To: John Snow From: AAAinthe Beltway You know from your previous Washington experience and your career as CEO of CSX that our Treasury Secretaries are not always experts in the nuances of the international FX and securities markets, not to mention global derivities trading. Moreover, you surely understand that the market is continually parsing any comment the US Treasury chief makes on the dollar for the slightest nuance. Accordingly, a practice arose among prior Secretaries, most notably Robert Rubin, to answer any question regarding the dollar with a standard pahrase, typically "A strong dollar is in the interests of the US", and refuse any other comment. It is perhaps ironic that this administration would be advised to continue a practice of the prior one, considering the prior President's determined efforts to disgrace his office and his current egregious failure to practice the verbal self-restraint expected of ex-presidents. Nevertheless, your recent forays into commenting on the dollar demonstrate the wisdom of this policy. Wittingly or not, you have given a signal to the markets that the US is quite happy to see the dollar fall. You may recall that a prior Republican Secretary, James Baker, found it easier to start a slide in the dollar than to stop it. Markets have a tendency to go to extremes, and extreme weakness in the dollar can wreck havoc in the markets. The unfortunate experience of October 1987 bears witness to that. Should you require additional consultation of this or other matters, I can be reached through the message boards at www.elitetrader.com, the site for elite traders.