Dollar: green peace?

Barack Obama has been awarded the Nobel Peace Prize for efforts in «international diplomacy». But the domestic focus of the president’s super-stimulus policies increases the risk of a severe global currency dislocation. The dollar’s recent fall has been rapid – 15% since March on a trade-weighted index – though it remains 7% higher than the all-time low hit in April 2008. If words could keep a currency up, there would be nothing to fear. The heads of both the US Treasury and the Federal Reserve...