This weak dollar garbage started under W with Greenspan, Bernanke’s continued it into oblivion. It’s insanity. Japan’s had a generation of QE and a stalled economy. At some point, an adult is going to have to say, we need to derail this train or go off the cliff. It’ll be painful short term but the best course in the long run.
It WILL be painful short term, if by short term you mean 5-10 years. I pray this country can handle tight money and low federal spending and humility overseas, because it’s either us or the next 2 or 3 generations. We choose between austerity and delay. They won’t have a choice, because they will have tyranny.
If Romney gets this, you should hear it in the debates many times. If not you never will. The media is shutting out his message otherwise.
We were getting our international trading butts kicked because a strong dollar allowed everyone in the world to keep weaker currencies then ours, allowing our goods to be much more expensive while we were flooded with cheap foriegn goods. China artificially kept their currency pegged at 8 yuan to the dollar, therebye boosting their economy at the expense of ours. Allowing our currency to float against the world’s currency was an attempt to force parity and to force the Chinese to take themselves off the American teat, which they were finally forced to do so. As for any “debt” we may owe the Chinese, I believe we could make a case for theft on their part thru currency manipulation!