Our Treasury mandarins forget that the inflation we suffer at home will cost us more than whatever temporary advantage we gain on our trade accounts from a devalued dollar.
This move triggered a high rate of inflation that severely devalued the dollar.
Nixon devalued the dollar by something less than 20 percent (the percentage was different depending on the currency) and within 18 months American trade was back strongly in the black.
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When Argentina's government defaulted and its currency was devalued against the dollar in 2001-02, foreign banks' assets took a double hit.
The government devalued the Zimbabwe dollar by 24% in August, and promises further devaluation, hoping to boost exports and so raise sorely-needed hard currency.
The Congolese franc was recently devalued from nine to the dollar to 23.5.
The unintended consequence of using gold as a backing for the U.S. dollar was that as inflation within the U.S. accelerated, the U.S. dollar was effectively devalued and created an arbitrage opportunity.
Indeed, the turmoil is partly fueled by market expectations that Asian currencies pegged to the dollar will be devalued to preserve export competitiveness, given the greenback's strengthening in the past couple of years.
Yes, people received dollars in return for their holdings of the yellow metal, but the dollar itself was formally devalued by 40%.
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Now that it has been sucked into the vortex and the won devalued by 20% against the dollar, the prospects for Japanese exports look a lot less rosy.
In the late 1970s, the market bobbed up when a nice capital-gains tax cut came in 1978, but the dollar continued to be devalued and other taxes went up.
Yet even after the move, many trust a devalued franc over a fragile euro or dollar.
From a rate of 3.4 ringgit to one dollar, the currency was devalued to 3.8, well below the then market rate, so investors had little incentive to take their money out by illicit means.
On Thursday, Iran's central bank devalued the rial by 8% against the dollar and ordered all currency-exchange shops to adhere to the official rate or be shut down, according to Iran's official media.
What if Japan devalued the yen, taking it from 133 to the dollar to 140 or 150 These Toyotas would then be even cheaper for U.S. customers.
And the vocal campaign for the restitution of dollar deposits has not extended to dollar loans: many borrowers quietly paid these off in devalued pesos.
Last month, Mrs Banda devalued Malawi's currency, the kwacha, by one third against the dollar - a move Mr Mutharika resisted, despite demands from the IMF.
They could have just left the U.S. to devalue the dollar on its own, in much the way that the Brazilian cruzeiro novo was being devalued in those days, and remained with their own, independent gold standard systems.
But look at what happened to Argentina: it devalued and given the balance sheet effects of the depreciation on their US debts it was forced to pesify its dollar debts.
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