Currency manipulation has risen to prominence because 78 senators have linked it to presidential authority to negotiate the Trans-Pacific Partnership (TPP) trade agreement. This linkage is nothing new, however, and an understanding of its historical context is important for charting the U.S.
Fifty years ago, on a trip to China, the renowned Chicago economist Milton Friedman was shown some of the country's noteworthy public works programs in which hundreds of laborers were digging a canal with shovels.
Transition of the dollarized international financial system of the past 70 years to some undefined multi-currency relationship centered on the dollar, the euro, and the renminbi (RMB) is moving forward faster than most experts predicted, and presents important challenges for U.S.
The U.S. job market has been a source of both concern and wonder since the Great Recession bottomed in the early summer of 2009. The devastating numbers at that time included the highest level of long-term unemployment of the modern era.