A strong dollar no longer suits U.S. interests

BloombergOpinion/Noah Smith

Repost from 2-26-2021

Graphic image of George Washington as he appears on the one dollar bill“The U.S. needs to rethink its currency strategy. Our leaders are grudgingly realizing that the strong-dollar policy no longer suits either national interests or current economic realities.”

USAGOLD note: The strong dollar policy has always been something of an illusion. As measured by the dollar index, the greenback has been in a overall decline since 1971. But measuring the dollar’s value against other currencies is just one way of assessing its strength or weakness. The other way is to measure it in terms of purchasing power – an exercise that fully undermines any pretense that it serves adequately as a store of value.

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