Today, part four of the Uncommon Knowledge interview with economists John Taylor and Ken Judd, to whom I read an excerpt from a column by one Patrick J. Buchanan:

The dollar is plunging because America has been living beyond her means, borrowing $2 billion a day from foreign nations….And a superpower with a sinking currency is a contradiction in terms.

My guests offer a stout and spirited defense of free trade, offering as lovely a three-minute summary of the benefits of same as you’re likely to come across. But one then grants that, as regards the dollar, Pat Buchanan may just have, ahem, a point.