Intelligence Squared U.S. Debates: America Doesn't Need a Strong Dollar Policy

For:

Frederic Mishkin, Professor, Columbia Business School

John Taylor, Chairman and Founder, FX Concepts

Against:

James Grant, Editor and Founder, Grant's Interest Rate Observer

Sean Fieler, President, Equinox Partners, L.P.

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?