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Sparks Fly Over Strong-Dollar Policy: Does It Help, Hurt -- Or Even Exist?(A)
Byline: Donald H. Gold
President Bush admitted a few weeks ago that the strong dollar presents a problem for U.S. exporters. Many took that to mean he wanted a weaker dollar.
He quickly put down that idea. The market, Bush said, should determine a currency's value.
Treasury Secretary Paul O'Neill -- who, with his manufacturing background, might favor a weaker dollar -- chimed in there's been no change in the strong-dollar policy.
Too late. Since then, the currency market has been sniffing around for signs of a weak-dollar policy. Maybe the Bush administration wants to cool off the red-hot greenback after all.
The dollar has climbed for years against major currencies. It's been a boon to investment -- luring foreigners who buy dollars, then buy dollar-priced assets such as stocks, bonds and direct investment.
And strong dollars mean cheap imports -- for example, German cars, Japanese videocassette recorders and Italian silk ties. And what could be sweeter than to be in Paris when the dollar is king?
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