[Zygote]

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in the US, the fed's aim is not SOLELY to devalue the US dollar. it is to increase consumptive demand and reduce borrowing costs and smooth out the money markets. the effect on the currency is ancillary and certainly not the main thrust of the policy.

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the means of them achieving any of those goals cannot occur without the currency effects. its not unreasonable to say the currency is manipulated so these goals can be achieved.

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in fact, i'd say the currency situation is the lever that keeps the fed in check right now since ben can't lower rates too much otherwise inflationary pressures would simply be too much.

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this is the joke of keynesian theory. They can't do one without the other so the idea of the fed having a duel mandate is ridiculous. Its like telling someone to turn left and right at the exact same time.

stagflation again, unfortunately, will need to reveal the ineffectiveness of this non-sense.