Maybe they didn't like George Bush's speech, or maybe they were worried about European integration. Or maybe they just felt dyspeptic. Whatever the reason, currency traders dumped dollars by the billion late last week. A huge sell-off drove the greenback down as low as 1.4250 to the German mark, its lowest level since the deutsche mark was created in 1948.
The fall came despite nearly heroic efforts to stop it. No fewer than 17 central banks, including the German Bundesbank, the Swiss National Bank and America's own Federal Reserve, began buying hundreds of millions of dollars as the rate slipped below...
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