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Commentary ~ May 26, 2003: U.S. Treasury Secretary John
Snow's recent attempt to downplay the dramatic drop in the value
of the American dollar is a lame attempt to whitewash Bush's inept
handling of the economy. Despite the fact that the euro has gained
27 percent against the dollar over the past 12 months, and the dollar
has lost 9.5 percent of its value against the Japanese yen, Snow
claims that the greenback's slide is a "fairly modest realignment
in currencies."
According to Bloomberg
News, 21 of 30 traders, analysts and investors now recommended
buying the 12-nation European currency instead of the American dollar.
Furthermore, the
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