The Mother of All Currency Crises Is on the Horizon

Think the 1990s Asian economic crisis—just on a far larger scale.

British pounds, American dollars, and euro notes are in a pile together. August 6, 2025, 7:19 AM Comment icon View Comments ( )

The world has entered uncharted territory in terms of the debts burdening major economies. Seven major economies are carrying debts more than their annual GDP, which has never happened in combination with such high interest rates. Their currencies are ripe for a series of devaluations reminiscent of the Asian and Russian financial crises of the late 1990s but on a much larger scale.

The International Monetary Fund (IMF) estimates that Canada, France, Italy, Japan, Spain, the United Kingdom, and the United States are all carrying debt

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