Fat Dollar, Skinny Dollar

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I almost wrote this myself a couple of days ago, but Karl Smith beat me to it. Or, rather, Mrs. Smith beat me to it:

As a quick note, the Fed for good reasons does not have a mandate to maintain a strong dollar. I wish I could devote more time to this. My wife says that we could clear up a lot of confusion by replacing strong dollar/weak dollar with fat dollar/skinny dollar. Then we could just say that the dollar is morbidly obese and millions of Americans would immediately think it a moral imperative to make the dollar lose weight.

I’m pretty much convinced that conservatives instinctively believe that strong = good in all cases, and this causes all sorts of problems for currency policy. Eons ago, we happened to choose the adjective “strong” to refer to overvalued currencies, so now conservatives are hellbent on insisting that the U.S. dollar must always be overvalued even though that’s about the last thing the U.S. economy needs right now. Because, you know, that’s strong. And who’d choose weak over strong?

So sign me up for the fat/skinny dollar club. Right now the dollar needs to lose some weight and get into fighting trim. Doesn’t that sound like a much better pitch than arguing that we need a weak dollar?

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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