The American dollar has been declining irregularly on world money markets for the past five years, but never in the postwar period has its value against major European currencies sunk so low for so long. Since last September, the greenback has fallen roughly 13% against the Belgian franc, Dutch guilder and West German mark, and has lost 20% of its former worth in French and Swiss francs. Last week U.S. currency fell below the level of four francs to the dollar for the first time since 1973—and the consequences of its slump...
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