The Dollar Gets No Respect

Global financial woes deepen

When finance ministers and central bankers from as many as 151 nations converged on Washington last week for a meeting of the World Bank and the International Monetary Fund, they had plenty to talk -- and fret -- about. The U.S. and Japan seemed perilously close to a trade war. The value of the American dollar was nose-diving to new lows against the yen. And the Latin- American debt crisis was flaring up all over again. In short, the world economy was showing distinct signs of stress.

On the day before the formal meeting, delegates from the Group of Seven major...

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