What happened to the dollar in Nov 1978? Arthur Burns (1979):

&quot;Benign neglect&quot; of the external value of the dollar came to an end dramatically, and I would hope irrevocably, in November 1978.

What event(s) of Nov 1978 is Arthur Burns referring to?
Well, the Fed began raising interest rates to record highs in late 1978. I thought it was mainly to quell inflation. Maybe Burns - who was Fed chairman up to Jan. 1978 - thought it was mainly to strengthen the value of the dollar.