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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (19081)5/14/2003 6:31:59 AM
From: thames_sider  Read Replies (1) of 89467
 
More on the weak $... Snow has no problems, it seems - expect this to cause it to fall further.

story.news.yahoo.com

WASHINGTON - Treasury Secretary John Snow told a congressional committee on Tuesday that the Bush administration did not have a "conscious policy" to weaken the value of the dollar to help American exporters.

But for the second time this week, Snow also said that a lower dollar would help boost U.S. exports and that the administration believed free market forces should set the dollar's value.

Snow's comments were an elaboration of remarks he made during a Sunday television interview program which prompted the U.S. currency to fall to a four-year low against the euro, the joint currency of 12 European countries.

The dollar's fall was attributed to a growing belief among currency traders that the administration has moved away from the strong dollar policy of the Clinton administration and the first two years of the Bush administration.
...
some economists have expressed worries that the dollar's decline, which so far has been gradual, could become disorderly and if that occurred, it could prompt foreign investors to dump their significant holdings of U.S. stocks and bonds, depressing stock prices and causing interest rates to soar.

But other analysts said that the current moment is a good time for the dollar to depreciate as a way to bolster exports and help the flagging U.S. economy. Also, a rise in import prices would give American producers more room to boost their prices.
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