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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: X Y Zebra who wrote (673)9/17/1998 11:34:00 AM
From: Lee  Read Replies (2) of 3536
 
Thread,

This article covers much about our discussion.

aei.org

Here is the lead paragraph.

The Benefits of Devaluation in a Deflationary World
By John H. Makin

There is a compelling need for the Interna-tional Monetary Fund, finance ministers, central bankers, market analysts, and headline writers to learn the difference between the dangers of currency devaluation in an inflationary world and the benefits of currency devaluation in a deflationary world. Policy makers, far more accustomed to an inflationary world than to today's deflationary world, have failed to make the distinction. That failure has cost Asia and now Russia dearly. Some market analysts and newspapers continue to create dangerous and unnecessary confusion about the cause of falling stock markets worldwide. Headlines are trumpeting the view that global equity markets are falling because of currency weakness. This makes no sense and seriously muddles cause and effect.

Regards,
Lee
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