The damaging effects of money devaluation (headlines from bloomberg):
-Japan Trade Deficit Hits Record as Yen Inflates Imports
-Louis Vuitton Japan Prices Raised to Most Ever to Fight Weak Yen
It doesn't help exports. It only helps big export companies. Meanwhile the rest of the population pays for higher imports and inflation at home.
And what about other nations? Do you think they can't devalue as well? There is NO historical evidence that devaluation helps exports. It's just ludicrous. A theory dreamt up by mainstream economists.
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