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Declining Dollar

photoU.S. President Bush came away with a clear message from an economic forum of Pacific Rim countries this weekend: stop the decline of the U.S. dollar. The chairman of the U.S. Federal Reserve Board Alan Greenspan warned last Friday that the U.S. needs to change course or face the consequences.

The worst-case scenario of a freefall in the U.S. dollar: a sharp rise in interest rates, a slump in borrowing, a world-wide recession. Now, some U.S. economists are fearing such a scenario.

Hear about the weakening American dollar and what it means for business, jobs, the stock market and you.

Guests:

Greg Ip, covers the economy for the Wall Street Journal

Stephen Roach, chief economist, Morgan Stanley

Frederic Mishkin, professor of economics at Columbia University

This program aired on November 23, 2004. The audio for this program is not available.

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