Charles Dallara, managing director of the Institute of International Finance (IIF), a global association of financial firms, says the United States has larger worries than a weak U.S. dollar.
“The dollar is just a function I think now of the shifting tides of confidence in the system,” Dallara tells Reuters.
His real worry? Lending between banks, which has virtually come to a standstill.
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Charles Dallara is right. The global economy requires a confidence shock that will restore trust to the interbank market. This is now more urgent and costlier as banks’ capital position weaken. The dollar is not now a key question.
- Posted by Luigi Quadrato