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The Dollar Deluge; The Bush team signals that its 'strong dollar' policy will be a reflection of its military policy: ideological and unilateral.(Cover Story)
Byline: Jeffrey E. Garten (Jeffrey E. Garten is dean of the Yale School of Management.)
There was one telling sign about U.S. Treasury Secretary John Snow's trip to Europe this past week. Everywhere he went he reaffirmed that the Bush administration supported a strong dollar. But while traders and investors from Wall Street, London, Tokyo, Hong Kong and elsewhere listened intently to Snow's every word, they weren't convinced by his mantra. Fact is, as Snow made his way from Dublin to Berlin, with interim stops in London and Warsaw, the greenback dropped against the euro, the British pound, the Swiss franc, the Polish zlotys, the Japanese yen, the South Korean won ...
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