The end of U.S. leadership is on everyone's lips. Today's installment is the Treasury secretary's endorsement of a weaker dollar.
Not so fast. Despite the way the ideal of a "strong dollar" has been thrown around in official rhetoric the last couple of decades, the reality is that Treasury secretaries of both political colors have dialed it up and dialed it down to suit the needs of the moment. At various points along the way the "strong dollar" was said to have been ditched. It's been declared dead many times, but never seems quite buried.