“The economy is strong as hell!” Uh, DOHkay branDUHn. Guess if someone else (us) is picking’ up the tab........ đđ©
A more complete quote: (potentially paraphrasing, recalling from memory) âI am not concerned about the strength of the dollar. I am concerned about the rest of the world. The economy is strong as hell!â
I am fairly confident that Biden doesnât understand anything about the dollarâs strength. He wouldnât be able to tell by a chart/quote. He wouldnât know that strength is relative to another currency. He doesnât understand the implications of a strong or weak dollar.
By the way, the dollar is stronger now than in many years against major world currencies. Current quote for EUR/USD: 0.98343. If you are unfamiliar with how to read currency pair quotes, the second of the pair, is the quoted. In this example, the US dollar. The first of the pair is the base. In simple terms, given the quoted amount, you can get exactly one of the base amount. So you can get 1 Euro for about 98 cents this morning.
Is that strong? Weak? Neutral? Itâs a hell of a lot stronger than it was a year ago. But is nearly a one to one exchange strong? How does that effect trade with Europe? How does that effect tourism in the US from Europe?
There are no simple answers since the EURUSD is just one indicator. Itâs an important one, but other things like inflation make a difference. For instance, you didnât see the price of European cars dropping 20+% in the last year because of a strengthen US dollar.
The point here is there are many moving parts to the economy and those parts each have multiple ways to measure them.
Joe Biden doesnât care about the US dollar, probably because he doesnât understand it. He doesnât even know the questions to ask. Biden has surrounded himself with people that are economic morons. Janet Yellen, the Treasury Secretary, might know how strong the dollar is, but she thought inflation was transitory. Biden didnât know the right questions to ask when he selected her for appointment. Just as bad, Senators didnât know the right question for confirmation.
Joe Biden is incapable of forming domestic economic policy, trade policy, foreign policy, and even energy (oil is traded in US dollars worldwide) policy because he doesnât know or care about the US dollar. The people surrounding Biden cannot either. Biden cares not for America, but he cares about the rest of the world. His words, not mine.
Contrast Biden with Trump. I am pretty darn sure that Trump understands these thing because he has done business internationally and he has a degree in finance from Wharton. He at least knows the right questions to ask.
Rats have been successfully gaslighting the voters for decadesâŠwhat is differentâŠ