Now, that support for the external deficit and the dollar has been taken away.

ECONOMIST: Currencies

Yet the chief reason they campaign for a measured U.S. buck-weakening program is to "correct" our growing external deficit and avoid a dollar crash and financial market chaos.

FORBES: No Greenback Crash

Foreign central banks financed the remainder of our external deficit by also piling up dollar reserves.

FORBES: No Greenback Crash

And a consistent global preference for the U.S. dollar over all other currencies gives the country unique external liquidity.

WHITEHOUSE: Press Briefing

They wanted the U.S. to do more than it was doing to correct its external imbalance and they showed an interest in actually cashing in their excess dollar reserves for gold.

FORBES: Currency Manipulation

Over the past few years, the dollar has been strong mainly because foreign investors have been happy to finance America's external deficit, thanks to rapid economic growth and high returns, especially in its equity market.

ECONOMIST: The world��s new currency worries

That manipulated, pegged, or fixed-rate system worked well in the early postwar years when there was apparently an unlimited demand for dollar reserves, which we were happy to provide to the world in the form of external deficits.

FORBES: Currency Manipulation

"Every dollar spent inefficiently in developing and procuring weapons systems is less money available for many other internal and external budget priorities, " such as Social Security, Medicaid and Medicare, the report said.

FORBES: Magazine Article

The external value of the local currency, the cedi, has dropped precipitously from 1.4 cedis to the dollar in January 2.2 cedis to the dollar in July -- a drop of 57% in terms of the local currency.

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