Financial Times FT.com

Adjustment or affliction?

By Chris Giles

Published: December 10 2007 19:43 | Last updated: December 10 2007 19:43

Doctors studying dollar x-ray

People love to complain about the dollar. Five years ago, angst surrounded the greenback’s strength and the ever-rising US trade deficit that stemmed from an uncompetitive exchange rate. The fear was that deepening global trade imbalances would end in tears. The dollar must fall, almost everyone said.

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