Uncle Sam's dollar Ponzi scheme

US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down

The Narendra Modi government has set a target of making India a $5 trillion economy in the next two years and the third-largest economy before 2029. The problem is not with these aspirational goals, but with targeting them through a measurement metric that you cannot control — the dollar-rupee exchange rate.

In theory, you can hit your $5 trillion target even earlier if the rupee strengthens; you can miss the target if the reverse happens. Over the medium to long term, a dollar decline is more likely than a strengthening, thanks to two major follies embraced by