I think the interesting part of the essay is not so much whether the predictions for the dollar have yet come true. As you say, the principle is sound, and the

I think the interesting part of the essay is not so much whether the predictions for the dollar have yet come true. As you say, the principle is sound, and the problem remains today as it was back then. The interesting part, I think, are the proposed Import Certificates. Some searching throws up proposed legislation in the form of the Balanced Trade Restoration Act: http://feingold.senate.gov/opinion/06/20060925oped.htm http://feingold.senate.gov/opinion/06/20060925oped.htm If anyone knows of a good economist's analysis of the proposal, I'd love to see that, too.