It's often taken for granted that America needs a strong dollar. When the value of the U.S. dollar is strong relative to other currencies, it becomes attractive to investors and allows Americans to buy foreign goods and services cheaply. But in times of recession, are we better off with a weak dollar that stimulates U.S. manufacturing by making our goods cheaper and more competitive? Or will the loss of purchasing power and currency manipulation abroad, offset the potential gains?
Steve Forbes is President and Chief Executive Officer of Forbes and Editor-in-Chief of Forbes magazine. He was awarded an honorary doctorate in economics from Stevenson University on April 30, 2009.
Since Mr. Forbes assumed his position in 1990, the company has launched a variety of new publications and businesses. They include: Forbes FYI, the irreverent lifestyle supplement; Forbes Global, the magazine's international publication; and Chinese, Korean, Japanese, Brazilian, Russian, Arabic and Hebrew editions of the magazine. Forbes also publishes the Gilder Technology Report, as well as a number of investment newsletters.
In 1997 Forbes entered the new media arena with the launch of Forbes.com. The site now attracts over seven million unique visitors a month and has become the leading destination site for business decision-makers and investors.
James Grant is the Editor and Founder of Grant's Interest Rate Observer, a twice-monthly journal of the financial markets. Grant originated the "Current Yield" column in Barron's before founding Grant's Interest Rate Observer in 1983. He is the author of five books on finance and financial history including Money of the Mind (1992) and Mr. Market Miscalculates (2008). A sixth book John Adams: Party of One, a biography of the second president of the United States, was published in March 2005. Grant's television appearances include 60 Minutes, The News Hour with Jim Lehrer, CBS Evening News, and a 10-year stint on Wall Street Week. His journalism has appeared in a variety of periodicals, including the Financial Times, The Wall Street Journal, and Foreign Affairs.
Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University.
He is also a Research Associate at the National Bureau of Economic Research, and from September 2006 to August 2008 was a member (governor) of the Board of Governors of the Federal Reserve System. He has also been a Senior Fellow at the FDIC Center for Banking Research, and past President of the Eastern Economic Association.
Since receiving his Ph.D. from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University and Columbia. He has also received an honorary professorship from the Peoples (Renmin) University of China.
From 1994 to 1997 he was Executive Vice President and Director of Research at the Federal Reserve Bank of New York and an associate economist of the Federal Open Market Committee of the Federal Reserve System.
John R. Taylor Jr.
In 1981 John Taylor founded FX Concepts, a multi-faceted investment management company, which today manages over $4 billion in currency absolute return and overlay strategies. FX Concepts is known around the world as an innovative and highly successful manager of foreign exchange assets as well as a leader in the field of foreign exchange risk management. Taylor has written numerous articles in investment journals and is often quoted in the popular press on financial topics. Before starting FX Concepts, John was a Vice President at Citibank, where he was the head of the bank's marketing, advisory services, and research for foreign exchange. Taylor is also a Founder and former Chairman of Franklin University Switzerland, Inc., in Lugano, Switzerland and the Chairman of Inspiration Biopharmaceuticals, Inc., a development stage biotech company.
Steve Forbes, Jr., American publishing executive of Forbes magazine, and James Grant, Editor and Founder of Grant's Interest Rate Observer, debate the desirability of being the world's standard currency.