Where countries are using fiat currency and are able to rig the exchange rates, there is no such thing as "free trade." eg, The ChiCom's pegging of the yuan vs. the dollar to artificially make PRC goods cheaper than anything anyone else can afford to make. I used to believe in "free trade" but now I don't. Unless and until there is a mechanism to force currency exchange rates to float in a free price discovery market (eg, the ForEx markets), there is no such thing as "free trade" and "free trade uber alles" pieces by libertarians are so much wistful macroeconomic theory. |