{"id":862,"date":"2008-10-27T05:01:56","date_gmt":"2008-10-27T13:01:56","guid":{"rendered":"http:\/\/www.oeconomist.com\/blogs\/daniel\/?p=862"},"modified":"2009-09-25T22:13:08","modified_gmt":"2009-09-26T06:13:08","slug":"a-buck-or-a-pound-a-buck-or-a-pound","status":"publish","type":"post","link":"https:\/\/www.oeconomist.com\/blogs\/daniel\/?p=862","title":{"rendered":"A buck or a pound \/ A buck or a pound"},"content":{"rendered":"<p>As European politicians and pundits <span style=\"font-style: italic ;\">tut-tut<\/span> over the ostensible relative deficiencies of American economic policy, pay attention to what is happening to <em>exchange rates<\/em>.<\/p> <p>By itself, the <em>absolute level<\/em> of exchange rates isn't particularly meaningful &mdash; that's really just a matter of <em>scaling<\/em>.  but <em>movements<\/em> of exchange rates are significant.  When the value of one currency is dropping relative to that of another, it means that people are trying to shift holdings in the former to holdings in the latter.<\/p> <p>These days, the dollar is generally <q>strengthening<\/q> with respect to the pound and with respect to the euro, which means that people are trying to increase their share of currency that <em>buys stuff<\/em> in America relative to their share of currency that <em>buys stuff<\/em> in Europe.<\/p> <p>That doesn't mean that economic conditions in America aren't bad, but it strongly argues that conditions in Europe are <em>worse<\/em>.<\/p>","protected":false},"excerpt":{"rendered":"As European politicians and pundits tut-tut over the ostensible relative deficiencies of American economic policy, pay attention to what is happening to exchange rates. By itself, the absolute level of exchange rates isn't particularly meaningful &mdash; that's really just a matter of scaling. but movements of exchange rates are significant. When the value of one [&hellip;]","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[6,36,9,104,4],"tags":[426,387],"class_list":["post-862","post","type-post","status-publish","format-standard","hentry","category-commentary","category-economics","category-ideology-philosophy","category-news","category-public","tag-exchange-rates","tag-pricing"],"_links":{"self":[{"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=\/wp\/v2\/posts\/862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=862"}],"version-history":[{"count":0,"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=\/wp\/v2\/posts\/862\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oeconomist.com\/blogs\/daniel\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}