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By Martin Wolf
Published: September 28 2010 22:46 | Last updated: September 28 2010 22:46
"We're in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness."? This complaint by Guido Mantega, Brazil's finance minister, is entirely understandable. In an era of deficient demand, issuers of reserve currencies adopt monetary expansion and non-issuers respond with currency intervention. Those, like Brazil, who are not among the former and prefer not to copy the latter, find their currencies soaring. They fear the results.
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