Let me suggest otherwise then. Currency manipulation only works when it’s done in the direction the market was already going.
History is full of examples of countries failing to manipulate their own currencies because they wanted to do it on the wrong direction. There’s no reason to believe a large country in the middle of a fiscal crisis can do it, and there are some reasons to believe that “most important reserve currency” status may not survive the attempt.
Let me suggest otherwise then. Currency manipulation only works when it’s done in the direction the market was already going.
History is full of examples of countries failing to manipulate their own currencies because they wanted to do it on the wrong direction. There’s no reason to believe a large country in the middle of a fiscal crisis can do it, and there are some reasons to believe that “most important reserve currency” status may not survive the attempt.