http://www.stanford.edu/~mckinnon/papers/TransferProblem.pdf
this soft paper talks of increased taxing of wages here and lowering wage taxes in trading surplus asia
rather then adjusting forex rates
the back ground is bretton woods policy science papers
the point
present stag policy here and reboom there
accomplishes this absorption rate only adjustment
just as well and without the extra burden
of a full employment job market
yup even better !!!
another paper by the same hand and corporate shadowed mind
http://www.stanford.edu/~mckinnon/papers/OptimumMundellN.pdf
key here national forex fixity in the standard currency ie
de facto large currency zoning
is good for mnc asset holders
implication:
the tilt plus fixity ie dollar locked regimes
is MNC field of clover
