How is the WSJ's Econoblog feature like a starfish? It isn't a blog. Oh, you know what I mean. But what is it? I thought that the idea was to get two economic commentators to debate some issue. But in order to have a debate, don't you need some semblance of opposing views? Today Menzie Chinn and Kash Mansori go back and forth on the subject of the dollar, specifically how and when it might get weaker. Here's the edited highlights of the intellectual cut and thrust, culminating in a bold forecast from Chinn. Or something.

Menzie Chinn writes: This precarious balancing act of the dollar has proven far more durable than many observers had believed possible, and so may survive this challenge.
Kash Mansori writes: Thanks for starting things off, Menzie. I think you've put your finger on two crucial points.
Menzie Chinn writes: Kash you make some excellent points.
Kash Mansori writes: I think you're exactly right, Menzie.
Menzie Chinn writes: Kash, you put your finger on the key question.
Kash Mansori writes: You've nailed all of my favorite possible policy actions to help keep the future current account adjustment -- and the dollar decline that will go with it -- from being too traumatic, Menzie. But these policy recommendations are a little like a cardiologist prescribing a low-fat diet and lots of exercise to a heart patient -- it's not fun medicine or easy for the patient to stick to. So I share your skepticism about whether they will actually happen.
The U.S. current account balance will fall, and the dollar will fall along with it. But because this situation is so novel, the questions "how?" and "when?" just don't have any easy answers.

The Structurally Bearish Case for Dollar Decline