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Still Stuck On Step 1

By Jeffrey P. Snider

Every once in a while, you get the sense that the officialdom is starting to come around to the legion of finance as it actually exists rather than the one printed inside the dusty textbooks still crowded within the halls of academia. The "rising dollar" of the past six months has left its mark of bewilderment, as so many economists are rushing to see it as they want to not as it actually makes sense with the world around us. A "strong dollar" is assumed to be testament to the successes of monetarism, especially when the US is breeding GDP where others cannot seem to gain any traction whatsoever.

If the US is the cleanest dirty shirt, then the Fed did something very right, and the "dollar" supposedly recognizes that. So it was interesting to see in Barron's, of all places, a roundtable discussion about… Read More …