He played a crucial diplomatic role during the death of the Bretton Woods financial system in the early 1970s, which severed the link between money and gold and ushered in floating exchange rates.
It's not uncommon for stock markets to be wiped of 50% of their market capitalization, for governments to shut down banks, or for the exchange rate to plummet as everyone sells their currency for more stable foreign currency.
Well, the exchange rate was looking healthy, but when I went to the teller, they told me the computer system was temporarily down, so they couldn't do any transactions.
And if they can see interest or exchange rates falling in one country, people with lots of money there will try to move it out, faster than you can say 'double dip'.
Conversely, anearly end to the pandemic could add as much as $8trn (at market exchange rates) to global GDP spread over the next few years, according to the IMF, and raise tax revenues in the rich world by $1trn.
You see, I made what I consider to be a reasonable offer based upon the rise in production costs, and the continued fall in the exchange rate of Australian Dollar to U. S. Dollar.