Quoting the Crisis20/10/2009
“ But if no one wants the dollar to depreciate — which is the standard solution to a trade imbalance — what does it mean to be against global imbalances? No one will come out in favor of tariffs. Using fiscal policy to encourage domestic sourcing of goods and services did not go over well with the Europeans. I guess that leaves exhorting Americans to buy less and save more, which is a little like asking Goldman to pay smaller bonuses. „
James Kwak in Cognitive Dissonance and Global Macroeconomics « The Baseline Scenario
Quote posted at 15:03
