Treasury secretary blasted for dollar's malaise and his apparently cavalier attitude to the growing US current account deficit which now stands at 4% of gross domestic product
In search of a scapegoat for the dollar's latest bout of dyspepsia, the foreign-exchange market settled on US Treasury secretary Paul O'Neill. O'Neill is something of an original in a town where ideas are cut to fit this year's fashions. He speaks the truth. His audience might prefer that he recite on command his predecessor Bob Rubin's mantra, 'a strong dollar is in the best interest of the US'', but O'Neill refuses to play the game. You've got to admire a guy who is honest enough to admit that the foreign-exchange value of the dollar is a reflection of policy, not a policy in and of i...
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