"HEADLINES shout the fact that the dollar has dropped in value compared to the German mark, the Japanese yen, the Swiss franc?ÛÓeven, lately, the British pound. With a tone of despair, New York hanker Robert V. Roosa, sometimes mentioned as a possible successor to Arthur F. Burns at the Federal Reserve, makes a ?ÐÊ sarcastic reference to the ?ÛÏsinking dollar?Û? and what he terms the ""benign neglect"" policy of the U.S. government.</br></br>Roosa wants the United States, West Germany, and Japan to intervene in foreign exchange markets to support agreed-upon rates for the Big Three nations?Ûª currencies. Burns himself, in his best stentorian tones, warns a congressional committee that ?ÛÏwe dare not be complacent about the current depreciating tendencies of the dollar.?Û?</br></br>Burns?Ûª concerns now are echoed routinely by Treasury Secretary W. Michael Blumenthal, who in every speech and congressional appearance swears on a stack of Bibles that he is not trying to depress the dollar to get a competitive advantage for U.S. exports. Eearlier this year, Blumenthal incurred the wrath of the German and Japanese governments?ÛÓand of Burns?ÛÓ</br></br>In an interview with this reporter on July 21, Blumenthal said, ""I would be quite happy to live with whatever the result (of exchange rate fluctuation) is.?Û?</br></br>To our competitors in West Germany and Japan, that sounded as if Blumenthal was talking the dollar down in an effort to reduce the massive U.S. trade deficit, now estimated at $30 billion. Even with offsetting surpluses on services, the net current account deficit will be about $18 billion this year."