Another very interesting article. Couched in gentle, constructive terms, it suggests
1) global management of the exchange rates between the dollar, euro, and yen, by what would be a coalition of states, not necessarily led by the USA.
2) that euroland should become the "consumer of last resort".
The kindness expressed towards the dollar is a subtle attack on US leadership of the laissez faire process, by drawing attention to the inability of the USA to lead, at least at this moment.
The article looks an authoritative opinion, especially when it makes comments on the yen. HSBC as the descendant of Hong Kong and Shanghai Banking Corporation, would presumably not allow its global department to be less than perfectly informed on capital trends in east Asia.
Chris Burford
London