The Buck Stops Where?David Greising
Gravity has gotten the better of the dollar. Struggling to keep its value since the Federal Reserve cut interest rates in early July, the greenback finally gave way Aug. 21, when it began a two-day plunge that drove its value down 3% against the German mark--a postwar low. The Federal Reserve and other central banks hit the foreign exchange market hard, buying up billions worth of dollars. But the bankers just couldn't hold the line.
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