The components of Lebanon’s economic crisis include a foreign debt default, a currency devaluation and banking sector bankruptcy, in what is being described by the World Bank as a “perfect storm,” unseen in the world since the 19th century. This paper examines the extent of Lebanon’s economic woes, and looks at future…
The global dollar system, though repeatedly reported to be on its last legs — most recently in the Global Financial Crisis of 2008, but most famously in the Nixon devaluation of 1971 — has instead repeatedly consolidated and gone on to further geographical expansion (McCauley 2021). The key currency approach to international…
In this appendix to Chapter 2, “The Big Cycle of Money, Credit, Debt, and Economic Activity '', Ray Dalio continues his examination of the supply and demand dynamics of the financial economy to explore what determines the value of money.