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A third cause of the dollar decline is, as the Journal notes, Greenspan himself, �the fact that the Fed has for some time been running a looser monetary policy than either the European or Japanese central banks.� Thus the dollar has sunk to 103 yen and a euro, worth 83 cents early in Bush�s term, is now worth $1.30. More relevant than the dollar�s euro or yen exchange rate is its price in gold. Early in Bush�s term, gold was selling around $260 an ounce. The day Greenspan spoke, it hit $447, up 72 percent.