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...
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