Niall Ferguson: “Currency wars are best fought quietly”
Against the zeitgeist of economic optimism and a globally interdependent economy disseminated by last week’s World Economic Forum at Davos, it is perhaps easy to forget that, even in the modern epoch, conflict is as vital a component of a state’s economic strategy as collaboration.
Niall Ferguson is an authority on economic history. In a piece for Sunday’s edition of the Financial Times, he opines about exchanges rates, which he believes are “an issue almost uniquely susceptible to political misrepresentation” – and their role in ongoing currency “wars”. In typically trenchant style, Niall puts recent currency battles in a historical context, and also praises David Cameron’s recent EU referendum pledge, framing it as part of a “covert devaulation strategy”. The column is fantastic, and you can read it in full by clicking here.
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