Battling the Mighty Dollar

As a key player in the drive to bring the highflying U.S. dollar down to earth, Fred Springborn starts his day early and ends it late. Arriving at his ^ cramped Treasury Department office at about 6 a.m., the foreign-exchange specialist scans a Reuters video monitor through bleary eyes, checking the latest U.S. dollar prices from Bonn to Bangkok. After conferring by phone with colleagues at the Federal Reserve Bank of New York, Springborn heads down two flights of stairs to brief his boss, Treasury Secretary James Baker, who normally arrives before 7:30. In consultation with Federal Reserve Chairman Paul Volcker...

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