Bill Clinton Gave Us a Hugely Over-Valued Dollar and an Exploding Trade Deficit

Incredibly, the NYT article on Bill Clinton's economic legacy left out the most important facts. The value of the dollar began to rise after Robert Rubin became Treasury Secretary and openly espoused a high dollar policy. He put muscle behind this policy with his handling of the bailout from the East Asian financial crisis which caused the dollar to soar against the currencies of our trading partners. (Lloyd Bentsen, Clinton's first Treasury Secretary, allowed the dollar to fall. This was sup...