From ‘luminary’ Fred Bergsten:
“Virtually every major country is seeking depreciation, or at least non-appreciation, of its currency to strengthen its economy and create jobs,” he said in prepared remarks to the Peterson Institute of International Affairs Thursday afternoon. Mr. Bergsten officially stepped down as the director of the institution last year, replaced by former Bank of England board member Adam Posen.
Those currency tensions, and the policies that are fueling them, are costing the U.S. economy millions of jobs and threatening to create the kind of global problems that contributed to the Great Depression, he said. Hyenas.
“Eliminating excessive currency intervention would narrow the trade deficit by 2% to 3% of gross domestic product and move the economy much of the way to full employment,” he said.
He´s advised to read Lars/McCallum on this!