Word: greenbackism
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...doing something, and not just for businesses, which Greenspan indicated are busy healing themselves for summer. What really worries Father Greenback in times like these is the fragile courage of the American shopper, and you can tell he cares because he practically waxed lyrical...
...dollar could prove stronger against the competing euro than most analysts expect. But Hormats was less sanguine about overseas investment, pointing out that "if the foreign capital decides it's not so willing to come in, then we have a currency problem," as investors rush out of the greenback...
...Thursday to testify before the Senate Budget Committee with Washington and Wall Street listening not for clues about next Tuesday's FOMC meeting - "I want to emphasize that I speak for myself and not necessarily for the Federal Reserve," Greenspan reminded the senators at the start - but for Father Greenback's word on whether or not Bush's $1.3 trillion tax cut is a good idea...
...much as they used to). As for the larger economy, one of the bones of contention between Greenspan and the first Bush was that Bush's Treasury people thought the Fed chairman should be jawboning the economy, and Greenspan thought that was silly, and it's doubtful Father Greenback is worried about young Mr. Bush making the recession happen with a few holiday hints about being prepared for the worst...
What has happened is the exact opposite. Far from becoming dangerously weak, the dollar, if anything, may be a bit too strong. So far this year it has risen about 6% on average against the currencies of the 19 most important U.S. trading partners. In May the greenback hit a four-year high against the British pound, while the euro, introduced 17 months earlier at a price of $1.17, fell briefly below 90[cents...