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Bank of Israel Governor Fischer says world must accept a weaker USD

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posted on Dec, 3 2009 @ 12:41 PM

NEW YORK, Dec 3 (Reuters) - Bank of Israel Governor Stanley Fischer said on Thursday the world has to accept a weaker U.S. dollar in order to ensure the global economy recovers soundly.

"We also have to realize, what is hard to get across, there has to be a global rebalancing. Either the U.S. runs a very long period of recession, which is a really bad idea, or the dollar has to weaken, so that balance of payments can be straightened out," Fischer said in response to a question during a business breakfast in New York.

"So we have got to accept, as do other people, there has to be appreciation vis-a-vis the American dollar. Most people have kind of accepted that. It is just that when it gets out of line that people get nervous," he said.

I actually agree with him the dollar should reflect it's true value yes but that's only one point.

He says etiher USD value is lowered or U.S. goes through a depression.
I think it should be the latter and of course the first will follow

Once that happens, which it will, a war tax will be inevetable.

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