Feb

Note to Commerce Secretary: $ are used to buy exports

President Obama pledged to double American exports over the next 5 years in his SOTU address last week. Some details are emerging on this plan:

From Marketwatch:

The commerce secretary said the White House would not focus on one sector at the expense of others. Doubling exports is “an aggregate goal,” he said.

“We’re not focusing on any one particular area. There is a great demand for high quality products and services around the world and we just need to really put a lot more effort in matching that need that desire that demand for great products and services supplied by U.S. companies,” Locke said.

Locke said the new initiative has three prongs: a more robust trade promotion strategy, expanded access to credit, and rigorous enforcement of international trade laws.

In a question and answer session, Locke would not be drawn into a discussion of the value of the dollar.

“Our goals are without any regard to the currency issues,” Locke said.

Mr. Locke: Your goals are not only inherently tied in with currency issues, but DEPENDENT ON THEM.

Fellow citizens, even if you think it’s a good idea to arbitrarily double exports – I see no way this can be accomplished by government planning, nor do I understand why this is a priority – a commerce secretary that speaks such inanities really shouldn’t make you feel confident in your government.

From later in the story:

Kevin Gallagher, a professor of international relations at Boston University said it would take “some magic” for a doubling of exports to occur under Locke’s plan.

And if exports do double in the next 5 years, we can be pretty sure that it will be not a result of Locke’s plan, but currency debauchment. Stunning, what comes out of this White House; telling, that they feel it’s permissible to speak in incoherent sentences.

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