From 2013: "We Are Going To Kill The Dollar" Says Obama Senior Official
How do you solve a problem when you are running a 10% fiscal deficit. You are not going to get growth in the absence of private sector demand. So the government's idea now is we are going to export our way out of this. When I asked a senior member of the Obama administration last week, 'how are we going to grow exports if we do not allow nominal wage deflation?', and he just said we're going to kill the dollar. It's a dead answer but that's where we're headed".America isn't as competitive with a strong currency, terrible trade deals, bad tax policy, crippling regulations, metastasizing welfare states, etc. The U.S. dollar is rising because of where we are in the global economic/credit cycle. China is on the verge of a currency devaluation and emerging market currencies are already tumbling. Commodity prices are way down in the past year, the euro is still in trouble. Unable to push the dollar lower when pretty much the whole world is pushing the other way, something else has to give. The managers of America decided that something is wages. "We are going to kill American wages" might as well be what the Obama official said, cause that's the truth.
Hey look, Cecil the Lion!