Behind The Fed's Not To Worry Stance

From Washington to Bonn to Tokyo, it has been a long-held article of faith that a strong currency is the cornerstone of a robust national economy. Lately, this tenet has lost some credence. Since December, the U.S. stock market has surged to new records and bonds have staged a solid rally, even as the dollar collapsed against the German mark and Japanese yen. Meanwhile, as the mark and yen soared, German and Japanese stock and bond markets headed into tailspins that threaten to seriously stall their economies.

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