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setDefault('cnbc_textbody');Message to the GOP Victors: King Dollar Is Essential Published:
Tuesday, 2 Nov 2010 | 4:33 PM ET Text Size By: Larry KudlowCNBC Anchor
A Republican tsunami will be bullish for the dollar. The bigger the GOP landslide, the better it will be for the greenback.
However, QE2 new-dollar creation will be bearish for the dollar. And the Fed's money-creating will outweigh "â? at least in the shorter term "â? any Republican fiscal-policy improvements toward lower spending and taxing.
The GOP needs a King Dollar policy, preferably one backed by gold. A depreciating dollar will drain cash from the U.S. and send it overseas; foreign investment into the U.S. will be stunted by a chronically weak dollar. And the inflationary consequences of the devaluing dollar will ultimately outweigh any low-tax-rate incentives.
As the dollar kept falling during the Bush years, it blunted the pro-growth effects of the 2003 tax cuts. There is a crucial lesson to be learned here: A strong and stable dollar is an essential complement to low tax rates.
POLL: How Healthy Will Economy Be in 2012?
Regarding Team Obama, it now appears that Tim Geithner's protest that no country can devalue its way into prosperity was a lot of smoke-blowing.
His credibility is going to suffer.
But in a new Republican House (and maybe Senate), committee chairs will have a great opportunity to work on a King Dollar policy.
As I said, a stable and reliable dollar is an essential complement to low tax rates on the path to restoring growth.
RELATED LINKSCurrent DateTime: 01:33:45 02 Nov 2010LinksList Documentid: 39966766Financial Leaders Expect Shift of Power After ElectionsYour Taxes, Your Vote: 2010 Races to WatchFarr: Election No Panacea Questions? Comments, send your emails to: document.write("");document.write("lkudlow"+"@"+"kudlow.com");document.write('');
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