That sounds like reasonable analysis, but I do want to point out I was thinking much shorter term -- like literally in the last 3 years and this situation specifically.
I do agree You're right that we are probably seeing the effects of globalization policy though, but I can't say I've thought much about that long of a time frame.
Understood. There's a certainly a difference between short term effects such as interest rates driving currency exchange rates vs. secular trends that depress currencies permanently. It seems as if some of the latter are becoming visible in a very short timeframe. The US has not experienced this kind of rapid shift since WW II.
I do agree You're right that we are probably seeing the effects of globalization policy though, but I can't say I've thought much about that long of a time frame.