If you expect the dollar to continue going down, should you buy foreign stocks? Not necessarily. One consequence of a devaluation is a unilateral wage reduction. In an export industry, that’s pure gravy.

Suppose that you were, as I once was, a wine grower in France and (as it did under President Mitterrand) the franc lost half its value against the dollar. Bliss! Your expenses stay about the same, while the dollar component of your sales soars, as do your profits.