The Fed’s “Strong Dollar Policy” Actually Isn’t so Strong

Ever since Robert Rubin began the tradition in the mid-1990s, it has been a significant element of the U.S. treasury secretary’s job to continuously state that a strong dollar is in the national interest. It is widely regarded that such utterances, if repeated often enough, can constitute the sum total of what is still laughingly known as the nation’s “strong dollar policy.” Over the past two generations, the American government has launched many failed “campaigns.” To list just a few, there has been the “War on Drugs,” the “War on Poverty,” and the continued attempts to improve education. But the…