Dollar strength or dollar shortage?

THERE is no subtler, surer means of overturning the existing basis of society than to debauch the currency. Once a currency has been debauched or, to put it simply, destroyed, the worst thing one can do is prevent others from selling.

The past week has witnessed a cascading effect of tit-for-tat currency depreciation, following the People’s Bank of China’s move to re-engineer its fixing mechanism of the yuan.