George Bush seemed to surprise the Wall Street Journal (subs. req'd) with the limits of his statement about the dollar --
WSJ: Next week, the G7 finance ministers are going to be meeting here. And there has been a lot of concern, obviously, about the value of the dollar around the world, and some calls for the U.S. to put more action behind its vow that we support a strong dollar. How do you respond to them, and do you think Treasury needs to intervene at all at this point?
PRESIDENT BUSH: Secretary Paulson, of course, is our main spokesman on this issue, and he reflects the view of this administration that the strong dollar policy is the correct policy. And we also believe that the best way for a currency to become valued is through the market.
WSJ: That's it?
PRESIDENT BUSH: Yes.
The "strong dollar" mantra doesn't have quite the same weight when a dollar buys less than 50p in London.