I have just published the article below in the American Conservative.
TOKYO—In the mid 1990s, I published a book entitled Blindside: Why Japan Is Still on Track to Overtake the U.S. By the Year 2000. The prediction in the subtitle did not, as they say, pan out. But it was more soundly based than casual readers of the U.S. financial press might imagine. The book offered a view on exchange rates: I argued that a huge devaluation was desperately needed to save America’s already fast-sinking manufacturing sector.