Dollar plunges as U.S. financial crisis deepens
Monday March 17, 1:05 am ET
The Federal Reserve took more emergency measures to stem the fast-spreading financial crisis, cutting its discount rate on Sunday and opening up discount window lending to major "The speed of the slide in the dollar/yen is so rapid that U.S. action alone can no longer stop the dollar's downward trend," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investment. "The time is ripe for coordinated intervention by U.S., European and Japanese authorities."
investment banks, a tool not used since the Great