The Davos Divorce
When US Treasury Secretary Steven Mnuchin dared touch what was a third rail for a Treasury Secretary – talking down the US dollar – he had done something not done since 1992 when Secretary Lloyd Bensten engaged in a full-blown currency war. While former Treasury Secretary Larry Summers was quick to rip into fresh meat, saying a “vicious cycle can result” if a currency war results, it was Deutsche Bank’s Alan Ruskin who proclaimed January 24th as . . .
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