Business: Shrinking Role for U.S. Money
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The long-playing saga of the declining dollar has demonstrated —that a weakening currency fosters a vicious circle. The dollar's decline not only causes more inflation in the U.S. but also gives OPEC an excuse to push petroleum costs still higher, because oil prices are set in dollars. As the latest run on the dollar continued to lose momentum, officials in Bonn and Washington recalled that in the battle of the buck the next round of speculation has always come more quickly and been more ferocious than the last.
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