Why Trump will have to trash the dollar to create jobs

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The collapse of American manufacturing towns, and the old industrial middle class, has gone hand in hand with a staggering 40-year rise in the dollar, Klody observed. It is standard economics that as your currency rises, your exports become more expensive and less competitive in foreign markets.

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Klody noted that since the mid-1970s, the U.S. dollar has quadrupled in price -- yes, really -- when measured against the Federal Reserve's broad basket of foreign currencies.

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Since the early 1990s, the Mexican peso has collapsed from 32 U.S. cents to only 5 cents. That's a huge windfall to Mexican manufacturers -- far greater, one suspects, than NAFTA's reduction in tariffs. During that time, the price in dollars of the Vietnamese currency, the dong, has nearly halved. The Indian rupee has more than halved. And so on.