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Meta
In general when people don’t know why something is going up, it keeps going, and I am still hearing a lot of confused chatter on why it is or why it shouldn’t be going up.
You could do worse than listening to Krugman on this one:
http://krugman.blogs.nytimes.com/2009/10/24/adjustment-and-the-dollar/#more-5249
“So, the bottom line: to narrow international imbalances, we need a lower relative price of US output. Because prices are sticky, by far the easiest way to get there is dollar depreciation.”