The falling dollar is the best thing that could have happened to the U.S. economy, given today's difficult circumstances, former U.S. Treasury Secretary John Snow insisted in a speech last week in Manhattan before the insurance industry's best and brightest at a gala dinner hosted by Lloyd's. While I appreciated his point, I begged to differ.
While acknowledging that the economy is sputtering, “we'd have a real crisis if the dollar was not trading as [low] as it is now,” he told the gathering. “The American economy is resting on the dollar. Exports, fueled by a cheap dollar, are the only thing keeping the economy going.”
He went on about this for awhile, talking about how our booming exports are covering up a lot of other sins–such as the housing market's collapse and the explosion of debt throughout the economy.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
