When the com-merce Dept.an-nounced on Mar.16 that the current-account deficit bal-looned to a record US665.9 billion last year,the dollar took a knock,falling lower against the euro and the yen.Behind the currency's swoon:concern that the U.S.has become so dependent on foreign numey to fund its current-account and budget deficits that sooner or later the dollar must crash.
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