Like Germany hiding in the Euro, China have long played the game of keeping their currency soft, to juice their exports.   But now, with the accelerator still jammed to the floor on US inflation, it seems that the powers in Beijing might be looking to devalue the Rimimbi even further.          Everyone plays currency games - the trick is not to get caught. And the problem for China might be that they’re on the brink of embarrassing their adversaries.  Meanwhile, what happens when a miracle becomes a conjuring trick?    After forty years of weaving economic magic, the South Koreans now have the world’s lowest birth rate — and GDP slumping back towards developed economy norms. Are they about to become an early Eastern front runner of  the social problems of the west? And can they afford that - given their tough geopolitical neighbourhood?   Exorbitant privilege is what they call the US ability to print the global reserve currency.  So what if the privilege was revoked?  Plenty of apocalyptic fiction has been written about that moment. But this week we’ve done the modelling to put a number on the dent in US living standards.  *** Be excellent to each other, and - Get us on Twitter: https://www.twitter.com/multipolarpod On Patreon: https://www.patreon.com/multipolarity Or on our Substack: https://substack.com/@multipolaritypod