And Finally, No Matter How

The Only Way That We Can Reduce Our Financial Dependence On The Inflow Of Funds From The Rest Of The World Is To Reduce Our Trade Deficit.

First, I Think The Science Of Monetary Economics Has Clearly Gotten Better.

A Second Reason Why Science Cannot Replace Judgement Is The Behavior Of Financial Markets.

But The Primary Reason For Wanting The Dollar To Become More Competitive In The Near Future Is That We May Need An Increase In Exports This Year And In 2007 To Sustain The Economy's Current Pace Of Expansion.

We Pay Some Price When Necessary To Bring Down Inflation But That Price Is Temporary And Is Not Large Relative To The Permanent Gain From Reduced Inflation.