Most U.S. citizens smugly regard their dollar as the solidest, most invulnerable currency in the world. The somewhat shocking fact is that the U.S. dollar now sells at a discount in relation to practically every other currency in which there is still a free market. The cause is simple. For once in its long, protectionist history, the U.S. is buying from much of the rest of the world more than it is exporting in return. (Lend-Lease arms for the United Nations and exports to U.S. armed forces naturally do not affect the...
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