Word: operationsâ
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...dollar sellers?basically companies and banks that acquire dollars through normal commercial operations???could see only that the inflation rate was rising in the U.S. while it was going down in other countries, and Washington in their view was doing little to check it. Different sections of the Government were even working against each other. Step-by-step increases in interest rates forced by the Fed failed to halt an inflationary increase in the U.S. money supply. So those who sold dollars regarded the sales as a can't-lose bet. Their thinking: So what if the dollar is undervalued...
Chief of Naval Operations???Admiral William Veazil Pratt...
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