> 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
========
Aren't there some contradictions in the postulating of demand
increases with a $ devaluation? Sure they want to stimulate exports,
but what of the costs of the factor inputs rising for manufacturing
exporters and what about consumer demand if stuff at Wal-Mart and
Circuit City costs more?
Ian