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Article: With a Changing Economic Perception, the Dollar Bucks Up
- Article from:
- The Washington Post
- Article date:
- April 4, 1996
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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At this time a year ago, the U.S. dollar was falling out of
bed. Day after day the currency hit new lows against the Japanese
yen and German mark, with the Clinton administration being hammered
by critics for not doing more to stem the slide.
To many commentators, the fall of the currency was taken as
evidence of some deep flaw in the United States, its economy and its
government's policies, particularly its large continuing budget
deficits.
Federal Reserve Chairman Alan Greenspan called the dollar's
decline "overdone . . . unwelcome and troublesome," and said defeat
of a constitutional amendment to require a balanced federal budget
helped to undermine the currency.
Some Republican ...