Summers, in his first statement to Asia as Secretary-designate at the recent APEC meeting declared that he will continue the policy of a strong dollor which is in the US national interest. Summers, whose credibility has been irrevocably tarnished internationally by his inept handling of the global financial crisis in the past two years, had given another admonishing speech in Japan on February 26, 1999, warning Japan not to depend on a weak yen to boost its economy, using worn-out slogans such as: "the exchange rate cannot be a substitute for policy." Doesn't a strong dollar mean a weak yen? Which one of his conflicting advice should Asia follow? Let alone disagreeing with him, it simply hard to know waht he stands for. Henry C.K. Liu Michael Perelman wrote: > No Change at Treasury, > But It Sure is Needed > By Marc Weisbrot >
