America Doesn't Need A Strong Dollar Policy

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StrongDollarDebateDetails

Wednesday, March 13, 2013

It’s often taken for granted that America needs a strong dollar.  When the value of the U.S. dollar is strong relative to other currencies, it becomes attractive to investors and allows Americans to buy foreign goods and services cheaply.  But in times of recession, are we better off with a weak dollar that stimulates U.S. manufacturing by making our goods cheaper and more competitive?  Or will the loss of purchasing power and currency manipulation abroad, offset the potential gains?

  • Frederic-Mishkin90x90

    For

    Frederic Mishkin

    Professor, Columbia Business School

  • John-Taylor90x90

    For

    John Taylor

    Chairman and Founder, FX Concepts

  • Steve-Forbes90x90

    Against

    Steve Forbes

    Chairman and Editor-in-Chief, Forbes Media

  • James-Grant90x90

    Against

    James Grant

    Editor and Founder, Grant's Interest Rate Observer


  • Moderator Image

    MODERATOR

    John Donvan

    Author & Correspondent for ABC News

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Frederic-Mishkin90x90

For The Motion

Frederic Mishkin

Professor, Columbia Business School

Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at Columbia Business School.  He is also a research associate at the National Bureau of Economic Research, a member of the Squam Lake Working Group on Financial Reform, and the co-director of the U.S. Monetary Policy Forum.  From September 2006 to August 2008 he was a member of the Board of Governors of the Federal Reserve System.  He has also been a senior fellow at the FDIC Center for Banking Research, and past president of the Eastern Economic Association.  Since receiving his Ph.D. from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University and Columbia.  From 1994 to 1997 he was executive vice president and director of research at the Federal Reserve Bank of New York and an associate economist of the Federal Open Market Committee of the Federal Reserve System.

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John-Taylor90x90

For The Motion

John Taylor

Chairman and Founder, FX Concepts

In 1981 John Taylor founded FX Concepts, a multi-faceted investment management company, which today manages over $4 billion in currency absolute return and overlay strategies.  FX Concepts is known around the world as an innovative and highly successful manager of foreign exchange assets as well as a leader in the field of foreign exchange risk management.  Taylor has written numerous articles in investment journals and is often quoted in the popular press on financial topics.  Before starting FX Concepts, John was a vice president at Citibank, where he was the head of the bank’s marketing, advisory services, and research for foreign exchange.  Taylor is also a founder and former chairman of Franklin University Switzerland, Inc.,  in Lugano, Switzerland and  the chairman of Inspiration Biopharmaceuticals, Inc., a development stage biotech company.

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Steve-Forbes90x90

Against The Motion

Steve Forbes

Chairman and Editor-in-Chief, Forbes Media

Steve Forbes is chairman and editor-in-chief of Forbes Media. Forbes writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. In both 1996 and 2000, Forbes campaigned vigorously for the Republican nomination for the presidency. Forbes is the author of Freedom Manifesto: Why Free Markets Are Moral and Big Government Isn’t (2012). Forbes serves on the boards of The Ronald Reagan Presidential Foundation, the Heritage Foundation and The Foundation for the Defense of Democracies. He is on the Board of Overseers of the Memorial Sloan-Kettering Cancer Center and on the Board of Visitors for the School of Public Policy of Pepperdine University. He previously served on the Board of Trustees of Princeton University for ten years.

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James-Grant90x90

Against The Motion

James Grant

Editor and Founder, Grant's Interest Rate Observer

James Grant is the editor and founder of Grant's Interest Rate Observer, a twice-monthly journal of the financial markets. Grant originated the "Current Yield" column in Barron's before founding Grant's Interest Rate Observer in 1983. He is the author of five books on finance and financial history including Money of the Mind (1992) and Mr. Market Miscalculates (2008). A sixth book John Adams: Party of One, a biography of the second president of the United States, was published in March 2005. Grant's television appearances include 60 Minutes, The News Hour with Jim Lehrer, CBS Evening News, and a 10-year stint on Wall Street Week.  His journalism has appeared in a variety of periodicals, including the Financial Times, The Wall Street Journal, and Foreign Affairs.

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Declared Winner: For The Motion

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Voting Breakdown:
 

44% voted the same way in BOTH pre- and post-debate votes (17% voted FOR twice, 19% voted AGAINST twice, 8% voted UNDECIDED twice). 56% changed their minds (6% voted FOR then changed to AGAINST, 0% voted FOR then changed to UNDECIDED, 10% voted AGAINST then changed to FOR, 2% voted AGAINST then changed to UNDECIDED, 26% voted UNDECIDED then changed to FOR, 12% voted UNDECIDED then changed to AGAINST) | Breakdown Graphic

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    22 comments

    • Comment Link Herman Duenas Monday, 18 February 2013 10:05 posted by Herman Duenas

      Strong or weak is not the issue. Those in charge are supposed to ensure stability and trust in our nation's fiat currency. Stability and predictability is what allows the true economy to plan for the future and to bounce back.

    • Comment Link Peter K Friday, 01 February 2013 08:59 posted by Peter K

      As a net importer nation, the US benefits far more from a strong currency than a weak one.

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