plazaaccord #centralbanks #dollar #intervention #stockmarket #bondmarket
Today I discuss whether a 21st-century version of the 1985 Plaza Accord would help restore faith and confidence to the financial system. There has been talk on mainstream outlets like CNBC that the major Central Banks could announce concerted action to decrease the value of the dollar as they did in 1985.
Personally, I think such kind of action by the Powers that Be might give the markets some relief in the short term but in the medium to longer-term investors and speculators would use it as an opportunity to liquidate assets.
My conclusion is that was the stimulus that has been already announced by the Central Banks and governments have not really helped stabilise the markets and that something much bigger than just a group of Central Bankers getting together to intervene in the foreign exchange market is required to right the ship.
Plaza Accord: https://en.wikipedia.org/wiki/Plaza_Accord
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