Here’s the first installment in a series of op-eds that I’m writing on the alleged problem of strong domestic currency (or, alternatively, of allegedly "undervalued" foreign currencies).
I conclude this essay with this paragraph:
But at the end of the day, when we examine the reasons for — and
consequences of — government intervention to manipulate currency
values, we’ll find that the best course of action is [for Americans] to applaud a high
and rising purchasing power of the dollar just as joyfully as we
applaud technological improvements.