Time Essay: What to Do About the Dollar

After long considering a strong dollar a national birthright, Americans lately have learned the humiliation of holding a currency that sinks, slumps and plummets almost every day. In the past year the dollar has declined 17% against the West German mark, 29% against the Japanese yen and 34% against the Swiss franc—and even 9% against the Indian rupee. The Carter Administration has responded with a Dr. Feelgood litany that the dollar's health is sound, and that it will recover from its indisposition if everyone will only wait long enough. But the world's money traders are not buying that happy talk and...

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