Fixed exchange rates did not work in the past. Currency values should be determined by market conditions. A drop in the exchange value of a nations currency means that it is importing too much, that it is too inefficient to compete in world markets, that it is permitting a high rate of inflation which makes its goods too expensive, that it is going too deeply in debt, or that others have lost confidence in the nations stability. A nation should bring its exchange rate back up by addressing these problems, not by interfering with the money market.
A. The solution to this problem is to end the system of floating exchange rates and return to fixed rates.
B. Some people suggest therefore, that the dollars value should be more tightly controlled
C. The United States lost face in the eyes of the rest of the world.
D. Because the dollar acts as a world currency, its value affects many nations.
E. This made it difficult for Americans to purchase foreign goods and services.
F. Those who borrowed a lot of money from a bank suffered most.
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