Business: Propping the Dollar at Last

But will U.S. intervention buy anything except temporary relief?

The timing was unusual: major shifts in U.S. financial policy are not normally put into effect while the President is jetting around the world on a goodwill tour. But action to prop the falling dollar could not wait. When currency markets around the world reopened last week after the New Year holiday,

the dollar's long slide in value turned into a headlong, chaotic dive. In Zurich, where selling pressure was greatest, the plunge lopped nearly 4% off the dollar's value against the Swiss franc in a single day. So, at just about the time...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!