President Trump recently took to Twitter to bemoan the “strong” dollar’s impact on trade and called for quantitative easing as an antidote. This latest push for aggressive monetary devaluation follows previous reports that White House adviser Peter Navarro had presented Trump with a plan to devalue America’s savings and earnings under the misguided belief that this would help us better compete against China.

The ridiculous notion that currency devaluation is a path to prosperity has unfortunately attracted bipartisan support from a group of pseudo-intellectual politicians, including Senators Josh Hawley and Elizabeth Warren. Both have alleged that the “strong” dollar is a deterrent to U.S. growth. But their arguments beg the question: Is the dollar really all that strong in the first place?