The point is -- ad we know this from history -- that if currencies remain way out of line, trade protectionism follows.
More Quotes from Fred Bergsten:
We get the strong sense that the degree of frustration with China is accelerating very sharply and is not likely to be assuaged by a few orders that likely would have been placed anyway.Fred Bergsten
Hence China's currency policy has taken virtually all of Asia out of the international adjustment process.
Fred Bergsten
The euro will start to challenge the dollar as the world's lead currency as soon as the European Central Bank and the new currency establish their credibility -- which will probably be quite soon.
Fred Bergsten
The history of U.S. trade policy amply demonstrates that dollar overvaluation and the huge and growing trade deficits that it spawns are by far the most accurate predictors of U.S. protectionism.
Fred Bergsten
It is clear that the G-7 will come in with further intervention. They have made a commitment now and they must follow through.
Fred Bergsten
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