Well, he's right about the devalued dollar! Last time I was in Europe,
the euro was worth about $1.25 (considerably different from the initial
$0.85 or so). It' has now slipped even further - when I checked today's
rate, it's up to $1.32!

A low dollar may well boost exports, which is a fine thing. On the other
hand, imports (especially oil) become more expensive. When the Euro was some
$0.80 the European export industry was doing much better than now.

So what is better, an overvalued or an undervalued currency?