michael perelman wrote: > Wasn't another goal the devaluation of the dollar?
I don't think so. The US is a net importer, and the US commanding height's know that. Why would they want to devalue the dollar? Furthermore, these QEs and all did not lead to a significant devaluation of the dollar, did it? Yes, renminbi is appreciating, but look at this: http://research.stlouisfed.org/fred2/series/TWEXB After all of these QEs, the dollar did not depreciate that much and in these days it is appreciating. I bet, it is going to appreciate in the next few years to come. You see, I am putting my neck under the axe by making statements like this. How do I know the future? By the way, neither Keen nor Krugman is totally or right. Or both are wrong: Yes, banks can create money "out of tin air" but they also borrow and lend these borrow funds. When they lend the borrowed funds, they are not creating money (Krugman), when they enter two equal numbers on the opposite sides of the balance sheet (Keen) and they do, they are creating money. Nevertheless, Keen is right in that money is endogenous. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
