US And Japan Propped Up The Yen While Local Expat Loses Mind Over Pesos
Washington and Tokyo executed a massive coordinated currency intervention to buy yen for the first time since 1998, a frantic global maneuver to rescue a collapsing Asian economy. Meanwhile, a retired software architect in Todos Santos spent three agonizing hours screaming at a Pemex attendant because his credit card declined for a tank of gas. Global central banks can dump trillions into stabilizing foreign exchange markets, but nothing is going to stop local tacos from doubling in price by next Tuesday.