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Devalued Thinking.(ISSUES & INSIGHTS)(EDITORIALS)
Dollar: Is it too strong or too weak? Everyone has an opinion. But it's better to leave the answer to markets -- not trade groups, pundits or lawmakers.
The White House says it wants to keep its strong dollar policy -- a linchpin of the booming 1990s New Economy.
On Wednesday, Treasury Secretary Paul O'Neill told Congress as much: "There's no intent in anything that I say to give comfort to those who think we're going to change our policy today."
As we read it, that means no change in current policy.
So why did the dollar plunge on Wednesday, hitting six-month lows against the euro and two-month lows against the yen? We suspect the markets don't take O'Neill at face value.
After all, in private life, O'Neill headed an aluminum company -- Alcoa -- and was known to support a weaker dollar.
So it's easy to be confused about what O'Neill really wants. But it's also easy to understand that some powerful people are pushing a quite different dollar agenda.
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...the Treasury than he was when the week began. All he had to do was look at dollar exchange rates. As the point man in the White House's campaign to get America's trading partners to use "flexible" exchange rates, Snow likely relished where the dollar...
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...months before the actual impact from the weaker dollar is widely felt. Many economists expect...Regional Forecasting, said that while a weaker dollar does help manufacturers and exporters...to participate, he said. While a weaker dollar means that U.S. imports are going...
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...4--Colorado's economy was drawing strength from a weaker dollar heading into 2005, according to two key economic indicators...and a rising backlog of orders for manufactured goods. The weaker dollar has not only created stronger demand abroad for Colorado...
