Currency manipulation: Bringing D's and R's together!

Posted by mmcmullan on 10/07/2013

There is a simple solution to the (government) shutdown, which is that the House of Representatives takes a vote.

–Jason Furman, Chairman of the Council of Economic Advisers, 10/7/2013

Unfortunately – if any of the stink lines emanating from Capitol Hill suggest – the vote to which Mr. Furman refers could be a long time coming. No one in Congress seems to be getting along at the moment, and many federal government functions remain frozen. Bipartisan consensus is a rare thing these days in Washington, DC.

If only we could be magically whisked away to an era, now shrouded in mist, that time has forgotten, where issues that could gain majorities and consensus held sway. Undoubtedly, that would be a lengthy trip across the eons. We would see the rise and fall of nations, watch the Chicago Cubs win a pennant, and maybe even glimpse a live dinosaur or two.

Or not. We don’t need to travel the scope of history to find bipartisan consensus. Nope: You just have to go back about two weeks, to when 60 Senators (the same ones on Capitol Hill at this very moment) signed a letter urging the Obama administration to include a rule against currency manipulation into any Trans-Pacific Partnership trade agreement. It followed a letter in June from the House of Representatives, in which a majority of that legislative body urged the administration to do the same thing!

Who woulda thought? Demanding that our trading partners (cough, Japan, cough) stop devaluing their currencies in order to artificially boost their exports into the American markets – while taxing American goods entering their own markets – is an issue both Democrats and Republicans can agree on!

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