[lbo-talk] Re: Manufacturers Cheer Dollar's Decline...

Doug Henwood dhenwood at panix.com
Mon Oct 13 06:44:24 PDT 2003


Mike Ballard wrote:


>I wonder how much the increase in the value of the
>Euro vis a vis the US dollar is tied to relative snlt
>in European commodities, compared with say, the more
>conservative lending policies of the many of the major
>European banks?

The move in the euro/dollar rate so far is mostly financial - short-term portfolio shifts. Productivity differentials take a longer time to work out.


>You're right, if the books on wealth production are
>being cooked, trouble will follow.

I don't think they're being "cooked." There are some conceptual problems with the U.S> productivity stats. For more, buy my new book!

Doug



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