Goldman Sachs: scrap the strong dollar policy

Doug Henwood dhenwood at panix.com
Fri Aug 3 11:37:43 PDT 2001


Amazing news: Goldman Sachs, former home of Robert Rubin, leading architect of the Clinton administration's strong dollar policy, now says:

"The time has come to scrap the strong dollar policy. It was appropriate when the US economy was in a boom and dollar appreciation helped to keep inflation pressures in check. But it now works at cross-purposes to the goal of stimulating demand, and it undermines US international trade competitiveness."

To quote JFK, this is almost like L'Osservatore Romano criticizing the Pope.

Doug



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