In 1971 John Connally, then the American treasury secretary, advised his European counterparts that the greenback was “our foreign money, however your downside”. Over the next half-century the worldwide financial system has reworked, however Connally’s adage nonetheless rings true: though the worth of the greenback stays largely set by home developments in America, its swings nearly at all times ship ripples internationally. One such large swing could also be on the playing cards, because the financial insurance policies promised by Donald Trump, America’s president-elect, look set to turbocharge the buck. That spells hassle for development in the remainder of the world.
