The Dollar's Up and Down Zagging

The dollar system is organized around finance, that is to say in the in-netting of ordinary individuals, businesses, productive businesses and governments. And it is centered around creating speculative asset markets. This has brought the exchange value of most currencies other than the dollar down. It also means ordinary people in poor countries not only have to work hard in order to earn dollars, they have to work unreasonably hard because the dollar is overvalued. So if you see here, basically what we are arguing is that the Federal Reserve has had to step in in a big way and support asset markets.