Bush Attempts to Strengthen His Weak Dollar

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The Bush administration is now in a severe policy squeeze. Rising oil and food prices are rapidly increasing the probability of a serious recession. Those prices are being driven upward in large part by a weakening dollar and speculation that the dollar will weaken further as investors worldwide sell a variety of dollar-denominated assets to purchase upward-moving dollar-denominated oil contracts as a hedge against inflation.

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At www.americanprogress.org

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