The storm has been worldwide, but its eye has been in the US, where it looks now obvious that, once the storm has finally passed, it leaves a financial landscape that looks very different from what there was still a year ago. The role of the US dollar as the world's no. 1 global currency is being thoroughly tested.
Unlike the period of the European sovereign debt crisis, the current constellation of policies has been characterized by a massive easing of both fiscal and monetary policy. Looking forward, however, I see two possible scenarios that we may wish to avoid.