Washington Post Plays Dumb on Currency Manipulation

To paraphrase a line from an iconic American toy doll, "currency values are hard." That is probably the best way to describe the Washington Post's editorial against including rules on currency values in trade agreements.

The Post's essential argument against including rules on currency values is that some measures whose main purpose is not to affect currency values may nonetheless affect currency values. Its example is the Fed's quantitative easing (QE) policy, which by lowering interest rate...