On the recordSeptember 23, 1998
Monetary policy has to work for all of our people, not just a few. It has to be cognizant of what is happening to ordinary people in this country. Our dollar is much too strong right now. Because of that, they can't get the kinds of foodstuffs and things they need for their own people. If we want to help the Japanese economy and the Asian economy, what we should do is lower interest rates. Many economists have noted that the value of currencies in several countries will not only reduce the rate of inflation but also sharply increase our trade deficit, eliminating many jobs and slowing growth in the process. Again, if we don't address this because of their slowdown, because they are not buying our products, we are going to lose jobs in this country. We are going to have a drastic slowdown. The fear I have, I say to my friend from Minnesota, is that we may have waited too long.
Source
govinfo.gov
