Today’s New York Times has an article on the rising value of the U.S. dollar. One of the drivers of the recent strengthening of the dollar is that the U.S. economy is growing while the recovery in Europe has stalled.  There are concerns that the rise in the dollar will hinder U.S. growth

But Stephen Cecchetti, a professor at Brandeis University, said the world had a strong interest in Europe’s health. “It’s going to create some instability, but the alternative is worse,” said Mr. Cecchetti, former chief economist of the Bank for International Settlements. “You don’t want to be around if there’s a real depression in Europe.”

By the way, if you are not already a regular reader, check out the Cecchetti & Schoenholtz  blog.


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