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ARGeezer:
then `strong dollar' is ridiculous.''

well it makes sense when you de-newspeak it. strong dollar then means 'trades low against the euro'.

strong for american domination of world markets.

the penny's dropping...

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Fri Mar 7th, 2014 at 01:21:12 PM EST
[ Parent ]
Actually Robert Rubin, former CEO of Goldman Sachs, was concerned that foreign deposits keep flowing in to Wall Street for the benefit of the Financial Sector - too feed what Yanis Varoufakis dubbed 'The Global Minotaur'. Rubin was totally indifferent to the fate of US manufacturers, who were faced with an overvalued dollar in export markets, as Wall Street was making money out of buying them up, liquidating their physical assets, firing their workers and sending the machine tools to China where they would grind out products at a lower labor cost. Regardless of the actual value of the dollar Rubin wanted the financial sector, but especially their US customers, to think that the dollar was as strong as possible to keep the confidence fairy exuberantly fluttering over them. That was what all of the trade agreements were about.  

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Mar 7th, 2014 at 02:11:49 PM EST
[ Parent ]
thanks ARG, good synopsis

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty
by melo (melometa4(at)gmail.com) on Fri Mar 7th, 2014 at 02:47:21 PM EST
[ Parent ]

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