In recent years developing countries like Brazil complained that the United States and other industrialized countries were waging a “currency war” against them by artificially driving down the value of dollars, euros and yen. Now officials in some nations, like Argentina and Turkey, are blaming foreign “vultures” and “the interest rate lobby” for the sharp depreciation of their currencies. Policy makers fear any big and sudden changes in the value of their currencies. A rapid appreciation makes their country’s exports less competitive on the world market, while a fast depreciation raises the cost of imported commodities like oil and makes it harder for governments to repay loans they took out … Continue reading The New York Times’s Editorial Board