Germany has 2 advantages: 1) A deliberate political aim to maintain a manufacturing base, prosecuted over decades; and 2) A currency which is deliberately kept

Germany has 2 advantages: 1) A deliberate political aim to maintain a manufacturing base, prosecuted over decades; and 2) A currency which is deliberately kept cheap by use of ballast (the PIGS - Portugal, Italy, Greece and Spain) - countries whose currencies would, on their own be considerably cheaper than the amalgamated Euro. The US could, if it wanted to have both of these advantages, which is why I'm pretty bullish on the potential for the US manufacturing future, if not on the reality: 1) is political and requires expensive action that is broadly not favored by either party - protectionism, boosterism, technical training, PPPs. Concerted effort at Federal and State levels. We do it for Defense but not for other sectors. 2) would look reasonably achievable but somehow the Fed has missed its inflationary targets for the few years, so I'm a little skeptical about the chances. Also if you look at the dollar's relative price over the last 30 years it broadly approximates a sine wave that we're on the upwards slope of (past performance yada yada etc)