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Dollar extends slide on views of low US rates

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posted on Apr, 29 2011 @ 09:50 PM
The dollar just keeping becoming less and less valuable:

Seems like Bernanke has some happy pills he's taking...

Despite the dollar's 8 percent decline this year against a group of six currencies, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner have both said this week that the U.S. supports a "strong dollar" policy. Bernanke on Wednesday said that the Fed, by keeping a watch on inflation and taking steps to reinvigorate the economy, was helping support the dollar.

Meanwhile, living just gets more expensive for the rest of us...

But the dollar's broad drop suggests that U.S. consumers will have to pay more for imported goods from all over the world, particularly oil. Prices for crude rose to about $113 a barrel Friday. Analysts say retail gas prices could reach a nationwide average of $4 a gallon by early May.

And I thought this was an interesting statement:

Central banks overseas are increasing interest rates to fend off inflation, making their currencies more attractive to investors seeking higher yields.

It seems like other countries "get it", but not Bernanke. So, either he's not to bright, or he's sabotaging the dollar. Any thoughts on which it is?

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