Chilean president Sebastian Piñera just suggested he would devalue in the rapidly appreciating peso to help exporters, according to MercoPress.
It’s the same game over a dozen of countries are playing, from Japan to America to the UK.
The peso is up 13% against the dollar since July, now trading 484:1.
The currency is rising as high interest rates draw investors and dollars into the local market. But as long as countries keep intervening in the market, basic economic rules are off the table — and there’s a threat of worldwide inflation.