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David Stockman: We're all currency manipulators now
By David Stockman
Friday, August 9, 2019
Call it the monetary theater of the absurd. After all, here is what a determined currency manipulator did between September 2002 and July 2008.
To wit, it pumped about $200 billion of new dollar liabilities into the world financial system, thereby expanding the Fed's balance sheet by 26%. Clearly, global traders and U.S. trading partners didn't welcome that flood of freshly minted fiat currency because during the same period, the traded-weighted dollar exchange rate plunged by 25%.
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Moreover, there can be little doubt that the severe slump in the U.S. dollar shown below was deliberate. During much of that period, the Fed conducted an aggressive campaign to slash interest rates, goose domestic growth, and perk up the inflation rate. The last objective in particular was the brainchild of newly appointed Fedhead Ben Bernanke, who falsely warned Greenspan & Co. about the dangers of an imminent "deflation" that never remotely happened. ...
... For the remainder of the report:
http://news.goldseek.com/LewRockwell/1565362311.php
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