October 01, 2003

Bearish Buttonwood I don't normally

Bearish Buttonwood

I don't normally blog about matters related to international economic issues. For one, a bunch of people in the blogosphere are likely better positioned to pontificate on such matters. For another, I deal with a lot of international finance related issues as part of my day job.

Blogging is meant as a bit of a break from all that. A chance to scratch my foreign policy (defined as traditional "high politics") itch--not discourse on Doha rounds and the like.

So I haven't blogged about the balooning deficits in the U.S. Yeah I'm aware, that in a recessionary environment, some deficit spending isn't all bad. But the deficit is spiraling out of control in worrisome fashion--as most judicious observers realize.

But there is something else that's been bugging me lately. Perhaps predictably, it's the weakening dollar. But not just because it hurts my pocketbook, I swear!

Rather, and especially if there is a precipitous decline in the dollar, for these reasons.

Bob Rubin, where art thou?

UPDATE: See too Jim Hoagland who see a bit of wider disarray these days emanating from the Administration:

"As the U.S. campaign approaches, the Bush team already shows a disturbing tendency to merge political and other agendas with foreign-policy and economic decisions. The recent effort by Treasury Secretary John Snow to jawbone China and Japan into steps that would devalue the dollar against their currencies is an especially transparent example.

China predictably rebuffed Snow's calls to adopt flexible exchange rates. Beijing correctly assessed that Snow was really speaking to American manufacturers and workers disturbed by inexpensive Chinese imports and that China would pay no price for politely brushing off the demand."

Posted by Gregory at October 1, 2003 09:29 PM
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