I don’t envy Tim Geithner. He has to stand in front of a bunch of skeptical reporters and try and sell them two myths at one time. The first is that the US has a strong dollar policy and the second is that the US government intends to rein in the deficit. There is not one shred of evidence for either policy and the market has long-since stopped believing either premise.
The move to add to dollar weakness this morning in the wake of Geithner’s latest strong dollar incantation in Tokyo is further evidence of the lack of regard the market has for the “policy”. Don’t try and kid a kidder, to put it politely, Tim.
