Huh?
Posted on 07/15/2008 2:18:28 AM PDT by Glenn
The dollar declined sharply against other major currencies, hitting fresh weekly, monthly and in some cases multiyear lows as investors continued to fret over the health of the U.S. financial sector. The British pound was buying more than $2.00, the euro briefly traded above $1.60, and the Australian dollar was at its highest level against the U.S. currency since 1983, buying more than 98 cents.
The currency moves came as Asian stocks saw a late selloff, with Hong Kong's benchmark index down 4% after Tokyo closed 2% lower. European shares traded at three-year lows early in the day, with the U.K's FTSE 100 falling more than 1% and the Frankfurt DAX down nearly 2%.
(Excerpt) Read more at wsj.com ...
Someone once said that when America sneezes,the world catches a cold.The United States,though not interested in having an empire did manage to establish a global economic empire that strongly influences all but the most savage and xenophobic of tyrannies.
If the international community doesn’t pressure OPEC to increase oil production or our own people don’t pressure liberal Democrats in the pockets of eco-nut misanthropes to allow an increase of our own supply...
Well,America may stagger but the world will fall.
I seem to recall some people here claiming a few months ago that the dollar was poised for a big rebound in value.
I sure hope they didn’t bet money on those claims...
America will stumble as FMac goes to zero, and the dollar will be depressed while the US govt defends FMac’s debts.
But America’s economic force multipliers (rule of law and property, resources, know-how, freedom, innovation) will kick in in the end, and America will be ok. I say this as a disinterested foreign observer.
The US dollar is poised for a rebound,,, when Europe is seen as sick (economically) and we stop the bleeding of currency to foreign oil producers it will happen... I didn’t bet long dollar .. went short financials..
Hey, there are quite a few on FR that tell us a weak dollar is really good for us. They tell us that the weaker the dollar gets the more foolish the Chinese look holding all those worthless pieces of paper.
On the free republic? You can't be serious.
We end up with a senate of untrustworthy men, and our financial institutions run by the greedy and criminal willing to bribe lustily.
I have for some time believed that the economy is being rewired due to the widespread debt held by the average American. Devalue the dollar and when over a number of years when wages inflate, then all debt woes are fixed.
Sort of the scenario with old folks who live in beautiful homes that they paid $5,000 and $10,000 for years back, except with equity loans, etc.
DRILL HERE, DRILL NOW, PAY LESS!!!
There are a few clues about where we’re headed in this article. It has happened before.
http://www.conspiracyarchive.com/NWO/Council_Foreign_Relations.htm
Still ignoring the FDIC link you provided? LOL!
I hope our government realizes that borrowing our dollar into the ground and printing money like mad is poor policy.
What if America DOES fall? Say China finally pulls its full-court economic assault on the dollar to drag it into the gutter. They suddenly float their currency...like we asked them to...and THEN yank their money out of our securities. Their currency would soar vis a vis the dollar.
They then snap up all three domestic auto companies and try and buy Boeing....and relocate all their plants to China.
The U.S. would be too prostrate to fight them. Oil would hit something drastic, who knows... $500 a barrel in U.S. dollars? The U.S. would come to a screeching halt.
China would not be falling, since the oil would be getting suddenly cheaper in their currency....and their own consumer base...if they let wages loose... would be growing to take up the U.S. slack.
Bogus news. Not happening. WHERE IS THE OIL DOWN $10 THREAD?
China has a large growing middle-class now—getting used to a higher standard of living.
If the dollar falls so much that their #1 customer (us)can make the products we buy from them now cheaper here at home (cheap dollars mean less imports and more exports)that standard of living will collapse and the suddenly poor Chinese citizens will be staging Tiannemen Square demonstrations throughout the country and no amount of military action will brunt it.
The new China will NOT go back to being the agrarian cripple of Mao and the Chicom leadership knows it.
If WE fall China will not only fall but be embroiled in another bloody revolution.
The Chinese could cash in our bonds but they won’t.The earned interest and consuming Americans are the only things the Chicoms have to bribe their people to be peaceful.
He who pays the bills rules the world.
Following WWI,Germany was so in debt to the Allies in war reparations they knew they could never afford to rebuild.So Germany printed money like mad to pay the victors off.Sure the billions of marks they paid,say,France,were only worth thousands but the billions were paid nonetheless.
Then the German government changed and so did their money so the germans started over debt free.
Unfortunatly it was Hitler’s Germany.
We could do the same and bankrupt the world.Hopefully this time,our government would change BACK to Washington’s America.
Nope. They will simply stop the choke-hold on their own wages, and subsidizing and propping UP the U.S. dollar... and they themselves will have a large enough class of wealthy citizens to provide the market they need for self-generated growth.
... and the suddenly poor Chinese citizens
Not going to happen, see above.
... will be staging Tiannemen Square demonstrations throughout the country and no amount of military action will brunt it.
So in order to prevail against the ChiComs...all we need to do is ban trade now, eh? I wish that were true. Maybe we should try it!
The new China will NOT go back to being the agrarian cripple of Mao and the Chicom leadership knows it.
This just proves my point...they will let the currency and wages float.
If WE fall China will not only fall but be embroiled in another bloody revolution.
Again...one can only hope.
The Chinese could cash in our bonds but they won’t.The earned interest and consuming Americans are the only things the Chicoms have to bribe their people to be peaceful.
Oh really. Since when have they cared one wit about being productive with the $1.6 trillion in liquid capital they are just sitting on? And the drain of the interest is just part of their hopes for undermining the U.S. economy.
He who pays the bills rules the world.
Won't be us much longer, at the rate the RINOs (78% conservatives) are trashing American production.
The proper question is “will there be enough left in the FDIC tills to bail out BAC?”.
$18.52/share for BAC!?! LMAO!
Too bad you didn’t do anything about it. LOL!
Correct. Delusional voting engendered by feel-good lies which a myopic and ignorant media fails to criticize, because they either fail to recognize them, or if recognized, actively oppose educating the public about them.
Huh?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.