Tuesday, June 14, 2005
The dollar rally continues
The United States dollar has risen 7.75% against the Euro since The New York Times declared on April 2 that "the dollar is heading down, no matter what," on account of Bush administration policies. In fact, this afternoon the dollar closed higher against the Euro than it has on any date since last August.
Consider this post nothing but your regular reminder that the Times has been, over the last ten weeks at least, profoundly wrong about the direction of the dollar. The point, of course, is not that the Times is wrong per se, but that it is silly to "blame Bush" for a short-term decline in the value of any financial asset (just as it would be foolish for him to take credit for the dollar rally).
Consider this post nothing but your regular reminder that the Times has been, over the last ten weeks at least, profoundly wrong about the direction of the dollar. The point, of course, is not that the Times is wrong per se, but that it is silly to "blame Bush" for a short-term decline in the value of any financial asset (just as it would be foolish for him to take credit for the dollar rally).
1 Comments:
By 
Dymphna, at
Wed Jun 15, 02:56:00 PM:
What can you expect of a newspaper which has Krugman as its economic 'expert.' Gag me with a spoon...
Somebody ought to publish all his mistakes. Make that two volumes; it'd be too big otherwise.
