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624 Comments
- scintech, on 11/10/2007, -17/+335With a deficit running at about a trillion a year, what's remarkable is not that 7 countries are getting away from the dollar. What's remarkable is that the dollar has still any value at all, and that ONLY 7 countries are getting away from it!
- notfaded1, on 11/11/2007, -6/+271No matter what your politics are about this doesn't sound good.
- PPoff, on 11/10/2007, -15/+209You can only print so many Greenbacks before somebody (or in this case 7 nations) decide to call your bluff.
Ironic that this is happening under an 8-year regime of the so called 'small government' party. - whojaybe, on 11/10/2007, -15/+116well, i blame it on the government!
- MrBabyMan, on 11/08/2007, -5/+105That Canadian loonie is looking prettier & prettier every day.
- VIrus9, on 11/08/2007, -8/+84The government is partly to blame, but so are banks and consumers.
Banks share part of the blame for allowing too much "easy credit" and consumers share their part for not resisting the temptation. These are two of the biggest factors which are driving the dollar down.
Also, for those of you who think that we need to impose more taxes on the rich in order to provide more funding to social programs for the poor, that does it's part toward driving the dollar down as well. The "Robin Hood" syndrome only incites the rich to charge more for the goods and services they control, hurting not only the poor, but the middle class as well.
If the federal government were funded by a national sales tax, instead of by by the ridiculous assortment of taxes it's currently funded by, it would make it far more attractive for businesses to raise wages and lower the costs of their goods and services. Meanwhile, workers would get their full paychecks (something that hasn't happened in this country in a long time) and would only pay federal taxes when they bought stuff. That would also give them more of an opportunity to use their spending power to flex their political muscle, which is not only more effective than voting, but it can be done at any time as opposed to waiting for the next election cycle. - keozen, on 11/08/2007, -3/+78The phrase "You look like a million dollars" isn't nearly as much of a compliment as it used to be
- Mister2zx3, on 11/10/2007, -11/+84This is ALL PLANNED. Get Ready for the Amero, the Euro counterpart, to step in soon in legislation to "save the day".
- jj101, on 11/08/2007, -2/+62Lol. Never start a land war in Asia.
- Dumbledorito, on 11/08/2007, -3/+53Foreign aid isn't even a drop in the bucket.
Stopping the wars costing us trillions, however... that might have an effect. And even if you're for the war, those trillions are going to buy fewer and fewer bullets. - DangerCollie, on 11/08/2007, -3/+53Soon the dollar can look forward to parity with the peso! Canadians will be hiring illegal Americans to mow their lawns.
You right wingers really know how to pick 'em. lol. The Republicans have been selling us all out the last six years. - sophia269, on 11/08/2007, -8/+55I wish there was an easy way to convert dollars to Euro's. I'd just convert all my money in savings, wait a few months, and I'd get a 10% return by doing nothing at all. In the short term, there is no way the dollar recovers. It is just going to fall further.
- inactive, on 11/14/2007, -34/+80The destruction of the dollar was part of the neocon plan. Their wicked plan is to take over all three branches of the government during the catastrophe (read White House Presidential Executive Order -- http://www.whitehouse.gov/news/releases/2007/05/20 ...
They also plan on combining with Canada and Mexico to create the North American Union (google the Amero currency).
If you enjoyed the Bush/Cheney rule, turn up the volume towards Nazi rule. Neo-conservatives (neocons) are fascists, and their goal is complete global domination, gain and power at your expense. - FatFreddy420, on 11/14/2007, -17/+62This is one of the major reasons the US invaded Iraq. Saddam had threatened to move away fron the dollar as it's trade currency and use the euro. The majority of US media chose to ignore this (using Terror!! Terror!! instead).
- knomevol, on 11/08/2007, -4/+45consumers didn't print money out of thin air.
think what you want about the other mentioned items - printing money out of thin air is what is killing the dollar. trillions and trillions of it. the unseen tax as the money an american citizen holds to buy groceries and pay the mortgage becomes less and less valuable with the printing of each new bill with nothing of value backing it up except the slavery of our granchildren to pay it off. poor little bastards. - degron, on 11/08/2007, -1/+41forex
Now you only have 2 more wishes... - inactive, on 11/11/2007, -20/+59This kind of reminds me of the Dallas Cowboys. Everybody loved them and then a few bad years and now New England is America's team. Everybody wants to be with a winner and the dollar is not a winner right now
- inactive, on 11/10/2007, -10/+47shortly before the US invaded iraq, it was accepting euros for oil transactions, shortly around the invasion, it returned to dollars. look it up.
the 'petrodollar' may be THE reason of the middle east wars. google 'petrodollar', some serious scholars discuss it. - LeRenard, on 11/08/2007, -1/+35Economic aid to Saudi Arabia? If you count borrowing money from them to pay for the war we can't afford ourselves as "aid", then yes.
- ImportSport, on 11/08/2007, -4/+36Reading something like this and thinking you have insight to how global economy functions is like reading a high school science book and thinking you understand genetics.
- oreonblade, on 11/10/2007, -14/+45Just curious...does the US provide any economic aid to some of these countries (namely Saudi Arabia & South Korea)? You'd figure the US would cut off aid just to at least lower the rate of the deficit.
- k3ano, on 11/12/2007, -4/+33The rest are quite friendly, they just don't like the US.
- halligan00, on 11/09/2007, -8/+37What are you, a jackass?
My salary is denominated in dollars, as are my savings. When the value of the dollar falls, I lose income and wealth.
I know that, at the end of the day, the value of the dollar is set by supply and demand. This is a case of oversupply - the US spends money it doesn't have on a war it doesn't want; and to prop up the economy, it allows banks to loan money that they don't have to people who can't repay it. In 2000, the M3 money supply was $6.75T. Today, it's $12.75T. That's $6T that showed up somewhere - almost a trillion dollars a year, and as far as I'm concerned, it came out of your pocket and mine. Who got it?
When these 7 countries stop using the dollar, demand will drop, against this increase in supply, the results will be terrible. When China unloads it's holdings, the results will be catastrophic. - knomevol, on 11/08/2007, -7/+34groceries for my children to eat aren't paid by the cowboys winning a superbowl.
- killroy1970, on 11/08/2007, -13/+39Outside of extreme highs and lows (hyper inflation, etc.) there is no such thing as a "bad" currency value - it is what it is. If our currency goes lower, then our exports get cheaper and helps domestic manufacturing. The company I own was able to get a huge boost in sales in our exports to Mexico which will help me hire more people, simply because the dollar was cheaper now. So I don't get too worked up about all this - the market determines what is the "right" currency value with all of the associated pluses and minuses. Rapid acceleration and deceleration are the only concerns, which is still very unlikely.
- kurtwinter, on 11/08/2007, -12/+38Good ***** job morons. Between burying your heads in the sand over terrorism and global warming, here's another issue for you to ignore. Because only people who hate America point out the obvious. ***** idiots. Go watch Nascar and stay the ***** out of the voting booths next November - the adults need to take control again.
- Jwoey, on 11/08/2007, -2/+27only slightly less well-known is this: never go in against a Sicilian when death is on the line!
- jeff303, on 11/08/2007, -5/+29Not really. It means goods with any foreign labor or materials (hint: almost everything) will be more expensive as US companies are at a weaker currency position. Also, American companies with foreign investments (hint: almost all of them) will be more reluctant to accept US dollars as payment because of the weaker float, so they will charge comparatively more to make up the difference.
- imthe1, on 11/08/2007, -2/+26The US is how many trillion dollars in debt? The government borrowed that money (republicans and democrats alike).
- dragon76, on 11/08/2007, -3/+26Only problem is foreign tourists do not view America as an attractive destination due to xenophobia after 9/11 and the vocal stance of the right on immigration.
- Ratteler, on 11/08/2007, -0/+23I think you got that backwards. Cheney is clearly the secret Emperor, and Bush is HIS apprentice.
- killroy1970, on 11/10/2007, -4/+26You have to be kidding me?? Wish there was an easy way? Walk into any major bank, hand them some dollars, get back some Euros, and go back in a few months and do the reverse. And most likely tax free by the way since no paperwork with a tax ID takes place (another major plus for currency trading).
- Daedalus81, on 11/08/2007, -2/+23Is it? While we still have goods to sell aren't most of the made in China? Sure, the companies in the US get the money, but that just means the rich get richer. When I start to see manufacturing jobs come back to the states then i'll agree that it will be good for the working class. Otherwise it means more expensive gas, food, clothes, and shelter.
- inactive, on 11/08/2007, -5/+24Big government enslaves citizens with burdensome overtaxing, ignores citizens' rights, rules by deception, overspends and caters to special interests.
Have you enjoyed the Bush and Cheney series of lies, the Iraq war deception, the cost of the war being ten times more than pre-war estimates? Or, maybe you haven't felt the pain because you haven't been sent your portion of the bill. - crazydiode, on 11/08/2007, -1/+20Actually this is the first time I am reading football analogy when discussing about America on Digg...
- williamdyer, on 11/08/2007, -0/+19Whoever hacked the Diebold machines. You don't think elections are "managed" in the U.S.?
- chall2001, on 11/08/2007, -3/+21There's solid economic theory behind that?
Thank you for elaborating and/or providing a link on that "solid economic theory" of yours. - nnagflar, on 11/08/2007, -3/+21Washington's dirty little secret.
- Daedalus81, on 11/08/2007, -18/+36Don't worry! We will invade them soon anyway!
- ridiculicious, on 11/08/2007, -0/+18Exactly. This is the real problem. The government is spending all of our money and we aren't getting anything out of it. Meanwhile, the dollar sinks ever lower, people can't buy as much with the dollars they do have, and credit card balances go up.
Iraq - what a great investment. We had a "war for oil" and it's about to top $100 a barrel. Good work, *****. - inactive, on 11/08/2007, -2/+20Buy gold or silver. They can be traded for any currency and are tied to no central bank.
- worthone, on 11/08/2007, -2/+19Blame it on who you want, you're still screwed.
- 955701, on 11/08/2007, -3/+19Humans do not work well in large groups. Beyond 80-120 people, they lose compassion for their peers. That requires organization structures where the higher levels destroy the lives of sections of the lower groups with little care. It IS the reason why the constitution gave the states and lower levels the majority of the power.
So it wouldn't be a big deal if the "states" in Mexico where individual states in the US, and the territories in Canada had equal footing as US states. I don't think that's likely to happen... - mydigglogin, on 11/07/2007, -0/+16It's called "foreign denominated CDs."
- Daedalus81, on 11/08/2007, -1/+17Power corrupts. Asolute power corrupts abosultely. Not to mention that combining the countries could void the Constitution.
- lunarworks, on 11/08/2007, -6/+21Iraq was planning on switching to the Euro for oil sales.
You know what happened to them. - alpha94, on 11/10/2007, -10/+25You just wait till OPEC stops using the US dollar as the currency to purchase oil and see what happens to your economy. You guys voted for Bush, you got what you wanted.
- inactive, on 11/08/2007, -2/+17hmmm, so maybe Iraq wasn't about securing the petro-dollar, but trashing it once and for all?
if that's the secret plan, well, it seems to be working - scorchedearth, on 11/08/2007, -7/+21Hello upcoming currency crisis
- inactive, on 11/10/2007, -8/+22 The Fed isn't doing much to fix it? They Caused it!!!! The ignorance of the mass of people as to the nature of coin and credit is staggering.
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