The dollar’s exceptional liquidity makes it more valuable, which is good for people who have dollars, but it’s bad for people whose costs are in dollars (Americ

The dollar’s exceptional liquidity makes it more valuable, which is good for people who have dollars, but it’s bad for people whose costs are in dollars (American exporters). The dollar’s strength since the earlier 1980s (the first major flight to liquidity during the era of free movement of capital) has been terrible for American industry. It’s like Dutch disease, but instead of a commodity like oil causing unbalanced trade, it’s the dollar itself.