The U. S. economic fundamentals do not justify the collapse of the dollar. To be sure, America piled up too much debt over the past 15 years to finance both government and trade deficits, and there is a huge overhang of dollar-dominated debt throughout the world. But recent U. S.business productivity has been rising at a heady annual rate of 2.1% forsome four years, better than either Germany or Japan.
The problem lies in the mechanical structure of the foreign exchange markets. The Yen is appreciating because many investors assume the U.S. government wants the yen to rise in order to treat chronic trade imbalances. Then there is Mexico. The U. S. is acting as lender of last resort to the battered Mexicsan economy, and its crisis is fueling investor fears that the U. S. could end up paying out more to prop up its economy and discredited government. On the face of it, investors have found the best chance to get profits. We live in the death of morarity.
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