The fall of the U.S. dollar is creating dilemmas and portending change around the world. No country has supported the dollar more steadfastly than Japan. Japanese bureaucratic elites are thus trapped between the rock of a potentially rising yen and falling exports, and the hard place of the mounting costs of their obdurate defence of the “global” currency.
The news of the death of 213 miners following a gas blast at a colliery in Liaoning on February 14 barely registered outside China, but it was further evidence of an ongoing tragedy, and symbolic of the enormous human cost that China is paying for its phenomenal economic growth.
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