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the Dollar  Mises Daily: Monday, December 27, 2004 by   The
dollar has again hit a new low in recent weeks on the
international currency exchange. The blame is falling from most
sectors of public opinion on our legislature, with its debit
spending at an all-time high. A few say that the Federal Reserve
(FR) could do something about it, but they deny it. Greenspan
himself, in his recent conference in Germany, explained once
again that interventions are only temporary and ineffective.  He
speaks correctly when he implies that interventionist attempts
to manipulate the exchange rate or strength of the dollar are
futile in the long run; but more importantly what he doesn't
say, and may not even admit, is that the FR does play an
important role in federal spending