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The Unstable Dollar Strong markets never die of old age, but instead are grounded by policy failure. As opposed to a broken business model, Wall Street, and the American economy in general, suffers from a broken floating currency model-the gyrations of a dollar issued by our federal minders always foretelling pain in the future. Think of it this way: while we could still build houses if the length of a foot changed with regularity, it's a certainty that we'd build fewer homes while making far more mistakes in the process. Looked at in dollar terms, when the unit of account around which the world economy revolves is unstable, the potential for investment mistakes is magnified greatly. Put simply, the answer to today's problems does not lie in more regulation or taxpayer bailouts, but instead could be solved if Washington communicated to the markets a credible desire to stabilize the measuring rod of value that is the dollar.
机译:美元不稳定美元坚挺的市场永远不会衰老,而只会因政策失灵而停滞不前。与破坏性的商业模式相反,华尔街和整个美国经济都受到破坏性的浮动货币模式的困扰-我们的联邦思想家发行的一美元的波动总是预示着未来的痛苦。可以这样想:如果脚的长度有规律地改变,我们仍然可以建造房屋,但是可以肯定的是,我们建造房屋的数量会减少,而在此过程中会犯更多的错误。以美元计算,当世界经济发展的核算单位不稳定时,投资错误的可能性就会大大放大。简而言之,解决当今问题的办法并不在于加强监管或纳税人的救助,而是如果华盛顿向市场传达了一种稳定美元价值衡量标准的可信愿望,则可以解决该问题。

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    《Forbes》 |2008年第7期|22|共1页
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  • 收录信息 美国《科学引文索引》(SCI);
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  • 正文语种 eng
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