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Michael Pettis
michaelpettis.bsky.social
did:plc:aday7msfnpqba7psqpjq3pij
8/8
That is why I often cite Ragnar Nurkse: “the devaluation of a currency is expansionary in effect if it corrects a previous overvaluation, but deflationary if it makes the currency undervalued.”
This is true about any policy that changes existing trade relationships.
2025-01-08T14:18:47.145Z