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U.S. Dollar Gains Evoke Connally’s ‘Your Problem’ Rebuke
Former Treasury Secretary John Connally summed up the U.S.’s attitude toward nations bemoaning the dollar’s gyrations in 1971 when he said “it’s our currency, but it’s your problem.” Today, the phrase is gaining new relevance with the greenback wrapping up one of its best years ever. It’s gained versus all 31 major currencies tracked by Bloomberg, while an index of 20 emerging-market exchange rates fell this month to its lowest level in more than a decade. Nations from Mexico to India and Indonesia have intervened in markets in an attempt to prop up their currencies. For many of those countries, whose ... (full story)