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- HotGore, on 10/24/2007, -2/+99Now is it cheaper to use the dollar to wipe my ass, rather then pay for toilet paper?
- anteyekon4myst, on 10/24/2007, -4/+65You guys should have had an economy alert system and not that stupid terror alert thing.
- lOvOl, on 10/24/2007, -20/+79What a lot of people don't realize is that since the United States dollar is the world's reserve currency, when we increase the money supply, the inflation is spread around the world, rather than throughout the United States alone as it should. Most of the rest of the world was semi-tolerant of this practice because they had no other realistic currency option for international trade.
Unfortunately, now much of the world has caught up to the United States and they don't need to absorb our inflationary policies anymore and nations are in a battle between deciding which currency worldwide will be a good alternative to the dollar. For those who think the Euro is a good bet, well the Euro is a joke for a variety of reasons, one being Germany is doing all the hard work while the rest of the EU sits on their ass and vacations all year long, but nevertheless our fiscal policy has made the dollar a joke as well.
If we change our reckless fiscal policy, much of the rest of the world will likely forgive us and the dollar will survive as the world's reserve currency, but if we don't, then nations will instead start favoring other fiat currencies that are more responsibly managed, even if they have big problems themselves.
Unfortunately, I only trust one candidate for President that is not going to be a tax and spender or a spend and borrower and he is a very long shot for getting elected. All of the other guys are all rhetoric but no record.
Talking about reducing spending in the abstract is meaningless until people start talking about eradicating the big three, that being Medicare, Social Security, and Medicaid as well as reigning in our grossly inflated defense budget. - hiphoc, on 10/24/2007, -16/+74I hope people realize that this is all planned. Every time the Fed loweres rates, the dollar gets weaker and everything we buy here gets more expensive. The big banks gave billions in loans to people with bad credit. Instead of letting them feel the heat, the Fed lowered rates and bailed the banks out causing the dollar to continue its freefall into the tank. Understand, as the dollar drops more we work harder for les money, the money in our bank accounts buy more. And this is all planned.
- KnightMareInc, on 10/24/2007, -1/+48what else is new? Every week the USD breaks a new low record.
- vidar808, on 10/24/2007, -5/+46Have all the economic strategists with any influence in this country all been lobotomized? This is ridiculous. How does Bush get away with this *****! Another 46 billion for Iraq? Where does that come from? Our entire countries economy is being torn to shreds for an endless battle that is not winnable while private defense companies suck every last drop. Don't blame this ***** on the housing markets. Get out of Iraq.
- andrewcsayer, on 10/24/2007, -5/+37I'm just waiting for the 1 Aussie dollar to equal 1 US dollar. When that happens, I will die a happy man
- mrboratsagdiev, on 10/24/2007, -9/+39And this is exactly why I'm voting for Ron Paul -- the only one that has his finger on the pulse of the economic state we're in (while others debate what the word 'economics' actually means), and he has a plan to fix it for the betterment of everyone.
- MiddleOfNowhere, on 10/24/2007, -3/+25I am a freelancer living in Europe, and I have clients both here and in the US.
The exchange rate has now approached a point where it is not profitable to keep my US clients anymore. I am losing considerable amounts between the date I am sending my invoices to the day I am getting paid.
So some guy in the US can congratulate himself, as that job may return to US soil.
More likely, though, it’ll go to India.
And as others pointed out: A low dollar is good if you are export-oriented. So yeah; I am occasionally buying CDs and DVDs from the US.
But I doubt that will end the downward spiral of your currency.
You should end this war that is bleeding your country dry both morally and economically.
Invest in research as if there is no tomorrow, especially bio and nano tech. Capitalize on IP. The world may only need one Google/Amazon/Facebook, but there are a thousand niches to be filled.
Follow Apple’s example wherever possible: Design great products - not crap for the masses -, produce them cheaply somewhere else.
Elect a president who has the guts to end this "In case of doubt, let’s just print more money" policy.
And your currency should recover.
(Yep, I know, Americans don’t want to be educated by smart-assed foreigners. I’m not even here. Bye.) - thevelvetsun, on 10/23/2007, -4/+26How exactly are the currency rates calculated/decided? Is there some guy in Europe on the phone with a guy in NY going "I'll give you one euro for $1.4321... $1.4320... $1.4319..." "SOLD!" Heh.
- futureinmind, on 10/23/2007, -3/+22Mainstream news: "Don't worry the fed is upholding the integrity of the dollar." NOT!!!!
- SiNN4R, on 10/23/2007, -2/+18Why do you think people tell you to wash your hands after handling money?
- f4nt0m4s, on 10/24/2007, -3/+18THEY TUK UUURRR JOBS!!!
- dbalaski, on 10/24/2007, -3/+18a few side effects -- some good
1) the US goods are now cheaper in foreign markets-- good news to US mfgs
(the question is -- do we [USA] make anything that other countries want ?)
2) outsourcing overseas is gonna get expensive
For instance, Take India (one of the biggest Outsourcing locations for american IT industry)
the indian rupee 2 years ago was 48 to the dollar -- today it is 39 to the dollar and dropping
if it continues -- these outsourcing companies and are gonna loose money on the existing contracts and when they will re-negotiate, well it aint gonna be cheap anymore -- those bean-counters are gonna bring the jobs back here. - 0xFEEDFACE, on 10/23/2007, -1/+15Basically. Only it all happens electronicaly, and for amounts much larger than one Euro. But yeah, the Dollar/Euro/Yen/etc. are traded like commodities.
- brucerchapman, on 10/24/2007, -1/+13That's exactly how it happens. Only it happens by typing numbers into a program instead of talking on the phone. The european guy needs to buy $10,000 USD, so he puts in a bid. Either someone accepts his bid, or he lowers it a notch until someone does. If someone sells him his $10,000 quickly, then next time he might bid a bit lower, because the market was obviously keen. So his bid is a bit lower, and the quoted price goes lower, and then the news picks it up and says 'USD goes lower!'
- NnyCW, on 10/23/2007, -3/+14Problem is...we really don't make much anymore...
- kuzotz, on 10/24/2007, -2/+13nope. Those outsourcing companies will move their headquarters to another country seeing that they are multinationals and don't owe allegiance to any country.
- dagamer34, on 10/23/2007, -2/+13What goods? Most American jobs are in the service industry. How do you export services to other coutries? Heck, the stuff we export the most is IP and even that can be easily stolen.
- Touchy610, on 10/24/2007, -1/+12I've always wanted to do that.
- Dumbledorito, on 10/24/2007, -5/+1570% of the US defecit was incurred under three Republicans: Reagan, Bush and Bush. So you might want to think about that before you haul out the old "tax and spend" mantra. Besides, "tax and spend" is how any government works, no matter how broad or limited.
- vertinox, on 10/23/2007, -0/+9I think he would be happy since he is probaly Australian. However, us Americans will die poor and bitter.
- jayred, on 10/24/2007, -9/+18While it is true that when the Fed lowers rates the value of the dollar typically drops as well, I highly disagree that the Fed is planning all of the problems with our economy just to benefit big business. Their goal is to balance inflation with GDP growth and unemployment. Unfortunately the big banks did not adequately assess the housing bubble and the ramifications of the subprime mortgages. Now, the Fed is trying to help the banks out because it is good for all of us in the long run. Foreign good prices will go up as will inflation, but we will be exporting more and eventually things will start to equilibrate. When that happens, the dollar will start to go back up, inflation will go down, and we will have had a rough spot, but will net out okay.
Remember: the key to the economy is the LONG RUN. - ryannerd, on 10/24/2007, -2/+10Where does it come from? The Federal Reserve (which is neither Federal, nor does it have a Reserve). If you want to read something really scary this Halloween try "The Creature from Jekyll Island". Scared the crap out of me.
- DirtySnachez, on 10/23/2007, -3/+11Sure you do.. you primary export is making the world Pissed off and Angry.
I hear production of that is skyrocketing daily. - cnot3, on 10/24/2007, -1/+9I hope its still stronger than republic credits... I would hate to think what a landspeeder is going to cost in US dollars...
- hiphoc, on 10/23/2007, -3/+11Wow, you are an idiot. Let me type this in caps for you... WHEN THE FED LOWERED RATES, IT BAILED OUT THE BANKS ON WALL STREET THAT FINANCED THE BAD LOANS. THE PEOPLE ON THE LOWER END OF THE EARNIGS SUFFER BECAUSE WE HAVE TO DEAL WITH THE INFLATION THAT THE FED CREATES BY LOWERING RATES. In about 2 months when we hear about the 600 million dollar bonus money going to the bankers. Millions of americans will be facing foreclosure because of the predatory lending pushed by the banks. Wake the ***** up.
- underwearman, on 10/23/2007, -6/+14Does anyone here ever think of Kucinich? all i hear is Ron Paul. i like Kucinich but i dont think he would win. people dont seem to give him a chance. its always dem or rep. its sooo biased. i hate it, and the media likes it that way.
- Kcaj, on 10/23/2007, -7/+14I took a lesson from my mentor, George W. Bush. I went $200,000+ in debt as soon as I turned 18. On purpose. Am I ever paying it back? Nah. Btw, I spent that entire $200,000+ on crack cocaine, mostly.
- Breepee, on 10/23/2007, -0/+7You mean 1 EUR = 945.72 USD?
- Goobernutz, on 10/24/2007, -0/+7Dollar..down
G Dub's approvall rating...down
Edumacation...down
Waist size...up!! U!S!A! U!S!A! U!S!A! - Zique, on 10/23/2007, -5/+12Sure, the Germans are so hard-working that almost every other EU country works more hours than them. Get a grip and learn some economics.
- mithrasinvictus, on 10/23/2007, -1/+8The euro is not going up. Guess again what's happening.
- rabidmonkey1, on 10/23/2007, -1/+8Ahh man, the Amero and NAU aren't even funny...
- inactive, on 10/26/2007, -4/+11The plan as I see it unfolding is, the American Union (Amero) will burst onto the scene wiping out the U.S. dollar (debts). I wonder how long it will take the Chinese to figure out that they got ***** like the rest of us.
Has anyone had a Rothschild lately!
This is where the Verichip comes in. Nasty little conspiracy bloggers like me can finally be turned off! I just bet when the world is finally chipped they still will not be able to locate your missing kid!
I am willing to bet big on this- I have lots of useless paper to put on the table. Any takers? - Pssdoff, on 10/27/2007, -1/+8The end is slavery - only unlike in the past, you will be a slave with an xbox and a car. These bankers want everyone to be buried in hopeless debt, but still be just content enough not to revolt. This generation's children will be even worse off. Wages continue to decline along with the value of the dollar, while the cost of a college education skyrockets.
- DirtySnachez, on 10/25/2007, -1/+7The US mentality is its everyone else thats *****, we are doing just fine.
Thats great for a few years, till you realise that, like Rome.. ***** happens. - brucerchapman, on 10/25/2007, -2/+8Err I know a couple of people who've already done it. They cite the following reasons : high living standards, free healthcare + education, low crime, low pollution and not likely to throw a nuke at Iran. You've got to take the test to see if you've learnt to be an Aussie though, so there is some study I'm afraid.
- sat0shi, on 10/25/2007, -1/+7What pisses me off is how the stupid subprime loan problem in America is causing the Nikkei to crash all the damn time here in Japan. My investments aren't looking too hot right now...
- MHawkins1982, on 10/23/2007, -2/+8I agree with Hiphoc, this is a plan to give Americans the perception that "we are still okay" and we should continue to buy to stimulate the economy. I've been like in the UK for the past 4 years and when I first arrived over here the ratio was $1.68 for one pound. Now it is over $2. I feel like I am living on peso over here! We need to wake up and realize that material items are not important and that financial security and independence is the only way we, as a nation, can start to come back from this terrible weakening. Face the facts, consumer debt is over $2 trillion dollars. TRILLION! What happened?
- inactive, on 10/23/2007, -0/+6America is the product of a neglected republic. It is the duty of the people and it is there job to over throw government when it is needed.
- niczar, on 10/23/2007, -0/+6Just pray there isn't a long dead IRA terrorist with the same name as you on the no-fly list. Unless you enjoy being anally frisked by those nice TSA agents.
- simplistics06, on 10/24/2007, -0/+6Voting in Guliani will seal the deal, America will implode on itself and there will be a mass migration to Canada.
- vertinox, on 10/23/2007, -0/+6Maybe he should have used the word "was" instead of "is", but I remember 10 years ago when I could travel to any foreign nation and be able to finagle using dollars with the locals, but I doubt I could even do that in Mexico now.
- SiNN4R, on 10/24/2007, -1/+6but.. but.. the financial news would never lie to us. When it comes to integrity financial news is by far the leader.
- lOvOl, on 10/24/2007, -4/+9The German economy is the powerhouse of the EU. None of the other nations come even close in terms of productivity. Just look at how much Germany exports relative to other EU countries and then get back to me about "economics".
- Kosimo, on 10/24/2007, -1/+6As a European I can say two things:
Having a strong Euro helps us to buy cheaper products when paid in Dollars. (Petrol for example)
But... When comparing prices of other products, here the business don't adjust prices to the euro value. Example, an iPod nano cost around 199$ in USA, here in Europe costs 199€ and this is much much more... So, when dollar decreases people don't enjoy the power of our currency (euro) but just the big companies makes more profit.
Then, when some day international petrol markets will be paid in Euros directly (Iran, Venezuela, etc...) we will pay even more.
Today, a liter of diesel here in Europe (in the petrol station) is paid around 1,20€ witch is 1.70$ !!!!!! I don't want to imagine how much we will pay when petrol will be paid directly in euros..
So having a strong currency it is something really good? Maybe for some one, but clearly not for normal people like me. - miriv365, on 10/23/2007, -1/+6Plus you get to drive really, really fast on the highways there in these souped up cars, you just have to be sure to avoid the mutants who keep trying to steal your gas.
- Nossie, on 10/23/2007, -1/+6Do you still have some? because I'm sure as hell Bush still does.
- SagaLhan, on 10/23/2007, -2/+6Kuchinich would be ace. Exactly what America needs.
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