Devaluation is the word of the day in oil exporting countries. Whether it is the Nigerian naira, the Venezuelan bolívar, or the Russian rouble, low oil prices are wreaking havoc in oil exporting economies and on their national currencies.
Devaluation is the word of the day in oil exporting countries. Whether it is the Nigerian naira, the Venezuelan bolívar, or the Russian rouble, low oil prices are wreaking havoc in oil exporting economies and on their national currencies.
Paraphrase of NYTs Helene Cooper’s 26 Nov 2010 article: A fundamental tenet of foreign affairs doctrine holds that sovereign nations will always define and act in their own national interests, and will rarely against their own interests. Somebody needs to tell that to the United States when it comes to China, many foreign policy experts say. A key part of America’s relationship with China now turns on a question that is, at its heart, an interminable conundrum: How to get Beijing to do what its leaders don’t believe are good for their country, but will benefit ours? From economics to climate change to currency to Iran and finally culminating with North Korea last week, America has sought to push, prod and cajole China, to little or no avail.
How do you cope when your main source of political good will depends on money and that money dries up? Demand for oil just ain’t what it used to be. The shrinking of state revenues (regardless of the price of oil) is putting a cramp in the political and social largess of two countries — […]
The Venezuelan government finally blinked when it came to financial pressures by devaluing its currency on January 8th. The rate of the Bolivar Fuerte had been pegged at 2.15 to the dollar and is now 2.6 for essential supplies and 4.3 for luxury goods. Last week the value of the dollar on the parallel market […]