Don’t Bet Your Bottom Dollar

 

President Donald J. Trump wants a strong economy, a strong military and a strong U.S. dollar. Well, maybe not.

When the Populist in Chief met the elite of the elite in Davos, Switzerland this past week, he told the assembled hedgies, private equity titans, pundits and heads of state that “America is open for business.” Had it really been closed for business before January 2017?

But on a key issue, the Trump Administration managed to speak out of both sides of its mouth.

Treasury Secretary Steven Mnuchin, who always seems to have one finger in the air to track the wind’s direction, declared, “Obviously a weaker dollar is good for us as it relates to trade and opportunities,” he said. Obviously, the dollar had its biggest one-day decline in nearly a year on global currency markets.

The word “weaker” is not in the alpha male president’s vocabulary unless he’s criticizing an opponent. “The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar,” he said. “Our country is getting so economically strong and strong in other ways, too.” That’s five “strongs” in two sentences, but who’s counting?

So, what happened next and what does it mean?

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