By John Tamny
Conventional economists still rhapsodize over the alleged exporting benefits of devaluation even though the latter logically points to increased shipping, input and labor costs that would steal any of devaluation’s illusory benefits. At present, the price increases planned by Caterpillar and Whirlpool unmask the devaluation argument, while in GM’s case, the dollar’s role in its 40-year decline remains incorrectly unsung.
