[Big Red One]

Okay. I see the difference between Inflation/Deflation and Valuation. Can't the argument be made that decreased valuation of the dollar is good (since it has a tendency to protect American goods by making competing foreign goods more expensive) as long as it is not accompanied by inflation?

As I said before, I personally wouldn't take that stance, as I think the bloated Big 2.8 need to be left to sink or swim on their own rather than having artificial economic policy band-aids just enable their poor management and keep pushing looming problems into the future. But the political reality is that it would be political suicide for any president to take that stance since making Detroit globally competitive would involve some decisions the UAW would never go along with. The UAW would stand firmly in favor of the devaluation of the dollar, no? And if that is true, I can't see the next president, no matter what party they be from, changing the current policy of pumping money into M3.