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From: Harvey Rosetti <[EMAIL PROTECTED]>
I got this from another list and I'm wondering what you all think of it
here in this forum? Do you think the Euro is a concern if the U.S. dollar
continues to fall? When will the true employment figures reflect actual
unemployment including those who have given up and have had their
unemployment insurance run out? Will there be an extension of benefits in
time for Christmas? I don't think so. What do you think?
Harvey
Received from....Bruce Porteous <[EMAIL PROTECTED]>
Many Americans appear to be unaware of the speed their currency is falling
against the Euro. While internally the American economy appears to be doing
well, with low inflation, rising share market, increased productivity;
little attention appears to be given to the long-term consequences of their
collapsing currency.
The collapse of the $US will have disastrous consequences on the global
economy. Normally, an event such as the collapse of the talks on the new EU
constitution would have seen the Euro weaken against the dollar; yet the
growing lack of confidence in the dollar has seen the Euro continue to
strengthen against the dollar.
The soon-coming collapse of the $US will through the USA and the world into
a disastrous economic recession, and will be the precursor for what the
Bible describes as the time of sorrows. (Matthew 24:8)
Bruce P.
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The International Herald Tribune | www.iht.com
Around the Markets: U.S. deficit worries undermine dollar
Bloomberg - Wednesday, December 17, 2003
Currencies
New York The dollar dropped to a record low against the euro on Tuesday amid
concern the United States was too reliant on foreign central banks to fund
the deficit in its current account, which is near an all-time high.
The euro rose to $1.2327 in late trading from $1.2311 late Monday. The
dollar slipped to ¥107.46 from ¥107.59 and to 1.2597 Swiss francs from
1.2609 francs. The pound rose to $1.7553 from $1.7457.
Demand for dollars waned as the U.S. government said the gap in the current
account was $135 billion last quarter, the third largest on record.
Purchases by international investors of U.S. Treasury securities would have
dropped by $7.1 billion in October without buying by central banks, the
Treasury Department said Monday.
"We have just located the smoking gun for the decline in the U.S. dollar,"
said Michael Woolfolk, senior currency strategist at Bank of New York. "The
problem originates from private-sector investors abroad. Central banks
continue to provide a little ballast for the U.S. dollar."
The size of the current-account deficit suggests the United States needs to
attract about $2 billion each working day to maintain the value of the
dollar.
Foreign central banks, including Japan and Hong Kong, are buying U.S.
securities with the money they receive from selling their own currencies.
The sales are designed to protect exporters by making their products more
competitive abroad. (Bloomberg)
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