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Navarro has some valid points, which he has had since 2011 when I audited his online Intro Macro course via Coursea.

If his argument is that the Germans are undervaluing the euro relative to other currencies in a systematic way -- then no, his points are not valid.  And, in any case, we're free to adjust our policy, even if he were right.

The internal balances of the eurozone are not the same as the external balances of the global currency system, as Luis noted.  New York running a trade surplus with Mississippi doesn't imply the US is out of balance with the eurozone.

Navarro's just an idiot.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Wed Feb 8th, 2017 at 03:48:27 AM EST
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