Shelton adds "the goal shouldn't be to achieve...>

US: Shelton adds "the goal shouldn't be to achieve a strong dollar or a weak

dollar, but a dependable dollar. In a world with some $13 trillion in

negative-yielding debt largely engineered by the European Central Bank, and a

bizarre yield curve that has the Fed paying 2.35 percent interest on excess bank

reserves while the 10-year U.S. Treasury rate hovers around 2.05 percent, a

rising dollar would not be helpful. Borrowers around the world hold trillions in

dollar-denominated debt; a monetary misstep that exacerbated exchange-rate

pressures could raise the specter of global financial instability. Given the

need to reconcile domestic and international monetary objectives, the old labels

of "hawks" vs. "doves" - focused strictly on domestic monetary policy - at the

Federal Reserve are no longer useful. What's needed is a woodpecker to hammer

away with a message about the importance of money serving as a reliable measure

of value - across borders and through time."