Monday, May 19, 2003

The latest "it's not the Onion" news from Dubya's crew: they want you to know that they are not, repeat not abandoning the "strong dollar" policy. They're just adopting a broader view of what it means for the dollar to be strong:

Since 1995, the "strong-dollar policy" has been interpreted to refer to the strength of the dollar in relation to foreign currencies. According to Snow, the policy should refer to the value of the dollar in relation to the confidence it inspires in the public, and its resistance to counterfeiting.

So, they're giving you $20 dollar bills which buy fewer foreign goods, but on the other hand, they have more pretty colors. That's a nice trade, isn't it?

It's conceivable that there's some justification for the policy change -- but it's not Snow's line, which doesn't pass the laugh test.


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