Word: naftas
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...hindsight, they say, of course, everybody knew that the Mexican peso was overvalued, that the financial reserves were declining and that Mexican imports greatly exceeded exports! Give Ross the credit he deserves; he had the courage to state the obvious when many others closed their eyes during the NAFTA debates...
While the political stakes of the devaluation are enormous for Zedillo, they loom large as well for Bill Clinton. Little more than a year ago, the Administration sold NAFTA to Congress by arguing, among other things, that locking in low tariffs would boost the American trade surplus by making U.S. products cheaper in Mexico. Thanks to the peso's plummet, American-made goods could now be as much as 50% more expensive for Mexican consumers. Products from herbal shampoos to frozen desserts sold south of the border will be hard hit. "The peso has been devalued," says Texas...
...Nike illustrates, the impact may not be as great as it seems on the surface. But the fears that the devaluation has raised add ammunition to the arsenal of free-trade critics who warned that Americans would be hurt more than helped by NAFTA's close entwining of the U.S. and Mexican economies. In a blistering op-ed article in the Los Angeles Times, Ross Perot, NAFTA's most vocal adversary, declared the devaluation would cost the U.S. thousands more jobs and as much as $20 billion in lost investment capital...
...should also be glad NAFTA has forced Mexico to face certain global economic realities. The expensive peso was unrealistic, but could be kept high under a protectionist economic policy...
...that Mexico is becoming a larger player in the world economy, it has been forced to concede to currency market forces. By doing so, Mexicans should both create jobs and boost trade in their own country. Thanks to NAFTA, is should do the same in our country. The only true sucking sound is that between Perot's ears...