VANCOUVER ( TheStreet) -- In recent weeks, readers have been listening to one talking head after another proclaiming that we are "trapped" in the monetary game of "competitive devaluation." It's all drivel. For decades, the United States had the world's strongest economy -- by a wide margin. And during those same decades, the U.S. had a strong dollar.Was the U.S. some sort of economic miracle worker, able to thrive in spite of a strong dollar? Absolutely not. It's economic strength was a direct consequence of a strong dollar. This would be obvious to anyone with a basic understanding of trade and economic fundamentals. And it will be obvious to anyone/everyone without such a background as soon as I explain these concepts -- and the difference between them.
The Miseducation of Capitol Hill: Currency Devaluation
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