{"id":37247,"date":"2018-09-02T07:10:37","date_gmt":"2018-09-02T12:10:37","guid":{"rendered":"http:\/\/olduvai.ca\/?p=37247"},"modified":"2018-09-02T07:10:37","modified_gmt":"2018-09-02T12:10:37","slug":"crashing-currency-chaos-spreads-across-the-global-south","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=37247","title":{"rendered":"Crashing currency chaos spreads across the Global South"},"content":{"rendered":"

Crashing currency chaos spreads across the Global South<\/a><\/h3>\n

Cryptocurrencies show promise as economies stumble under sanctions and other pressures<\/strong><\/p>\n

\"Iran<\/p>\n
Iran oil exports will likely drop to just over 2 million barrels a day pushing the rial lower. Photo: iStock<\/div>\n<\/div>\n
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The Iranian rial: crash. The Turkish lira: crash. The Argentine peso: crash. The Brazilian real: crash. There are multiple, complex, parallel vectors at play in this wilderness of crashing currencies. Turkey\u2019s case is heavily influenced by the bubble of easy credit<\/a> created by European banks.<\/p>\n

Argentina\u2019s problem is mostly to do with the neoliberal austerity of President Mauricio Macri\u2019s government admitting it won\u2019t be able to fulfill payment targets agreed with the IMF less than three months ago.<\/p>\n

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Iran\u2019s has to do with harsh United States sanctions imposed after the Trump administration\u2019s unilateral pullout from the Iran nuclear deal.<\/form>\n<\/div>\n<\/div>\n

Brazil\u2019s has to do with what the Goddess of the Market considers anathema: a victory by the imprisoned Lula (former president Luiz In\u00e1cio Lula da Silva) or his appointed candidate in the presidential election next October.<\/p>\n

This is a serious currency crisis affecting key emerging markets. Three of these \u2013 Brazil, Argentina and Turkey \u2013 are G20 members, and Iran, absent external pressure, would have everything to qualify as a member. Two \u2013 Iran and Turkey \u2013 are under US sanctions while the other two, at least for the moment, are firmly within Washington\u2019s orbit.<\/p>\n

Now, compare it with currencies that are gaining against the US dollar: the Ukrainian hryvnia, the Georgian lari and the Colombian peso. Not exactly G20 heavyweights \u2013 and all of them also inside Washington\u2019s influence.<\/p>\n

Behold the axis of gold<\/strong><\/p>\n

Independent analysts from Russia and Turkey to Brazil and Iran largely agree that the overwhelming factor in the current currency crisis is a reversing of the US Federal Reserve\u00a0quantitative easing (QE) policy.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Crashing currency chaos spreads across the Global South Cryptocurrencies show promise as economies stumble under sanctions and other pressures Iran oil exports will likely drop to just over 2 million barrels a day pushing the rial lower. Photo: iStock The Iranian rial: crash. The Turkish lira: crash. The Argentine peso: crash. The Brazilian real: crash. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[15907,15611,951,1976,1997,1732,21484,4076],"class_list":["post-37247","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-asia-times","tag-cryptocurrency","tag-currency","tag-currency-crisis","tag-economic-sanctions","tag-emerging-markets","tag-global-south","tag-pepe-escobar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37247"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37247\/revisions"}],"predecessor-version":[{"id":37248,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37247\/revisions\/37248"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}