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272 Comments
- hawkspur, on 10/10/2007, -13/+120Another fine example of how the Bush Administration has put this nation's economy right down the *****.
- inactive, on 10/10/2007, -6/+66The Bush admin merely exacerbated the problem......It's our ***** monetary policy that is leading us down the *****. Get rid of the federal reserve...errr un-federal reserve.........I'd bet if they'd rename it to something less "governmenty," stupid people might realize they're all being ***** in the ass.
- vat0r, on 10/10/2007, -2/+44Just making way for the Amero..;)
- shug7272, on 10/10/2007, -4/+40This is a BIG deal. Anyone that doesnt understand that... well it would take to long to explain why. BIG.
- brucerchapman, on 10/10/2007, -2/+38Another way of putting it is like this : if you've got a portfolio of US stocks that has grown by about 10% this year, you're still poorer than you were. And you're government is about to cut the interest rate and devalue your currency even more. Now's the time to start thinking about that swiss bank account.
- Authustian, on 10/10/2007, -2/+35That's what happen when a government borrows endless amounts of money from the FED (privately owned, 'for profit' bank btw). More currency in circulation = each piece is worth less. The Euro didn't gain value, the dollar has been steadily losing it's value, hence the now nearly 1:1 US:Canada market, and the rise of gold. Gold's value didn't move, it now just takes more US$ to get the same amount of gold.
- cyberdork, on 10/10/2007, -2/+34Yeah, but unfortunately the US is an importing country. Actually importing twice as much as they export. So in the end a weak dollar is more damaging to the economy that a strong dollar.
A weak local currency is only good for exporting countries such as Germany, China or Japan. - tallboylite, on 10/10/2007, -1/+28I hope it keeps dropping! I live in Norway and travel to the U.S. occasionally. The dollar is nearing record lows against the Norwegian kroner too. Next time I travel back to the US I think I´ll take a week of my salary and buy a car!
- Alex2, on 10/10/2007, -0/+25Federal Debt greater than the sum of all money on the planet?
What did you think would happen? - neffy, on 10/10/2007, -5/+28That's it, I'm moving to Zimbabwe.
- Dumbledorito, on 10/10/2007, -2/+23See, it's that kind of comment that gets you dugg down. If you're going to call someone on percieved ignorance, you might want to provide useful information lest you seem even more ignorant.
- orxor, on 10/10/2007, -1/+22Wait, so you're saying that the federal reserve is not a private bank cartel?
- nick111, on 10/10/2007, -3/+23Because Bush has borrowed about a gazillion dollars off the Chinese on behalf of the taxpayer and given it to his war-profiteer mates?
- torched, on 10/10/2007, -0/+19Yea, except we have about a 75%/25% import to export ratio.
- ctrlfreak13, on 10/10/2007, -0/+17Wish I had exchanged all my money for Euros years ago when it was cheaper than a U.S. dollar.....
- Ramble, on 10/10/2007, -0/+17The £ is currently 1 to two dollars.
- ImNotDrewCurtis, on 10/10/2007, -1/+18Mission Accomplished!
- Valarauka, on 10/10/2007, -1/+18We're mostly in the business of producing and exporting Democracy, I think...
Oh, and weapons. - Sagags, on 10/10/2007, -3/+17This somewhat depresses me because it makes me wonder how long I will be able to live a life as easy and fun as it is now :-(
- e3boy, on 10/10/2007, -0/+140.96 actually and by the end of the year it's expected to be 1.00.
i would guess the US$'s current lower value against other currencies has something to do with Iran selling it's oil to Japan in ¥en instead of US$. Hence less demand for US$ in currency markets. - blairslovechild, on 10/10/2007, -1/+15You need to put this into perspective. I live in Germany. The glorious spin on the Radio was "Euro reaches all time high!" The fact this was due to a collapse in the value of the dollar was a minor afterthought.
Funnily enough, the change in the dollar value never seems to affect European prices of imports (mostly from Asia). This makes us feel like we are being ripped off all the time. Most electronics goods cost 50-100% more than in the US. We're told this is Import duties, or higher costs of Distribution in Europe. In reality, we are charged more because the Companies can get away with it. Most frustrating. - stolenisotope1, on 10/10/2007, -0/+14Good ol' 10000% inflation....
- generalloy, on 10/10/2007, -1/+15There are different types of central banks than the Federal Reserve.
- hiphoc, on 10/10/2007, -2/+16Exporting what? We do not make anything aside from debt and bombs. All our factories are in china. And the countries we are supposed to sell to under all these free trade agreements are too poor to buy this ***** we still make here.
- Dumbledorito, on 10/10/2007, -2/+15Out of curiosity, what is it that we produce these days? No cars (especially the ones worth owning) have their components manufactured domestically. We don't produce electronics. Just about all we do produce is food and meth.
- Dumbledorito, on 10/10/2007, -1/+14Oh, yes. That helps us BIG time...
- leszek, on 10/10/2007, -1/+14Gold has value because it is rare. The world gold supply is increasing at a relatively stable rate (You cannot "print" gold when you need more money).
- Urusai, on 10/10/2007, -3/+16Actually, they're propping up the dollar, which has the side effect of dragging the yuan down. They don't want to kill off the US economy until their own is on a more stable footing. The net effect is government subsidization of industry.
- StingingNettle, on 10/10/2007, -2/+14Did you buy your gold yet?
- Dumbledorito, on 10/10/2007, -0/+12And it's closer to the Ebola outbreaks.
- etnu, on 10/10/2007, -2/+14Because they want to destroy any hope of a comeback of American or European manufacturing.
When they finally let their currencies appreciate, they'll have at least 10-20 years to pump the cash into other industries while other countries have no choice but to pay the higher prices, since they don't have the infrastructure to manufacture domestically anymore.
China is simply looking out for China. - stolenisotope1, on 10/10/2007, -1/+13So people can rush in, get their $2 Nikes made and sell them in the stores for a good $180 AUD.
- Kelmon, on 10/10/2007, -0/+11I sense a Christmas shopping trip to the US coming up this year. I can understand that the US isn't happy about this but for the rest of the world it's party time!
- holzp, on 10/10/2007, -0/+11No but I did buy a lot of ammo. Just in case I want *your* gold.
- actorboy, on 10/10/2007, -1/+12Entertainment....oh, wait.
- e3boy, on 10/10/2007, -0/+11Possible.
If you want to buy oil, you have to do it in US$. That's a very big reason for it's value. By comparison the Japanese ¥ is valuable because to buy Japanese products, countries need ¥, that give it's currency value.
Without the oil $, what will give it any value? Does the US export anything anymore? - djchester, on 10/10/2007, -0/+10Is that why Iran is US next target?
- SanTe, on 10/10/2007, -0/+10"Does the US export anything anymore?"
Jobs... and terrible music and insultingly bad television. - WoollyMittens, on 10/10/2007, -5/+15The USA does not HAVE anything to export. It's called a trade-deficit.
And don't worry. If I want to import a cheap macbook Apple fobids it and the customs intercepts the mail and marks it us 150%. - inactive, on 10/10/2007, -1/+10As a Canadian, I'm totally against that. The way things are going, the US dollar is getting weaker, as is their economy. Why would I want to be tied to a sinking brick?
- cruzlee, on 10/10/2007, -0/+9And when he says big, he means BIG.
- Diggresser, on 10/10/2007, -5/+14Just testing you. Here's the real chart:
1999 - 1 dollar = 0.85 Euros
2000 - 1 dollar = 0.99 Euros
2001 - 1 dollar = 1.06 Euros
2002 - 1 dollar = 1.11 Euros
2003 - 1 dollar = 0.96 Euros
2004 - 1 dollar = 0.79 Euros
2005 - 1 dollar = 0.75 Euros
2006 - 1 dollar = 0.83 Euros
2007 - 1 dollar = 0.75 Euros
Today: 1 dollar = 0.72 Euros - Economist35, on 10/10/2007, -3/+12lower dollar value means other countries will be more likely to purchase american goods and american exports will increase. This means more jobs, but with a lower value of money, imports will decrease and the quality of living falls. With american debt so high, ***** will only get worse (this is overly simplified though)
- WoollyMittens, on 10/10/2007, -1/+10No amount of exporting will make up your trade-deficit. And exporting the goods your multinationals made doesn't count, because it's all outsourced to China and paid for in dollars.
- PeppermintPig, on 10/10/2007, -0/+9Maybe he believes the US dollar is still backed by gold :P
- WoollyMittens, on 10/10/2007, -3/+11Your intellectual property exists only by the grace of your laws. The world is outside your door. Simply thinking about neat things isn't going to save a nation from decay. Decadence is a bad business model.
- sishgupta, on 10/10/2007, -0/+8At least you aren't taking it for granted like the others in the western nations.
- daz80, on 10/10/2007, -2/+10The 450 Billion and rising thats been spent in Iraq so far has nothing to do with this..... ^^
- hiphoc, on 10/10/2007, -0/+8Trust me its not too late. You can still cash in while the masses are unaware of this huge ***** problem.
- ybreton, on 10/10/2007, -2/+9Sure the USA has stuff to export... like democracy!
/sarcasm -
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