An Urban's Rural View
Urban C. Lehner Editor Emeritus
Mon Feb 2, 2015 06:10 AM CST

Currency manipulation is in the news again. As President Barack Obama's Trans-Pacific Partnership trade treaty closes in on the finish line, some Congressmen threaten to thwart any deal that doesn't crack down on those conniving foreigners who weaken their currencies to gain an unfair trade advantage. (…)

So it's worth asking: What is currency manipulation? Just who are the connivers?

Consider two candidates. Country A intervenes in foreign-currency markets with the express purpose of increasing its exports. Country B doesn't intervene in foreign-exchange markets at all and has no intention to devalue its currency; it merely prints more ...

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