Judging by your main leader and your briefing about the falling dollar (“The Panic about the Dollar” and “Losing Faith in the Greenback,” December 1, 2007), you seem to be quite worried about the effect of the American currency on global economy. I reckon you are exaggerating a bit. The international central banking system appears to be astute enough. As your briefing clearly shows, dollar reserves as a proportion of total currency reserves dropped to their long-term minimum of about forty-five percent precisely in the early 1990s, in the wake of the last American recession. In the wake of the current American recession, that proportion is likely to drop still further in the next few years, to about thirty-five percent of total currency reserves. And that is likely to be the end of the dollar panic that is gripping the markets at this moment. After all, America is now about that much smaller in proportion to the global economy as a whole.