How to Kill a Dollar
Many complain that the Fed's near-zero interest-rate policy is debasing the dollar and eroding the currency’s purchasing power. But, if there is a threat to the dollar, it stems not from monetary policy, but from the fiscal side.
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BERKELEY – The dollar has had its ups and downs, but the downs have clearly dominated of late. The greenback has lost more than a quarter of its value against other currencies, adjusted for inflation, over the last decade. It is down by nearly 5% since the beginning of 2011, matching the lowest level plumbed since the Bretton Woods System of pegged exchange rates collapsed in 1973.