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Open Letter to Timothy Geithner: Is Your Nose Getting Longer?
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Dear Treasury Secretary Geithner:
I noticed you recently told the Japanese press that you intended to maintain a strong dollar, and that the Obama administration would bring the U.S. fiscal deficit back to a “sustainable balance.”
Tell me, don’t you feel your nose extending like Pinocchio’s when you tell these fibs to innocent Asians?
The dollar is not strong. In fact, it’s sinking to record levels of weakness, and it’s going to stay that way, for three reasons:
First, the U.S. Federal Reserve is running a zero-interest-rate policy and has announced that it intends to continue doing so. While it does, there’s easy money to be made out of borrowing dollars and lending almost... Full Story |
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Submitted Nov 18, 2009 2:33pm
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