Via Atrios, I knew that it was widely believed that the US would not act to devalue the dollar, but I was also under the impression that the context of that position was that, while a falling dollar would be (potentially) beneficial to our economy, there are some number of reasons against trying to pursue those ends. I didn't realize Geithner's position was actually in the opposite direction, that we need to do all we can to strengthen the dollar.
I mean fair enough, some people are in the "let's try anything" camp while others are more towards the "let's not mess with anything and see how it shakes out" side of things. "Let's take whatever people in the 'try anything' camp suggest and run in the opposite direction" seems so pointlessly sadistic as to be off the reservation entirely.
You camp on a reservation right.
Tuesday, October 19, 2010
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