The people in Singapore that is. Can you imagine that since 2004 their currency has appreciated by about 20% with respect to the American dollar? Have they become mentally unbalanced? Do they now think that it's too hard being a global player? Have they suddenly decided that they will not have an export industry anymore?
Nope. Nope. Nope. World-beaters Singaporeans, as the above graphic shows, have actually exported 36%* more in 2008 than they did four years before despite a constantly appreciating currency. And all of this has happened quite painlessly. Shouldn't we send our cry babies on a study tour there?
*At 2006 prices.
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