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A Future Without Currency Wars?

US President Donald Trump's protectionist policies and frequent accusations of currency manipulation by other countries speak to the need for a universal monetary system of the type twentieth-century economists such as John Maynard Keynes envisioned. Thanks to digital technologies, the long quest for such a system could be over.

PRINCETON – The terrible experience of the 1930s should remind us that trade and currency wars go together like a horse and carriage. Now that US President Donald Trump’s administration is fully implementing his protectionist “America First” agenda, it is only a matter of time before a currency conflict erupts.