No central bank or government is defending the purchasing power of fiat currencies; the Trump administration is comfortable with neither a very weak nor a very strong dollar; the ECB is happy with euro weakness to offset tariff impacts on exporters; Japan must continue depreciating the yen to maintain the 'monetary illusion' of its fiscal/debt nightmare situation.

factualpending

Speaker

Daniel Lay

Evidence Quote

Nobody, no central bank and certainly no government is defending the purchasing power of the currency. The Trump administration is not particularly comfortable with a weak dollar but it's not comfortable with a very strong dollar either [29:52]

Source

MacroVoices #492 Daniel Lacalle: The End of American Exceptionalism?Macro Voices
Created: 8/11/2026, 7:39:51 AM

My Notes

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