Quote by Martin Feldstein
But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more competitive dollar without the adverse effects that followed currency declines in other countries.
Summary
This quote suggests that the United States, unlike other countries, can adjust its currency value without experiencing negative consequences. This is attributed to the fact that the US finances its current account deficit by borrowing in its own currency. Therefore, by making the US dollar more competitive, the country can improve its export competitiveness without facing the detrimental repercussions usually associated with currency declines in other nations.
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