posted on May, 29 2003 @ 06:45 AM
Maybe as Dragonrider said, this is a reason behind the middle east war....
A further rapid decline in the dollar would require concerted action from governments and central banks, the managing director of the International
Monetary Fund (news - web sites) (IMF) Horst Koehler said in a newspaper interview.
The dollar has lost around 30 percent of its value against the euro within the past year and Koehler told the business daily Handelsblatt such a
development was no surprise given the United States' huge current account deficit.
"On a trade-weighted basis, the depreciation is around 16 percent. That's still within limits and should come as no surprise given the huge current
account deficit of the US," Koehler said.
Heres another one....
I'm not a government economist, so who am I to give advice to Alan Greenspan and his policy- making buddies on the Federal Open Market Committee.But
if I could advise them, I'd encourage them to look down into the trenches and gauge the growing frustration and fear that seems to be permeating
growing numbers of Americans. Talk to people who have been out of a job for a year or more, the ones who have slipped off the statistical radar screen
into the sea of discouraged workers.Spend some time with senior citizens whose savings are quickly being depleted.Or chat with some former dot-com
honcho turned cab driver about his fall from expense account heaven into zero-balance, 401(k) hell.
If one likens this economy to a pyramid, the foundation of which supports the entire structure, then it is time to begin focusing on the material
that makes up that foundation.That material is not housing, it is not consumable goods, it is not factory orders, it is not productivity, nor is it
any other government concocted statistic that can be easily manipulated by some politically driven bureaucrat.And it certainly is not interest
rates.It's jobs ó reasonably well paying, secure employment opportunities for the vast majority of Americans who want nothing less than to work
toward the American dream.If that comes with a bit of inflation, so be it.If that means a rise in interest rates, so be that too.
[Edited on 29-5-2003 by Netchicken]