Keyword: devaluation

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  • Vietnamese Hoarding U.S. Dollars As Dong Crashes Post-Emergency Devaluation

    02/10/2010 9:09:47 PM PST · by blam · 28 replies · 651+ views
    The Business Insider ^ | 2-11-2010 | Vincent Fernando
    Vietnamese Hoarding U.S. Dollars As Dong Crashes Post-Emergency Devaluation Vincent Fernando Feb. 11, 2010, 12:01 AM Vietnam's currency, the dong, is crashing after the government was forced to devalue it by 3.4% against the U.S. dollar for the second time in under three months. The new fixed rate for the currency is 18,544 dong per dollar, versus 17,941 previously. The central bank also imposed a 1% ceiling on interest rates for dollar deposits at banks in a bid to disincentive the hoarding of dollars. Yet the black market thinks that the government will have to slash the dong's exchange rate...
  • Nervous Venezuelans panic buy TVs after devaluation

    01/11/2010 1:07:21 AM PST · by TigerLikesRooster · 14 replies · 885+ views
    Reuters ^ | 01/09/10 | Eyanir Chinea
    Nervous Venezuelans panic buy TVs after devaluation Sat, Jan 9 2010 * Shoppers fear sharp price rises for imported goods * Opposition fuels shopping spree with warnings By Eyanir Chinea CARACAS, Jan 9 (Reuters) - Shouting "buy, buy, the world is going to die," Venezuelans went on a frantic shopping spree on Saturday following a sharp currency devaluation that is expected to drive up prices. President Hugo Chavez announced a dual system for the fixed rate bolivar on Friday night while much of the country was watching a baseball game. But on Saturday, word spread quickly as people read the...
  • Venezuela's Chavez announces currency devaluation

    01/08/2010 5:08:18 PM PST · by NormsRevenge · 18 replies · 778+ views
    AP on Yahoo ^ | 1/8/10 | AP
    CARACAS, Venezuela Venezuelan President Hugo Chavez on Friday announced a currency devaluation for the first time since 2005. Chavez said Venezuela's currency, the bolivar, will now have two government-set rates depending on the use, either 2.60 to the dollar for transactions deemed priorities by the government or 4.30 to the dollar for other transactions. The devaluation dropped the currency's value by 17 percent or 50 percent, depending on the tier. The currency's official exchange rate has been held steady by the government at 2.15 bolivars to the dollar since 2005.
  • "N. Korea's Currency Reform Could End in Chaos" (Editorial from South Korea)

    12/07/2009 12:09:21 AM PST · by AmericanInTokyo · 10 replies · 830+ views
    Chosun Ilbo News, Seoul ^ | 7 December 2009 Pearl Harbor Day | Chosun Ilbo Editorial
    N. Korea's Currency Reform Could End in Chaos The North Korean military is on alert for a possible civil uprising following last week's sudden currency reform, according to a Russian business newspaper citing foreign diplomats in the communist country. The currency reform involved the exchange of only limited amounts of old bills at a rate of 100:1, with the state confiscating the remainder. People who are afraid of exposing the size of their wealth have no choice but to hide their old bills. It is difficult to ascertain the actual circumstances, but it is apparent the North Korean regime is...
  • N.Korean Military 'Seizes Control of Economy'

    12/06/2009 7:59:43 PM PST · by bruinbirdman · 10 replies · 840+ views
    Chosun Ilbo ^ | 12/7/2009
    The North Korean military has seized charge of the economy, elbowing out other ministries and the Workers' Party, the Washington Post said Tuesday. According to the daily, North Korea's military has "grabbed nearly complete command of the nation's state-run economy and staked out a lucrative new trade in mineral sales to China to make money for its supreme commander, Kim Jong-il." "The army has earned hundreds of millions of dollars selling missiles and weapons to Iran, Pakistan, Syria and other nations." But its two nuclear tests in October 2006 and in May 2009 "have triggered UN sanctions that are now...
  • N.Korean Rulers Worried Over Devaluation Backlash; Military Put On Sub-War Level Alert (Breaking)

    12/06/2009 5:34:54 PM PST · by AmericanInTokyo · 209 replies · 6,645+ views
    Chosun Ilbo News, Seoul, S. Korea (original in Japanese) ^ | 7 December 2009 Pearl Harbor Day | Anh Yon Hyon, Reporter
    OK, this is confusing: but this is the LINK to the original Japanese language article from the conservative/trustworthy South Korean "Chonsun Ilbo" daily newspaper website in Korean which reported from a Russian news agency just a little while ago.The headline is 北朝鮮デノミ:「住民騒乱を懸念、軍が戦闘準備」 ("North Korean Currency Devaluation: Worries Over Uprising By North Korean People; North Korean Army Goes on Sub-War Status")
  • Highest Authority in N. Korea Authorizes Firing On All Citizens Attempting to Leave By China (VIDEO)

    12/05/2009 4:53:53 PM PST · by AmericanInTokyo · 68 replies · 3,887+ views
    JNN News (Television) from Japan ^ | 6 December 2009 | AmericanInTokyo
    This is a short video clip of the top news from the major Japanese JNN Network today. The link is to a Japanese news page on Yahoo!Japan; one just needs to click the arrow to stream the report.Before streaming, please note:-Not all PC/Mac systems can stream the video but most can.-The video may be up for only a few more hours. Then (usually) the links go down. Please see while you can.-You may need to have Microsoft Silverlight installed on your machine.The horrid news report about North Korea, in Japanese, is HERE.And HERE is a clip of what the...
  • Panicked Gold Buying Forces Vietnam To Devalue Currency

    11/25/2009 6:31:45 AM PST · by danielmryan · 32 replies · 933+ views
    The Business Insider ^ | November 25, 2009 | Vincent Fernando
    Vietnam has been forced to devalue its currency, the dong, for the third time since June 2008. The country's pegged exchange rate will shift to 17,961 dong per dollar vs. 17,034 previously. The Vietnamese central bank will also hiking interest rates to 8% from 7% in an attempt to control inflation.
  • Health Care Reform and the Threat to the Dollar

    11/02/2009 9:38:09 AM PST · by markomalley · 203+ views
    Heritage ^ | 11/2/2009 | J. D. Foster PHD
    The U.S. dollar is falling steadily against the Euro and many other major currencies. If this trend continues, the repercussions for the U.S. economy would be significant: higher inflation, higher interest rates, and a lower standard of living. It could also lead to the rapid dethroning of the dollar as the world's primary reserve currency. Perhaps most worrisome, the slide in the dollar risks becoming a rout that could trigger another global financial crisis. The Obama Administration has advanced a broad slate of policies sharing the consistent side effect that they would weaken the economy soon and indefinitely. For example,...
  • When Big Returns Aren't That Big (The Dow hits 10,000 in Devalued Dollars)

    10/16/2009 7:50:28 AM PDT · by SeekAndFind · 14 replies · 603+ views
    Smart Money ^ | 10/16/2009 | Jonathan Hoenig
    From May through October of 2008, Zimbabwean stocks skyrocketed, shooting from 72,000 to almost 400,000 by early November as measured by the S&P/International Finance Zimbabwe Index. For intrepid investors with a world bent, it would appear to be an attractive return of roughly 5,300%. The only problem is that, while investors had indeed earned more Zimbabwe dollars, the value of those dollars over the same period had nearly evaporated amid the country's hyperinflation, meaning the "return" was actually a catastrophic loss. One Zimbabwe dollar in May of 2008 had lost 99.99% of its purchasing power by November of that same...
  • Chinas Dollar Problem

    10/12/2009 10:26:36 PM PDT · by TigerLikesRooster · 11 replies · 727+ views
    Project Syndicate ^ | 10/09/09 | Kenneth Rogoff
    Chinas Dollar Problem Kenneth Rogoff Kenneth RogoffCAMBRIDGE When will China finally realize that it cannot accumulate dollars forever? It already has more than $2 trillion. Do the Chinese really want to be sitting on $4 trillion in another five to 10 years? With the United States government staring at the long-term costs of the financial bailout, as well as inexorably rising entitlement costs, shouldnt the Chinese worry about a repeat of Europes experience from the 1970s? During the 1950s and 1960s, Europeans amassed a huge stash of US Treasury bills in an effort to maintain fixed exchange-rate pegs, much...
  • The Time for Diversification Away from the Dollar Is Upon Us

    10/07/2009 8:25:20 AM PDT · by Shane · 10 replies · 496+ views
    Seeking Alpha ^ | 10/7/09 | Clive Corcoran
    The report yesterday in the UK's Independent newspaper by Robert Fisk triggered several slightly bizarre reactions which ranged from brandishing the respected reporter as a conspiracy nut to dismissing the allegations as not very useful since Mr. Fisk is not by training an economist. (Actually I would have thought that was to his credit). What was questionable about the Independent article was the emphasis that was placed on the notion that pricing oil in another currency than U.S. dollars was really the thin end of the wedge which will lead to a phasing out of the greenback's role as the...
  • Expectations of a Dollar Devaluation Causing Gold To Break Out

    07/31/2009 8:56:46 AM PDT · by h20skier66 · 5 replies · 655+ views
    Commodity News Center ^ | 7/31/09 | Julian Philips
    Some sage gold watchers are expecting a major $ devaluation before the end of the year! Some say it could be any day now. Certainly the fundamentals have pointed that way, as we have discussed for some time now, this despite the repeated "Strong $ Policy" statement from this and the last Administration. The concept is no doubt alarming and implies a radical change in global economics.
  • A Lesson In Super Sovereign Currencies: An End To The MOPE and SPIN

    07/12/2009 4:03:42 AM PDT · by TigerLikesRooster · 2 replies · 276+ views
    A Lesson In Super Sovereign Currencies: An End To The MOPE and SPIN Posted: Jul 11 2009 By: Jim Sinclair Post Edited: July 11, 2009 at 4:52 pm Filed under: General Editorial Dear CIGAs, Of course the world is not going to replace the dollar as a reserve currency immediately, or for that matter ever. What is going to happen is the IMF or an Asian entity will formulate a basket of currencies and possibly gold into a unit much like the USDX. There will be an issuing agent and much like the SDR it will be an accounting unit...
  • First Call for the Monetization of Gold

    06/17/2009 1:14:21 PM PDT · by freedommom · 3 replies · 361+ views
    seeking alpha ^ | june 17,2009 | Peter Cooper
    Russia is proposing the inclusion of the ruble, yuan and gold as a part of a revised basket of currencies to form the valuation of the IMFs special drawing rights seen as the coming new alternative global reserve currency, reported AP. At a summit meeting yesterday, Russia and China challenged the reserve currency status of the dollar with two initiatives, while at the same time professing their support for the greenback in which both countries have huge bond holdings. Gold for SDRs China is to extend a $10 billion loan to a regional group that comprises Russia and four central...
  • China does not manipulate renminbi exchange rate(hitting back at Krugman)

    05/19/2009 1:38:29 AM PDT · by TigerLikesRooster · 3 replies · 493+ views
    People's Daily ^ | 05/13/09
    China does not manipulate renminbi exchange rate During an economist dialogue event held on May 11, Paul Krugman, the 2008 Nobel Economics Prize winner claimed that China's huge trade surplus is the result of government intervention and the world cannot continue to accept such tremendous trade deficit caused by China. Long Yongtu, Secretary General of the Boao Forum for Asia, responded by saying that China should not be criticized for its huge trade surplus. China blamed for trade surplus Krugman argued that China's huge trade surplus is a result of government policies and the deficit would not run this high...
  • China fears bond crisis as it slams quantitative easing

    05/07/2009 5:51:53 AM PDT · by TigerLikesRooster · 13 replies · 623+ views
    Telegraph ^ | 05/07/09 | Ambrose Evans-Pritchard
    China fears bond crisis as it slams quantitative easing China has given its clearest warning to date that emergency monetary stimulus by Western governments risks setting off worldwide inflation and undermining global bond markets. By Ambrose Evans-Pritchard Last Updated: 1:13PM BST 07 May 2009 Comments 5 | Comment on this article "A policy mistake made by some major central bank may bring inflation risks to the whole world," said the People's Central Bank in its quarterly report. "As more and more economies are adopting unconventional monetary policies, such as quantitative easing (QE), major currencies' devaluation risks may rise," it said....
  • Deval Patricks hackapalooza

    04/02/2009 7:17:46 AM PDT · by outpostinmass2 · 40 replies · 3,422+ views
    Boston Herald ^ | 4/2/09 | Hillary Chabot
    Gov. Deval Patrick has stashed four staffers in big-bucks jobs at several of the quasi-public agencies he is now vowing to reform - including one post worth a jaw-dropping $190,000 a year, the Herald has learned. Patrick ordered up a probe of salaries at quasi-public agencies last week as taxpayer outrage peaked over his tapping of Sen. Marian Walsh for a long-vacant $175,000-a-year post with the Massachusetts Health and Educational Facilities Authority. But four Patrick administration staffers have landed at quasi-public agencies:
  • UK MEP for President!

    03/25/2009 9:43:03 AM PDT · by FreedomNotSafety · 14 replies · 516+ views
    Telegraph via Drudge ^ | 03/25/2009 | Hannan
    Video link
  • EDITORIAL: Threat of inflation sky high

    03/21/2009 11:27:06 PM PDT · by Scanian · 34 replies · 1,238+ views
    The Washington Times ^ | Editorial | March 22, 2009
    The Fed's announcement last week to flood the financial markets with $1.2 trillion in new money stunned many. True, governments often print money as a cheap way to buy off their debt. Governments also find that instead of paying off their debt they can simply reduce the value of the currency so much that earlier debts are not worth anything. But the shear size of the current change to the world's preeminent currency is unprecedented. More money means that each dollar falls in value and can purchase less than it did previously. Think of it this way: If the number...
  • And There Goes the Dollar

    03/19/2009 7:05:52 AM PDT · by arthurus · 22 replies · 1,012+ views
    Seeking Alpha ^ | March 19, 2009 | Andy Abraham
    The flood of US dollars seems to be coming, as well as inflation. The Federal Reserve started buying massive amounts of Treasuries and is gearing up its purchases of mortgage debt. The Fed will buy as much as $300 billion in long-term Treasurys in the next six months. It will increase its purchases of mortgage-backed securities...
  • Whats coming next, from the Man Who Saw It Coming

    02/23/2009 8:08:28 PM PST · by TigerLikesRooster · 5 replies · 807+ views
    FT Alphaville ^ | 02/23/09 | Gwen Robinson
    Whats coming next, from the Man Who Saw It Coming Posted by Gwen Robinson on Feb 23 18:31. The litany of dire predictions for currencies, commodities and the global economy in general not only seems endless - it is getting more predictable by the day. That is because few pundits are making any waves - or money - out of playing Pollyanna, as everyone from Jim Rogers to Nouriel Roubini well know. While its an increasingly safe bet for analysts to leap on the gloomn'doom bandwagon, there are a handful of analysts out there who get taken more seriously than...
  • Russia: Ruble Collapse Brings Wages Back to Earth(economic bubble collapse?)

    01/17/2009 11:20:21 PM PST · by TigerLikesRooster · 10 replies · 1,025+ views
    The Moscow Times ^ | 01/16/09 | Courtney Weaver
    Ruble Collapse Brings Wages Back to Earth 16 January 2009 By Courtney Weaver / Staff Writer The days of spectacular wage growth that made Moscow an international employment destination have come to an end, economists say, with layoffs throughout the economy letting employers bring salaries back in line with productivity growth. The earnings cuts, alongside inflation and the weakening ruble, have dealt Russian wage earners a triple whammy, and the Central Bank's devaluation of the currency Thursday brought it past the 32 mark against the dollar for the first time since the 1998 redenomination (Story, Page 7.) Over the past...
  • Will China lead the world into depression?

    01/16/2009 12:10:45 AM PST · by TigerLikesRooster · 12 replies · 716+ views
    Telegraph blog ^ | 01/15/09 | Ambrose Evans-Pritchard
    Will China lead the world into depression? Posted By: Ambrose Evans-Pritchard at Jan 15, 2009 at 13:27:42 Oh no! Albert Edwards at Societe Generale has issued another terror alert: Sell everything. Hide in a bunker with plenty of whisky. The S&P 500 index of US shares is about to crash through its half-century support line to 500. "Technicals say it is time to bail out. Cut equity expose and prepare for rout. US depression looking likely. While China's 2009 implosion could get ugly." Mr Edwards -- who is of an "Austrian" persuasion, ie hates excess debt -- was one of...
  • Chinese demand a wobbly bulwark (China to accelerate economic crisis?)

    12/31/2008 6:29:30 PM PST · by TigerLikesRooster · 5 replies · 721+ views
    Asia Times ^ | 12/24/08 | Robert M Cutler
    Chinese demand a wobbly bulwark By Robert M Cutler MONTREAL - China's economy requires a minimum annual growth rate of 8% to maintain production levels sufficient to prevent unemployment from increasing, according to a general consensus inside and outside the country. Until recently, collective wisdom held that such a level of growth was likely to be maintained through 2009, easing the threat of social unrest as migrants, newly qualified university students and less-skilled school-leavers struggle to find work, while cushioning the global impact of declining demand for industrial metals and related natural-resource commodities. No longer. China increasingly appears no more...
  • Groundwork for Trade Conflict Being Laid?

    12/31/2008 4:13:01 AM PST · by TigerLikesRooster · 4 replies · 295+ views
    Wednesday, December 31, 2008 Groundwork for Trade Conflict Being Laid? We have worried out loud that the policy remedies being pursued by the US amount to trying to restore the status quo ante to as great a degree as possible, particularly in trying to resturn US overconsumption to something approaching its former levels. Although it may be difficult to work two agendas, crisis response and addressing the root causes of our economic mess in parallel, focusing solely on the former runs the considerable risk of that we will see only a shallow recovery, with many of the elements of the...
  • Obamas Big Mistake: Deficits Dont Matter

    12/29/2008 6:01:38 AM PST · by Invisigoth · 8 replies · 787+ views
    North Star Writers Group ^ | December 29, 2008 | Herman Cain
    President-elect Barack Obama has made a big mistake that, as usual, the mainstream media has given him a pass on by not making a big deal about it. Its not his cabinet nominations, which the mainstream media are all gushy about. Its not whether he or any of his staff can be linked to the sale of his Illinois Senate seat by caught red-handed but I didnt do it Gov. Rod Blagojevich. And it is certainly not who Obama has chosen to pray at his inauguration. Its his inauguration for peace sake! We cant worry, short-term, about the deficit is...
  • China's currency falls by record against U.S. dollar(race to the bottom?)

    12/01/2008 7:36:11 AM PST · by TigerLikesRooster · 43 replies · 1,696+ views
    Market Watch ^ | 12/01/08 | Chris Oliver
    China's currency falls by record against U.S. dollar Decline may signal official policy shift towards devaluation, analysts say By Chris Oliver, MarketWatch Last update: 6:34 a.m. EST Dec. 1, 2008 HONG KONG (MarketWatch) -- China's currency staged a record loss against the U.S. dollar Monday, falling to the lower end of its daily trading limit, in what some analysts said is a policy shift as authorities let the yuan depreciate against the greenback in an effort to help bolster the decelerating economy. The yuan eased to 6.8848 against the dollar, falling to its 0.5% trading limit, its lowest level since...
  • In 2009 the US Will Be Forced to Selectively Default and Devalue Its Debt

    10/29/2008 2:01:34 AM PDT · by TigerLikesRooster · 43 replies · 1,310+ views
    28 October 2008 In 2009 the US Will Be Forced to Selectively Default and Devalue Its Debt We have seen estimates that next year the US will have to finance a $2 Trillion annual deficit. They may be able to push it further into the next Administration than that by the forbearance of the world, but not by much. We'd expect a significant drop in Treasuries by 2011 at the latest. It should be obvious to anyone that we are approaching the apogee of the Treasury bubble, with the credit bubble having broken already. When the Treasury says they are...
  • Ron Paul: Bailout means we'll all suffer

    10/17/2008 11:08:27 AM PDT · by jmc813 · 52 replies · 2,443+ views
    CNN ^ | 10-17-2008 | Kiran Chetry
    U.S. Rep. Ron Paul, who has been an opponent of the government's bailout plan, spoke Friday with CNN's Kiran Chetry on "American Morning." The Texas Republican says the bailout's infusion of government money will lead to inflation, that our current monetary system is coming to end, and the market, not politicians, can best solve the economic crisis.Kiran Chetry: The last time you were with us you explained why you were against the government's bailout plan, why you were voting against it, and you didn't believe focusing on buying these troubled assets was the smart thing to do. Since then, they've...
  • Subprime Government?

    05/07/2008 12:43:29 AM PDT · by bruinbirdman · 8 replies · 239+ views
    Forbes ^ | 5/5/2008 | Steve Forbes
    The subprime crisis still dominates headlines as banks and financial institutions continue their multibillion-dollar writedowns and shoring up of depleted balance sheets with massive infusions of new capital. But is the biggest entity of all--the U.S. government--heading toward the financial rocks? Moody's, the credit-rating agency, got publicity--for once, not negative--in January when it warned that the U.S. government may lose its triple-A rating within a decade if Uncle Sam doesn't do something drastic about the unfunded liabilities of Social Security, Medicare and Medicaid. Let's put aside the sorry record of Moody's and its brethren in inaccurately assessing the creditworthiness of...
  • When dollar falls, European exporters count their bruises

    11/17/2007 10:16:45 AM PST · by shrinkermd · 409 replies · 711+ views
    LA Times ^ | 17 November 2007 | Geraldine Baum
    The euro's rise and dollar's slide are squeezing European exporters' profits or multiplying their losses, prompting layoffs and plant closings. Companies are not only curbing production of goods headed to U.S. buyers but also rethinking the way they do business. The euro recently passed the record $1.47 mark, gaining 11.5% since the beginning of the year against the greenback. It closed Friday at $1.46; a dollar bought 0.68 euro. Most emblematic of the problem has been the impact of the euro-dollar relationship on the aeronautics industry -- and particularly on France's Airbus, whose main rival is U.S.-based Boeing. With a...
  • Play the Exchange Rate Game [with Yen]

    06/12/2006 3:36:52 PM PDT · by G. Stolyarov II · 1 replies · 217+ views
    RisingSunofNihon ^ | June 12, 2006 | Dr. Bill Belew
    All Headline News reported that Japanese exporters are trying to take advantage of the rise in the Yen rate. When the dollar spikes, they try to sell it in order to save up for later purchases in the year. The current yen rate hovers around 114 yen = $1. I remember when it was 260 yen = $1. Some of my missionary friends tell me of a time when it was 350 = $1. When Japan started to produce quality products for very affordable prices, everyone started crying 'foul' and 'undervalued,' and then trade imbalances started growing. In the end,...
  • The Vanishing Link Between Free Trade and Low Prices

    12/21/2004 1:26:51 PM PST · by Willie Green · 473 replies · 3,525+ views ^ | Monday, December 20, 2004 | Alan Tonelson
    For education and discussion only. Not for commercial use. Since the dawn of time - or so it seems - supporters of traditional trade liberalization policies have emphasized that keeping markets wide open raises living standards by giving consumers the widest possible choice of goods and services along with the lowest possible prices. Have various trade agreements been net job and wage losers? Have they boosted imports much more than exports, thus producing huge trade deficits and foreign debts? No problem in either case, say the globalization cheerleaders. The price reductions fostered by open markets and import competition always outweigh...
  • A Dollar Warning

    11/27/2004 9:49:36 PM PST · by Sarah · 73 replies · 4,087+ views
    Wall Street Journal ^ | Sunday, November 28, 2004 | Wall Street Journal Editors
    A Dollar Warning America can't devalue its way to prosperity. Sunday, November 28, 2004 12:01 a.m. EST President Bush has let everyone know he intends to pursue an ambitious second-term agenda. But if he wants to know what could spoil his plans even before his second Inaugural, he might consider the market reaction to his Administration's weak dollar complacency.
  • Bearish on Uncle Sam?

    10/27/2004 10:38:03 AM PDT · by JFK_Lib · 25 replies · 842+ views
    Washington Post ^ | Tuesday, October 19, 2004 | Jonathan Weisman and Ben White
    But a rash of new data, including Treasury Department figures released yesterday showing a net sell-off by foreigners of U.S. bonds in August, has stoked debate over whether overseas investors -- private individuals, institutions and government central banks -- are growing dangerously bearish on the U.S. economy. It is a portentous issue. Foreign governments and individuals hold about half of the $3.7 trillion in outstanding U.S. Treasury bonds, for example, and the government has been heavily dependent on continued overseas bond purchases to finance the roughly $1 billion a day it has to borrow to pay its bills. Foreign lending...
  • Wall Street worries that foreign investors will cool toward U.S. assets. But that may not be so bad.

    10/01/2003 7:03:53 AM PDT · by .cnI redruM · 1 replies · 203+ views
    CNN/Money ^ | October 1, 2003: 9:40 AM EDT | Justin Lahart
    <p>NEW YORK (CNN/Money) - The prospect of what would happen if foreign investors cooled toward U.S. assets is giving Wall Street the cold sweats again. Perhaps it shouldn't.</p> <p>The scenario goes something like this: Thanks to the United States' massive budget deficit and current account deficit (that's the gap in the United States' trade in goods and services with the rest of the world), the dollar gets significantly weaker.</p>

    08/07/2002 12:54:31 PM PDT · by WoofDog123 · 7 replies · 611+ views
    american reporter ^ | 8/6/02 | mark scheinbaum
    IN URUGUAY, A WEIRD MONEY GAME INVITES U.S. BROKERS by Mark Scheinbaum American Reporter Correspondent August 7, 2002 LAKE WORTH, Fla., Aug. 7. 2002 -- I'm not an investment banker in Uruguay nor do I play one on television. But what if - just what if, I'm on to something here? I literally shook my head upon awakening at my usual 4 a.m. the other morning to check international markets, to clear the cobwebs and my ear drums when I heard that U.S. Treasury Secretary Paul O'Neill was enroute to the capital of Uruguay with a $1.5 billion bailout check...