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Skip to comments.Zeroing in on the dollar's decline (Matt Drudge's fault)
Posted on 10/21/2009 6:13:40 AM PDT by library user
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On Tuesday, Matt Drudge ran a headline about the weakening U.S. dollar on his website, Drudgereport.com. In and of itself, that would be unremarkable, except that it was the 18th time Drudge had posted a link to a story about the weak dollar this month.
And October was only 20 days old.
Clearly, Matt Drudge has developed a fascination with the declining U.S. dollar.
Hes fixated on it, said Tom Rosenstiel, director of the Pew Research Centers Project for Excellence in Journalism. Theres no question that Drudge can alter what people are paying attention to.
Market watchers say its unlikely that Drudge is actually moving the currency markets with his relentless attention.
I dont think that anyone who seriously trades currencies reads The Drudge Report before making important buy or sell decisions, said Chris Roush, a professor of business journalism at the University of North Carolina at Chapel Hill.
But Drudge does have the ability to put news items on the radar screen of major media outlets and political figures in Washington. And other people are paying attention to Drudge, too: A source close to the U.S. national security community said that Drudges link to a story in the [London] Independent earlier this month instantly grabbed the attention of senior American officials.
Larry Kudlow and a few others have been ranting against the dollar for months, but the thugs pick on Drudge.
This is exactly what a news reporting agency is supposed to do and in this country has so badly failed doing.
Oct. 12 (Bloomberg) -- Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.
Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since at least 2003, to $7.3 trillion, according to data compiled by Bloomberg. Nations reporting currency breakdowns put 63 percent of the new cash into euros and yen in April, May and June, the latest Barclays Capital data show. Thats the highest percentage in any quarter with more than an $80 billion increase.