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U.S. Dollar Falls to Record Low Against Euro

nytimes.com — Wall Street was in an uproar on Tuesday as stocks churned, oil plummeted, and policy makers issued a darker outlook on the economy. Meanwhile, the dollar fell to a new low against the euro, GM said it would slash jobs and suspend its dividend, and a report showed that consumer spending slowed in June more than economists had anticipated. *****.

Who dugg this? Made popular Jul 16, 2008

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  • gibson850, on 07/15/2008, -5/+169Haha, Dugg for the picture.

    George: "What, I didn't do anything?"
  • richmomz, on 07/16/2008, -5/+123Wow, the Fed prints billions of dollars to bail out the bankers and crooks on Wall Street while the government spends hundreds of billions of dollars beyond their budget every year and now inflation is out of control; who would have guessed. Didn't that crazy Ron Paul guy warn us about this years ago?
  • krAzykrAkr01, on 07/15/2008, -8/+113"*****"

    I think that's an understatement. We are so screwed.
  • Phatlip012, on 07/16/2008, -8/+88The five stages of grief:
    * Denial (this isn't happening to me!)
    * Anger (why is this happening to me?)
    * Bargaining (I promise I'll be a better person if...)
    * Depression (I don't care anymore)
    * Acceptance (I'm ready for whatever comes)

    I've come to accept the fact that this country is screwed. It was fun while it lasted.
  • argoff, on 07/16/2008, -6/+78You see, in a normal recession. That would clear debt out of the economy and create a demand for dollars that would cause the value of the dollar to go up, for example, during the great depression the demand for dollars was way up. However, today the Federal Reserve central bank has been pumping money into circulation like drunken lunatics. We will almost certainly suffer a hyper-inflationary collapse.
  • dave11980, on 07/16/2008, -9/+73Ron Paul warned everyone about this last year, but most didn't listen. Sad.
  • inactive, on 07/16/2008, -23/+84*quotes Rage Against the Machine*
    *quotes Ron Paul*
    *quotes some guy who saw this coming*
    *Just made the standard Digg comment for this type of situation*
  • algaeturd, on 07/16/2008, -3/+58I've been hearing for the past year that we're not in a recession. Over and over, ad nauseam. But the fact remains that every month puts us deeper and deeper in the mire....a situation that is going to take YEARS to recover from. I think it's ludicrous that Bush said the economy is 'Growing' today in his press conference.
    But I supposed a lie like that is nothing to a man who lied directly about countless things during his reign and hasn't had to answer to a single one yet.
    It wouldn't surprise me if he came out and announced that the sky is pink, not blue. And then the press would be scrambling and falling over themselves to say, 'he's got a point, you know..'
    Honestly...I'm not an economist but I do know that economies fall fairly quickly and recover very slowly...especially in terms of the housing crisis. It can take upwards of 20 years for a market to fully recover from something like what we've experienced and every month it just keeps getting worse. We haven't hit the bottom by any stretch of the imagination and that's a very scary thought.
  • crazyjake, on 07/16/2008, -0/+52it really sucks living in Germany, and getting paid in Dollars :(
  • chrissku, on 07/16/2008, -1/+42You see. This is why we can't have nice things.
  • temporaryescape, on 07/16/2008, -8/+48I wonder how the Amero will compete.
  • myFriendDerrik, on 07/16/2008, -1/+34Mission Accomplished!
  • draterrojam, on 07/16/2008, -2/+32don't worry, you'll lose your job, get sub par unemployment, not be able to find a new job, while they jack up the food and oil prices while they tax the *&% out of you all while paying off your huge credit cards. Now that's the American dream.
  • inactive, on 07/16/2008, -0/+22Ha ha ha!!! I already converted all my dollars into pubes.
  • PatrickFisher, on 07/16/2008, -4/+26A pimp wanted one of his girls to move to the US, but she said she didn't want to because the dollar isn't worth *****.
  • doctordbx, on 07/16/2008, -0/+20This reminds me of an old Transformers cartoon where the planet Earth is about to be destroyed and Optimus Prime is pleading to Grimlock for the Dinobots help.

    Grimlock: "Me Grimlock not from Earth. Me Grimlock not care if Earth gets destroyed."
    Optimus Prime: "With you on it?"
    Grimlock: "Me Grimlock thinks Optimus has good point"

    So whilst you're going to love to see this economic disaster take place, just remember, you will be right in the middle of it.
  • stack3r, on 07/16/2008, -2/+21Check africa right now to see what hyper-inflation is like.

  • vinod1978, on 07/16/2008, -1/+19In order to fix our economic problems intelligently we first must admit that we have significant problems with our economy, which this administration will not do. We need to expand our trade with more countries, create new jobs in emerging fields like renewable energies, and pay off our debt to increase the value of our dollar. We have to stop fighting unnecessary wars and invest back into our domestic infrastructure since it is on the verge of collapse. I wish main stream media would focus on possible solutions to the economic problem instead of trying to discuss what Jessie Jackson wants to do with Obama nuts, or how much Angela Jolie is going to get for pictures of her twins.
  • ReeferChiefer42, on 07/16/2008, -1/+19Awesome, just awesome.....oh wait, sorry, what's the complete ***** OPPOSITE word for awesome again?

    ***** this administration and this congress.
  • kaelyiesta, on 07/16/2008, -1/+18Its ok guys. The government will just devalue your and my wealth a bit more to rescue the markets that are faltering. Go back to sleep and keep spending, your savings wouldn't be worth as much anyhow.
  • richmomz, on 07/16/2008, -3/+20George: "What, I didn't do anything?"

    Exactly.
  • inactive, on 07/16/2008, -3/+19You forgot 1984.
  • NorthMass, on 07/16/2008, -1/+17George Bush, Nancy Pelosi, and 90% of Congress have ruined this country.
  • inactive, on 07/16/2008, -12/+27or what's a bigger failure, the dollar or your comment.
  • 55mph, on 07/16/2008, -3/+18the self professed Patriots that post here have little idea how they are being screwed royally by their beloved government.

  • JinnRikki, on 07/16/2008, -4/+19The economy went in the ***** on 9/11/2001. It's been on life support ever since. Keeping it alive with low interest rates, easy credit and sloganeering "The Ownership Society". The money presses has been working over time, I'm surprised they kept it afloat this long. Should have taken our medicine after 9/11 but those in power saw an easy road to riches and took it. Now Bush Co will hit the road loaded down with their filthy lucre and we get left holding the bag. Enjoy the next decade should be interesting times indeed.
  • lennybird, on 07/16/2008, -0/+14You forgot the "heh-heh":

    "What, heh-heh... I didn't do anythin?"

    /fixed.
  • mikelieman, on 07/16/2008, -1/+15Keep it handy, we're going to keep seeing this headline over and over in the coming weeks....

  • RedViper1999, on 07/16/2008, -0/+13So oil dropped and the dollar still lost value? That is bad.
  • inactive, on 07/16/2008, -0/+13Does this mean that Americans will have to start working in t-shirt and shoe factories again? Boy, that would be tough.
  • spookyttws, on 07/16/2008, -5/+17At some point in order to just survive, I'm going to have to cut my losses and move to Europe. Or maybe Vancouver. As a cook, food and gas are the two largest factors DIRECTLY affecting my life, and gas is the biggest factor in food prices. Something needs to be done.
  • elliotys, on 07/16/2008, -2/+14epic fail.
  • DannySpace, on 07/16/2008, -2/+13Banks are being shut down and seized by federal regulators, the dollar is losing value, war with Iran is starting to sound like a reality... How do these things not make a screwed again?
  • lezard, on 07/16/2008, -0/+11Take for example airplanes : Airbus is having a hard time because the selling prices are in USD, but workforce is paid in euros.
  • jsmith39, on 07/16/2008, -0/+11Taking financial advice from random posters on Digg, there's just no way that could end badly!
  • digjam, on 07/16/2008, -1/+12Time to spend all the dollars before they become worthless...
  • overtoke, on 07/16/2008, -2/+12when does oil go back to $10 a barrel? and the dollar?
  • TheAuditor, on 07/16/2008, -0/+10You mean Zimbabwe - inflation there is 2 million percent
  • CornelisonRC, on 07/16/2008, -1/+10dugg for: "*****." in conjunction w/ Pic.
  • JoeVet, on 07/16/2008, -2/+11"You've heard of mental depression; this is a mental recession .......We have sort of become a nation of whiners.....You just hear this constant whining, complaining about a loss of competitiveness, America in decline" Phil Gramm, McCain's top economic adviser.

    Is this the man you want to fix our economy?
  • inactive, on 07/16/2008, -1/+10Do you not find anything particularly stupid about saying you don't care about what's going on in the rest of the world? IT STILL AFFECTS YOU! America does not exist on its own ***** planet!
  • inactive, on 07/16/2008, -0/+9 We're going to have to let people feel the pain at some point. As it is now the problem is an excess of money and credit. The solution is to bail them out by printing up billions creating an even larger excess of money and credit. It's like trying to put out a fire with a flame thrower.
  • inactive, on 07/16/2008, -5/+14 Wrong it is the Fed. IT IS THE FED. Get that through your head, It's the Fed.
  • ryancalderoni, on 07/16/2008, -0/+8var political_leverage = control(economy, media);
  • cowman80i9, on 07/16/2008, -1/+9he speaks the truth. our media is waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaay too into the celebrity stuff. then again, thats what sells since people frankly dont care about the world, not that they cant understand it. its just cool to know whats going on in sports or fashion but its not cool to be in the know for the economy
  • bastardo, on 07/16/2008, -3/+11Get out while you can...
  • LeekMibles, on 07/16/2008, -0/+7Dugg for that ending, "*****."
  • inactive, on 07/16/2008, -1/+8If you can't use Transformers to illustrate an idea ... why bother?
    Thanks for that.
  • BotchaMcCoola, on 07/16/2008, -0/+7I heard one can get CDs in Euros right here in the USA. Anyone know
    how and where? If we all did that Bernanke would not be able to
    devalue our savings. How sweet would that be?
  • inactive, on 07/16/2008, -5/+12America's empire will now crumble. I would love to see all these yuppies and all the Bush supporter's faces when the ***** really hits the fan, and they wake up to find the dollar is toast. Nice going *****, that's what you get for not supporting Ron PaL.
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