First, I Think The Science Of Monetary

In Short, Both Experience And Economic Theory Imply That The Us Could Now T To A More Competitive Dollar Without Experiencing Either Increased Inflation Or Decreased Economic Growth.

But Then In April Of 1985 The Dollar Began A Sharp Decline. The Dollar's Trade Weighted Value Fell 23 Percent In Just 12 Months And By A Total Of 37 Percent By The Beginning Of 1988.

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.

So Just As I Want Pilots On The Planes That I Fly, When It Comes To Monetary Policy, I Want To Think That There Is Someone With Sound Judgement At The Controls.

An Increase In The Relative Price Of Products From The Low Wage Manufacturers In Asia And Latin America Will Also Make Those Products Less Attractive To American Consumers.