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Defending the Dollar? |
| Section: CURRENT ISSUES / COMMENTARY |
| Author: Warren T. Brookes |
| Publication: The world & I online |
| Issue Date: 1/1/1988 |
| Size: 823 Words, 5,113 Characters |
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President Reagan told last fall's International Monetary Fund conference that the United States had done its part in defending the dollar by signing the new Gramm-Rudman-Hollings deficit reduction law on the heels of a $65 billion deficit reduction in fiscal 1987.
Yet one of the ironic effects of that new law, and of deficit reduction itself, could be to undermine confidence in the dollar further by weakening America's defense posture.
Indeed, even as the budget deficit has plunged from $221 billion to $155 billion, the dollar has weakened still more. This contradicts the conventional thesis that the 76 percent rise in ...
. . .
...mark exchange rate movements. Ayanian says that when defense is tested against Feldstein's analysis, "it is the defense budget, not the expected budget deficit, which is statistically significant."
Ayanian's paper should get some close attention from serious research--which suggests that "the status of U.S. military security must move to the center of the analysis of U.S. exchange rates."
(651 of 5,113 characters)
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