11/29/2010 05:12 am ET Updated May 25, 2011

Simon Johnson: Why Obama's Economic Plans Require A Weaker Dollar

What this conventional wisdom misses is that we experienced a severe credit crisis of the kind more typically seen in recent decades in middle-income emerging-market countries. The U.S. can recover quickly -- and jobs can come back much faster than expected -- but only if the dollar now depreciates.

Like it or not, significant dollar depreciation is more probable than most now suppose.