MONEY: The Battered Dollar

For most of the last 20 years, the U.S. has emptied its pockets abroad with the abandon of a sailor on shore leave. European bankers have grown hoarse warning that the dollar outflow and resulting drain of U.S. gold reserves could eventually wreck the purchasing power of the dollar overseas and endanger the world's monetary system. Last week a succession of dismal developments gave those warnings a new and compelling urgency:

THE TREASURY DEPARTMENT reported that U.S. gold reserves have dipped to their lowest level since 1935. During June some $61 million...

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