Gloomy economic picture knocks dollar to record lows »
Posted By STONERS 1 year, 8 months ago in Business & FinanceThe dollar tumbled to record lows against the euro and a basket of key currencies on Tuesday after weak data added to worries over the ailing U.S. economy and a Federal Reserve top official signaled more interest rate cuts.
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STONERS1 year, 8 months ago
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"The make-or-break event today was the Ifo survey. It confirmed the idea that the European economy is doing much better than the U.S. economy and that the whole notion of decoupling still exists," said Boris Schlossberg, senior currency strategist at DailyFX.com in New York."
"It's very unlikely that the ECB will lower rates any time soon, and the interest rate differentials are going to be more of a factor as we go forward."
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TheRealizer1 year, 8 months ago
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The U.S. is about to join many other Empires in the history books. It is not possible to be an Empire builder and consumer nation at the same time, and do it all on borrowed money. The U.S. now owes the supplier nations of the world in the
neighborhood of 10 TRILLION DOLLARS with no visible means of support! We have not borrowed our way to prosperity, we have borrowed our way to bankruptcy. One day soon no one will sell us oil or cheap junk, because our credit and dollar are worthless.
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nikkibabe1 year, 8 months ago
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Congratulations to Bush, Cheney, Saudis and Exxon/Mobil for the economic crisis brought about by oil prices that millions Americans cannot afford.
Credit Card debt, payment backlogs and mortgage delinquencies are a direct result of American consumers diverting their money to fill up gas tanks which otherwise was earmarked for paying mortgage and credit cards.
Merchants in India now don't accept US$ but Euros. NY merchants now prefer Euro to US$. Look at Canada, their $1 dollars buys US$1.30 which is a straight reversal of the rates back in 2001.
John McCain says he will continue the disastrous policies of Bush&Cheney.
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rumple4skin1 year, 8 months ago
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Today it will cost me $1.50 to buy one Euro. This is supposed to be good for 'our' economy because, as the theory is preached - more 'merican goods will be sold in overseas markets. Who wants to buy American cars, computers, refrigerators, televisions, or wine? They can't beat us on the battlefield so they will compete on the monetary battlefield using currency and a common-sense approach to national budgeting.
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