Abstract
We have to interrupt our narrative at this stage for the sake of an important diversion, to examine the part Euro-dollars played in the tragedy of the dollar. One of the reasons why the dollar’s international prestige and influence continued to increase even after the progressive decline of its inherent strength was the spectacular expansion of the Euro-dollar market. But opinions are divided whether it was a source of strength for the dollar or a source of weakness. Was the availability of almost inexhaustible supplies of borrowed dollars not one of the main causes of the decline of its strength? It is a question to which we would all like to find an absolutely convincing answer, and over which experts are likely to pursue their inconclusive arguments for generations to come.
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