The U.S. strong dollar policy is not strong enough.
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The refined policy recognizes that as long as the dollar remains the primary depository for global savings, then, by definition, its relative strength will be appropriate to serve U.S. long-term interests, and the U.S. will remain the global leader in trade and free-market commerce. Tying the policy to market-driven stability would not only lend strength to our currency, but it would be intellectually consistent with how we encourage others to act, such as with our current posture towards China.
And nothing serves a strong dollar more than economic growth. Tying the policy to a precise and definable measure of growth is the mechanism both to foster strength and to forestall politicization of the goal.
Currencies attract global confidence and strength when supported by fiscal discipline and underlying economic growth. The most desired outcome from a strong dollar policy is continued U.S. economic superiority, and a policy with more teeth will bind future administrations to such an outcome in a way that our current strong dollar policy simply cannot.
And, importantly, no future Democrat administration will be able to mislead the uninformed of its commitment to such a core economic principle, while making every effort to produce the opposite result.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?