By many measures, confidence in the dollar has never been lower, and some fear more Federal Reserve interest rate cuts will make matters worse by swelling inflation and undermining long-term U.S. economic health.
The Fed has cut benchmark interest rates from 5.25 percent to 3 percent since September, and the central bank's Chairman Ben Bernanke has signaled he would reduce them further to boost an economy that many on Wall Street and beyond fear is already in recession.
Some investors fear that whatever success the central bank achieves will have been bought at the expense of future inflation, shattering confidence in the dollar. They say it can be hard to get the inflation genie back in the bottle once he's escaped. In the 1970s, it took a massive tightening campaign that pushed rates past 16 percent before the Fed regained control.
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