The Incredible Superdollar

While TIME's European Board was meeting last week, American tourists abroad were enjoying the benefits of the strongest dollar in years. Travelers in French restaurants, British department stores and Italian antique shops happily found that their dollars bought a lot of the good life. Despite yearlong predictions that the U.S. currency would fall in value, it was flying higher than ever. The dollar reached a ten-year peak against the West German mark and set records against French, British and Canadian currencies.

Bargain-happy vacationers were not the only ones to notice. As the linchpin...

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