Battered by bad news and mounting fears over the American economy, the dollar plumbed new depths on Thursday, helping drive oil prices to record levels. The greenback traded at a new low of $1.56 against the euro, while oil prices settled at $110 a barrel. Early in the day, the dollar sank below 100 Japanese yen for the first time since 1995, but it ended the day slightly above that milestone. (New York Times, Friday)
Government failure.
FEE Timely Classic
What Government Officials Cannot Know by Brian Summers