Truth Out has the article Romney Pledges a Fed That Will Screw Workers.

The much more important policy decisions that allow people like Mitt Romney to be incredibly wealthy and the rest of the country to be struggling are totally off the media’s radar screen.

Romney’s statement about the Fed fits in the latter category because he said that he would pick a chair who supports a “strong dollar.” The implication is that he wants the Fed to run policies that keep the dollar overvalued relative to other currencies, making US goods uncompetitive in international markets.

The arithmetic on this is fairly simple. If the dollar is 20 percent above its proper value, then it means that prices of goods produced in the United States are effectively 20 percent higher relative to the goods produced in other countries. This strong dollar effectively makes imports 20 percent cheaper relative to goods produced in the United States. That naturally means that we will purchase more goods produced in Mexico, China, and other countries and fewer goods produced in the United States.

On the flip side, this strong dollar means that our exports are 20 percent more expensive to people in other countries than would otherwise be the case. This is equivalent to putting a 20 percent tariff on everything that we export. Needless to say, this will seriously depress our exports to the rest of the world.

Of course few sources other than Truth-out and my blog put the issue so simply.  If the workers could see the simple arithmetic above, they would stop slavishly following Ron Paul, hating Bernanke, and thinking of voting for Mitt Romney.

A strong dollar seems like such a good idea to people when the Republicans don’t explain its implications.  If the Republicans would just explain that a strong dollar is good for people who have money to lend, but not good for people who need to borrow money, maybe some people would by able figure out which category they belong to.

Ultimately, if the people who have to borrow money cannot pay it back, then this policy is really not good for the people who have it and lend it.  A properly valued dollar would mean the lenders have to take a bit of a haircut, but that has to be better than getting your head cut-off (let alone completely shaved).

Here is a preview of the Romney/Ryan acceptance speech at the Republican Convention later this week.

Remember, if this turns out to be accurate, you saw it here first.