I agree with Jozsef that the free-fall of the dollar is worthy of
investigation by W-S theorists. Presumably elements of the
global financial community are finding plenty of profits in it,
and may also be ultimately responsible via their control over
enormous pension & trust funds. Also, the US govt may be quietly
pleased with the boost that the fall is giving to sales of US
exports. But I think that it is premature to view the value of
the dollar at any given moment as an accurate reflection of the
degree of US power in the world-economy. US hegemony is indeed
sliding, and has been doing so for a long time, but its
relationship with the value of the dollar is indirect, at best.
-Peter Grimes
p34d3611@jhuvm.hcf.jhu.edu