John Tamny of RealClearMarkets
President Nixon’s Treasury Secretary John Connally once famously quipped to a gathering of European central bankers that “the dollar may be our currency, but it’s your problem.” Connally got it partially correct.
Rather than a problem solely suffered by those outside the U.S., the dollar’s debasement on Connally’s watch brought Americans great harm too. Devaluationist policies never enhance growth, and just as they created problems for the rest of the world, they similarly gave us the lost decade that was the 1970s.
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