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I am reminded of Paul H. O'Neill's famous comments about "Strong Dollar":

``When I was Secretary of the Treasury I was not supposed to say anything but `strong dollar, strong dollar,''' O'Neill said today. ``I argued then and would argue now that the idea of a strong dollar policy is a vacuous notion.''

....

``The markets actually have control over those relationships. When people say strong dollar, if they don't mean that `we believe intervention can work and we're prepared to intervene,' then `strong dollar' is ridiculous.''

It may have been O'Neill who defined "Strong Dollar" as "Stocks up, bonds up, dollar up and gold down" and what ever it takes to accomplish that. I think the quote is somewhere in my Gibson's Paradox diary.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 25th, 2011 at 01:07:38 AM EST
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