Thanks, Tim-- Glad you're taking our suggestion
Geithner's call for concerted group action to stave off a "currency war" is an excellent idea, but not a new one. The Alliance for American Manufacturing (AAM) has been urging a currency accord, like the 1980's Plaza Accords, for several years.
In a Huffington Post op-ed last year, AAM Executive Director Scott Paul called for a new, national manufacturing strategy that would include Plaza-style intervention on currency.
Essentially, we've been saying this since 2007. Back in December of that year, we happily touted an op-ed by the Economic Policy Institute's (EPI) Rob Scott that called for a new Plaza Accord to address China's undervalued currency.
Bottom line: Concerted international effort to balance global trade could go a long way toward easing the current market distortions hammering world financial markets.
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