impossible trinity

For several months now, I have been hearing stories about the risk of capital flight and capital outflows out of China. At the same time, perhaps as a result of these outflows, traders have recently been trading CNY/USD at the upper end of…

In the wake of the turmoil surrounding the Swiss Franc, the Danish krone has become the subject of speculative attack. Unlike the Swiss, the Danes have a peg to the euro that is permanent and long-lasting. They also have a backstop via a…

While the emerging markets are getting a bit of a reprieve today, it bears noting that the move to so-called safe haven assets and currencies has begun. This suggests to me that George Magnus’ warning about this emerging markets crisis must…