Who's Afraid of the Falling Dollar?
Strong dollar - strong influenza
What do policy-makers in China, Japan, Argentina, Malaysia, Indonesia, the European Union and many other countries understand that ours don't? It seems they know that if the value of their currencies rises too much, it can hurt their economy. But for a number of reasons it hasn't quite sunk in here, comments Mark Weisbrot in Washington.
It is too bad. We have lost more than three million manufacturing jobs here since 2001, and much if not most of this job loss is due to the dollar being overvalued. This is bad news not only for the people who lost these jobs, but for the tens of millions more whose wages are depressed by the displacement of these workers – and arguably for the nation as a whole, as America's manufacturing base continues its process of “hollowing out” ...
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Posted: 10 November 2007
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