Comments on Wolfgang Münchau, Financial Times “The case for a weaker dollar”, 12/10/2009, http://www.businessspectator.com.au/bs.nsf/Article/Making-the-case-for-a-weaker-dollar-pd20091012-WQTFV?OpenDocument&src=sph
The idea "that the world will ultimately have to move to maximum targets for current account imbalances" is crazy, wrong, unrealistic and impractical, unless the maximum is extremely large.
It will be dead before its birth.
It is the same as to saying that a person must keep borrowing or saving to a faction of his or her income.
Isn't that argument ridiculous?
They should have a concept of permanent income over a life time and the income constraint should be based on that.
They should understand the principle of banking and finance, loans and savings.
They should learn better economics, including international economics and economic history.
It is a case of extreme overreaction.
It is also a case of disguising incompetent economic management and blaming anything for such incompetency by the US.
It is a case of economists' failure in dealing with this crisis and finding an easy excuse.
It is a case of a voluntary conspiracy to an extreme extent and scale by so many.
It is a case of disgrace for so many.
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