Apparently there is some plug in to Firefox that lets you read crap. I installed but had no idea if it worked or not. Maybe it does. By pass pay walls is the addon name.
The Dollar, Yuan and Paper Currency Tigers
How odd that the day after the dollar price of gold surged above $1,500 per ounce you contend that President Trump’s uneven policies had been contributing to “a rising dollar.”
Aug. 14, 2019 2:55 pm ET
How odd that the day after the dollar price of gold surged above $1,500 per ounce you contend that President Trump’s uneven policies had been contributing to “a rising dollar” (“A Navarro Recession?” Review & Outlook, Aug. 8). Not mentioned was that the dollar, like the euro, yen, pound and every other global currency floats thanks to what George Melloan once described as “an absence of policy.”
The floating dollar and $1,500 gold are a reminder that the dollar isn’t strong; rather it’s weakening and has weakened substantially since January of 2017 when President Trump entered office. The greenback’s decline has merely been masked by broad currency weakness around the world. This weakness is the recession red flag when it’s remembered that the investors whose capital commitments power economic growth are buying dollar returns in the future. The problem now is that the dollar’s downward direction signals that investors, if their investments bear fruit, will receive dollars exchangeable for less; a stealth tax on their intrepid ways. President Trump has made many errors as your editorial page has long pointed out, but please don’t say a strong dollar is one of those blunders. He’s long expressed a desire for dollar devaluation, and markets are increasingly complying.
John E. Tamny
Editor, RealClearMarkets
Washington
China is guilty of currency manipulation, just not in the way Secretary Steve Mnuchin claims. It affirmatively stepped in last Tuesday to stop the yuan from falling more, and this single-handedly calmed markets. This was a signal to President Trump. “I am Chairman for life. I don’t care if I’m popular or not. You are messing with me. I can put you into a recession with my eyes closed. And, unlike you, I can weather the short-term fallout. I can deal with some capital flight. I’d prefer a different adversary anyway. Consider Monday a warning. You and I can find a win/win, or you personally will lose.” Think our president heard that? I doubt it. We will see a few more warnings, thoughtfully timed, but falling on deaf ears. Listen for the howls of election interference when China decides our next election.
John R. Wellschlager
Annapolis, Md.
For much too long we have ignored the stealing of intellectual properties, currency manipulation, reluctance to purchase American products, etc. and if we don’t take action now, then when is the right time? Our economy is strong and resilient so this is precisely the right time to confront China and hold it accountable. The Journal should applaud not condemn the president’s actions in this effort to resolve years of abuse from China.
Derial Sanders
Chester Springs, Pa.
China took the decision not to intervene in currency markets to support the yuan’s higher value, to allow the market to freely set the rate. As it happens, the yuan’s value has actually restabilized at seven yuan to the dollar, which is the original minimum peg, a destabilization that ironically has calmed markets.
Em. Prof. Albion M. Urdank
UCLA
Los Angeles
