“We’re in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness.” This complaint by Guido Mantega, Brazil’s finance minister, is entirely understandable. In an era of deficient demand, issuers of reserve currencies adopt monetary expansion and non-issuers respond with currency intervention. Those, like Brazil, who are not among the former and prefer not to copy the latter, find their currencies soaring. They fear the results.
“我們正處在一場國際匯率戰爭之中，全球貨幣正普遍走軟。這對我們構成了威脅，因為它削弱了我們的競爭力。”巴西財政部長吉多?曼特加(Guido Mantega)的這些抱怨完全可以理解。在需求匱乏的時代，儲備貨幣的發行國實施擴張性貨幣政策，而非發行國則以干預匯率作為回應。而那些既不屬于前者、也不愿效仿后者的國家（比如巴西）則發現本幣大幅升值。其后果令它們擔憂。
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