At 08/12/02 23:13 -0800, you wrote:
I don't want to appear pedantic, and there does not have to be a one to one correlation between material economic interests and social and psychological constructions but sorting out this detail might be instructive. Doug did write:Chris asked:> why would manufacturers favour a strong dollar policy? They don't and this was Doug's point.
O'Neill came out of fairly traditional heavy industry and always expressed hostility towards Wall Street - and they returned the favor. They never trusted his dedication to a strong dollar policy, one issue that divides manufacturers and financiers.
No doubt there are all sorts of personal detail complicating the broader picture but the international markets seem to assume that the dollar will now be allowed to fall. Now that O'Neill has been sacked. It is not just "another industrialist at the US Treasury". It is a change of policy.
Chris Burford
