening of the markets, it introduced a new era: that of a currency underpinned solely…
The Chinese are convinced that the United States are a declining power, and they are basing – as a consequence – all their actions on this prediction. This is why China now feels that it is strong enough to take on a hitherto impregnable and unchallenged stronghold, that being America’s currency and the exorbitant…