You had strong dollar policy, some of the most heroic of the entire fiat-currency era.
Reagan stood for across-the-board marginal tax rate cuts and a strong dollar policy.
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However, the currency soon began to slide again, after ambivalent comments from US Treasury Secretary Larry Summers about his government's strong dollar policy.
Reagan favored a strong dollar policy that slayed an historic inflation, and drew skyrocketing investment capital to America from around the world, resulting in an historic, 25 year, economic boom.
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No, the Bank of Japan, unlike John Snow, America's treasury secretary, really does believe in a strong dollar policy and is prepared to put its money where its mouth is.
You see headlines, traders are bearish on the dollar, gold is rising, the dollar is weaker -- and yet the administration keeps on saying that they have a strong dollar policy.
Mr O'Neill was an unequivocal advocate of a strong dollar policy, even though many economists have believed for some time that a weakening of the greenback will play a key part in bringing the deficit down.
This mania would never have reached the proportions it did had the Fed and Treasury had a strong-dollar policy.
If the U.S. adhered to a strong-dollar policy, commodities would not be going up as much and digital technologies would be plummeting even faster.
But the Administration and the Fed should adopt a strong-dollar policy and tell the markets what measurement they are going to use to guide monetary policy.
Of course, there were other critical policies contributing to that Reagan boom, mostly notably the strong dollar monetary policy that tamed double digit inflation for a generation.
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In the Reagan years, there were tax cuts, real nice ones, on the income tax, down at the top from 70% to 28%, in the context of strong-dollar policy and a low, stable gold price.
Thus more than half of the current Republican aspirants have moved monetary policy and the strong dollar as a key campaign plank, half of these calling for the gold standard.
For example, the Goldman Sachs monetary-conditions index (based on a weighted average of short-and long-term interest rates and the trade-weighted exchange rate) suggests that America's monetary policy is currently at its tightest since 1989, largely reflecting the strong dollar.
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