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Old 11-25-04   #1
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US Dollar Dropping...

Dollar drops to new all-time low against Euro

BERLIN, Nov 17, 2004 ( AP WorldStream via COMTEX ) -- The U.S. dollar dropped to a new all-time low against the euro Wednesday as the European currency rose to US$1.3047 amid deep skepticism over Washington's commitment to a "strong dollar" policy.
Persistent worries over high oil prices and the U.S. trade and budget deficits have pushed the dollar to new depths against the 12-nation euro in recent weeks.

Last Wednesday, it rose above US$1.30 for the first time since its launch in 1999, spiking up to US$1.3007 - prompting European politicians to voice concern that the rally could hurt the continent's export-driven recovery.

The latest rise came as U.S. Treasury Secretary John Snow visits Europe. At the Royal Institute of International Affairs in London, he refused to comment on the euro hitting a new high against the dollar.

Snow insisted that there had been no change in the administration's support for a strong dollar. He also reiterated the administration believes international currency markets should be left to set the dollar's value.

"We believe in open, competitive currency markets," he said. "We think the world functions best with free trade and free capital flows. Nobody has ever devalued their way to prosperity."

Still, many analysts believe the administration has decided to voice support for a strong dollar to avoid rattling currency markets but to refrain from intervening to halt the dollar's fall since a weaker dollar will help lower the U.S. trade deficit by helping American exports.

"There is no single event that set off this movement today," said Dorothea Huttanus, an economist at DZ Bank in Frankfurt. She cited persistent doubts over the health of the U.S. economy and added that "doubts about the strong dollar policy won't go away" despite Snow's statements.

"The financial community doesn't believe him any more," Huttanus said.

The current rally has taken the euro from about US$1.20 two months ago, prompting European Central Bank President Jean-Claude Trichet to call the surge "brutal" last week. Huttanus said she expected more such verbal interventions - although no action by the bank on currency markets - should the euro continue moving toward US$1.35.

For the countries that use the euro, the stronger currency raises fears that it will snuff out their moderate, export-driven economic recovery by making exports more expensive. But it takes much of the sting out of high oil prices on the continent, since oil is priced in dollars and the strong euro makes it relatively cheaper.

The euro, launched in 1999, languished under US$1.00 for about 2 1/2 years between 2000 and mid-2002. It is now more than 57 percent above its all-time low against the dollar of 82 cents, reached in October 2000.

Last Monday, French Finance Minister Nicolas Sarkozy warned that market concern over the U.S. budget deficit is weakening the dollar and urged action.

"The U.S. must cut its budget deficit: this is an unanimous message from Europe and the International Monetary Fund which we're sending to our American friends," he said.

German Chancellor Gerhard Schroeder also struck a note of concern Tuesday.

"Everyone is concerned about the euro-dollar rate and the effect this has on exports," he said.

Snow said he planned to use meetings Saturday and Sunday in Berlin of the Group of 20 major industrial and developing nations, and discussions Thursday with finance ministers from Poland, Hungary, Slovakia and the Czech Republic, to promote stronger economic growth.

...

In a related story...
Congress OKs $388 billion budget
WASHINGTON (AP) -- Republicans whisked a $388 billion spending bill through Congress on Saturday, a mammoth measure that underscores the dominance of deficit politics by curbing dollars for everything from education to environmental cleanups. Some projects under the bill include...

-$90,000 for Olive fruitfly research

-$200,000 for Rock and Roll Hall of Fame in Cleveland Ohio

-$335,000 to protect sunflowers in North Dakota from blackbird damage.

-$60 million for a new courthouse in Las Cruces, New Mexico.

-$225,000 to study catfish genomes at Alabama's Auburn University.

-A potential boon for Bush himself, $2 million for the government to try buying back the former presidential yacht Sequoia. The boat was sold three decades ago, and its current owners say the yacht is assessed at $9.8 million and are distressed by the provision.

Your tax dollars being well spent uner the Bush Administration...
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Old 11-27-04   #2
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What was your point with this? The first article answered it's own questions, the second is old news.

Yes, the gov't spends money stupidly. It always has. Several years ago there was an attempt to give the president line item veto. It was early in Clinton's term if I remember right. It was just a regular law so the Supreme Court shot it down. It has to be done with a constitutional ammendment. Congress will never go for that, because they have the power to spend frivolously in their districts, and they don't want a president taking it out with a swipe of a red pen.
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Old 11-27-04   #3
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it's good for me! Canadian dollar is at an all-time high! woo! 80-something cents!
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Old 11-27-04   #4
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it's good for me! Canadian dollar is at an all-time high! woo! 80-something cents!
Great! Keep it there! I'm tired of being given Canadian 7 cent pieces, otherwise known as quarters, when I get change.
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Old 12-02-04   #5
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today a new all time low haha, i really should book that trip to NYC now...
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Old 12-04-04   #6
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Are any Americans here worried about the dollar's slide at all?
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Old 12-04-04   #7
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Quote:
Originally Posted by Arty
Are any Americans here worried about the dollar's slide at all?

i most definitly am, especially amid the mentioning of medical costs rising at a rate higher than the income of americans, the job market is slipping again, more jobs still being outsourced, this time caterpillar sending it down the mexican way, and now this despite the assurances of those who said that outsourcing is good for our country's economy and the thought that many of the countries overseas are anti american because of bush and his war, he is still funding with soon to be worthless american money that still has not been assisted financially or politically by a majority of the nations...and those nations monies are becoming higher than ours?...what happens when america goes bankrupt or broke?

maybe it'll be a good thing in the long run, bush will have to go crawling over to other countries asking for money, and they can add some hefty requests to have bush do more what the un wants, possibly bettering the world and less what his oil based greed needs demand, i still see nothing verifying bush's interests are american based, the u s of a is going in the hole, the average joe american is drowning and he's too busy wanting a yacht?...but that's what fifty one percent of the americans wanted, at least we're safe from terrorists
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Old 12-04-04   #8
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Quote:
Originally Posted by Jordyn

maybe it'll be a good thing in the long run, bush will have to go crawling over to other countries asking for money, and they can add some hefty requests to have bush do more what the un wants, possibly bettering the world and less what his oil based greed needs demand, i still see nothing verifying bush's interests are american based, the u s of a is going in the hole, the average joe american is drowning and he's too busy wanting a yacht?...but that's what fifty one percent of the americans wanted, at least we're safe from terrorists
Are you aware that if these things happen, your standard of living will get much worse?
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Old 12-05-04   #9
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The falling value of the dollar actually makes America less likely to go bankrupt, if that would ever be possible anyway in the foreseeable future. It will make American goods cheaper worldwide and therefore boost your exports, while at the same time making foreign goods more expensive and making Americans import less. The result is that your trade gap will narrow and money will stop pouring out of your country.

The flip side of that is that as foreign goods get more expensive you will be able to buy less of them. Fewer material comforts for you, at least as far as foreign goods are concerned. It will also discourage foreign investors and slow your economic growth.
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'The heart of man is made to reconcile the most glaring contradictions.'

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Old 12-05-04   #10
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Quote:
Originally Posted by Arty
The falling value of the dollar actually makes America less likely to go bankrupt, if that would ever be possible anyway in the foreseeable future. It will make American goods cheaper worldwide and therefore boost your exports, while at the same time making foreign goods more expensive and making Americans import less. The result is that your trade gap will narrow and money will stop pouring out of your country.
What he said. I couldn't have explained it with this much brevity. The only thing that makes it a concern is that oil is traded worldwide in dollars. The dollar weakening could threaten that.

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The flip side of that is that as foreign goods get more expensive you will be able to buy less of them. Fewer material comforts for you, at least as far as foreign goods are concerned. It will also discourage foreign investors and slow your economic growth.
Slow growth isn't an entirely bad thing, as long as it is slow and steady. That makes recessions less likely, and less severe when they happen.
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Old 12-06-04   #11
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Quote:
Originally Posted by Arty
The falling value of the dollar actually makes America less likely to go bankrupt, if that would ever be possible anyway in the foreseeable future. It will make American goods cheaper worldwide and therefore boost your exports, while at the same time making foreign goods more expensive and making Americans import less. The result is that your trade gap will narrow and money will stop pouring out of your country.

The flip side of that is that as foreign goods get more expensive you will be able to buy less of them. Fewer material comforts for you, at least as far as foreign goods are concerned. It will also discourage foreign investors and slow your economic growth.
will stop money from pouring out of our country, allowing more to go to iraq? and boosting american exports, like our jobs?

i can't afford anything of the sort now, so i've already adjusted to not having many material comforts, well, anything newer than four years ago...fortunately i have a wonderful family...so missing out on expensive luxuries isn't painful for me...but i can see where most of america would be concerned about the higher costs of a wide screen plasma tv...i am rather disappointed that we keep losing full time jobs over here that help us afford health care however...now that hurts.
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Old 12-06-04   #12
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wasn't the strong dollar in the 90's responsible for a huge influx of foreign money into the american economy, thus neutralising the trade deficit and booming the economy?

i think i read that somewhere.

now it's a weak dollar and massive trade deficit ummmm... doesn't sound good.
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Old 12-06-04   #13
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I'm tellin you, it's this Republican trickle down/supply side crap.
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Old 12-07-04   #14
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I'm tellin you, it's this Republican trickle down/supply side crap.
That's the way capitalism works.
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Old 12-07-04   #15
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Doesn't the dollar always decrease in value..hence inflation?
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Old 12-07-04   #16
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Yup. But it was -and still is- the policy of the Bush government. Shove problems ahead for future generations to deal with. Inflation, loans, enviormental trouble... Gonna love the look on a few people's faces when New Orleans for instance sinks into the pacific...
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Old 12-08-04   #17
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Yup. But it was -and still is- the policy of the Bush government. Shove problems ahead for future generations to deal with. Inflation, loans, enviormental trouble... Gonna love the look on a few people's faces when New Orleans for instance sinks into the pacific...
Every part of this statement is as accurate as the last part.

New Orleans is on the coast of The Gulf of Mexico.
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Old 12-13-04   #18
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Quote:
Originally Posted by John Preston
Doesn't the dollar always decrease in value..hence inflation?
Yes, but that's a different thing. It's depends on what you're trying to buy:

- If you can buy less and less goods in your own market, that is inflation.

- If you can buy less of a foreign currency, that is currency devaluation. It's all about currency markets, and how they affect the economy. (Inflation will be one of the factors affecting this, I think).

Say you have two currencies, the dollar and the pound. Inflation in the UK is a touch over 1%, in the US it was a little over 2% in 2003. Not much difference. Yet in 2001 £1 could buy you less than $1.40 at one point, whereas it can now buy you something close to $2. This isn't much to do with inflation (which might account for about 5 cents of it I guess), but instead to do with market forces - people don't want to buy the dollar so the price goes down.
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Old 12-13-04   #19
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I thought you were rounding up from a smalle figure for a moment there, since its been more like 1.85 USD per pound, but yeah, wow, 1.92 right now, and that's after a small drop. Boy did I pick a good time to visit America.
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Old 12-13-04   #20
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The Dollar is also subjected to the anti-american trend in the world at the moment.

National bansk see the US as interfering where they shouldn't and in a strange notion of patritoism, buy other currencies such as the pound and ever popular Euro.

The US is also a lot cheaper then the UK in just about every given thing. Soon I'll be abe to buy up Acres of the US for the price a 2 bed London flat would cost me here.

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