Classified, Jobs, Education & Business Find a Job in Lebanon - Buy, Sell & Trade in Lebanon - Dealing with educational, financial, economical, and career concerns. A place to bounce ideas on how to deal with such issues off of each other.
As you noted, the dollar’s value declined continuously for the first seven and a half year of the Bush administration (from 0.92 to 1.60). The decline was caused by the lack of confidence in the US ability to pay off the debt that Bush kept on accumulating irresponsibly. He took over a balanced budget with a surplus from Clinton and turned it into a record high deficit. The dollar was supposed to collapse completely during the summer jut like Lehman Brothers did but that was not in the best interest of all the foreign investors such as China. Europe and the Gulf States; so they set up a dollar rescue system that has been active since August until they salvage as much as they can from their investments. The $700 billions bailout was part of that deal. Today, the dollar is on a temporary life support. Its artificial value is a cancerous growth that will eventually kill it. The fundamentals of the US economy have not changed. Actually, it got worse since last August. It turned into a black hole sucking into it the rest of the world economies. The world is finally reacting. With today’s reality, it is in the best interest of the US to devalue the dollar by printing a lot more of it and start paying Bush’s debt. That will also help its exports. The world is no longer willing to pay the US bills. That’s the message that Bush will get tomorrow from the world leaders in the economic summit.
http://news.yahoo.com/s/nm/20081113/bs_nm/us_financial_summit French President Nicolas Sarkozy</SPAN> sounded an aggressive note on Thursday as he prepared to head for the summit. "I am leaving for Washington to explain that the dollar, which after the Second World War was the only currency in the world, can no longer claim to be the only currency in the world," he said. "What was true in 1945 cannot be true today."
Federal deficit balloons on bailout costs - MarketWatch WASHINGTON (MarketWatch) - The U.S. federal government deficit soared in October to a record $237.2 billion, as the government invested more than $136 billion in various bank bailout programs, the Treasury reported Thursday.
First, when did Bush listen to anyone. He simply only does what he likes.
Second, it is true that the printing machines are working non-stop to pay back the debt. But the money being printed is the very same money which evaporated from people's pockets all over the world and went to "money heaven". So in essence what is happening is a dirty trick which pays back the US debt by not only or mainly the US taxpayer, but by the wealth which has been accumulating in the past five years in China, Russia and the Gulf. Look back at Bush's press conference in NY yesterday, analyse every word, every body gesture and you will see and hear what I am talking about.
I have no doubt in my mind that after all is said and done, the US will emerge a victor in the financial markets and the losers will be China, Russia and the Gulf.
Having said that, your posts are enlightening me tremendously to the possibility of a game involving the US Dollar. While I see that the Dollar might incur a steep and quick loss, I disagree with you about the timing. I start from the premise that this is a dirty trick. In order for the trick to work
on the maximum amount of people, it has to come as a surprise, it has to come in a time when people least expect it, and it to come in a time when a maximum amount of people have taken up positions on the US Dollar. So, this trick would only work in 6 months, or one year, or 2 years. Meantime, I see the Dollar becoming stronger to build up the false feeling of a refuge currency.
There's a popular YouTube clip called "Peter Schiff Was Right" that shows the president of Euro Pacific Capital engaged in on-air debates with financial luminaries such as Art Laffer and Ben Stein, circa 2006-07.
The clips show the wisdom of Schiff's dire forecasts — and, judging from the dismissive reactions, just how far he was outside the mainstream. Ben Stein publicly apologized to Schiff in a New York Times column, but Laffer refuses to admit defeat, recently telling Bill Maher his economic forecasts have a statute of limitations of just nine months.
To his credit, Schiff isn't declaring victory, noting "100% of my forecast hasn't panned out," most notably "a major collapse in the dollar" that leads to a spike commodity prices.
As discussed in the accompanying video, Schiff believes the recent dollar rally and commodity price weakness will prove temporary. Most troubling, he says the "economic crisis is only just beginning."
Click here for part one of my interview with Schiff.
NEW YORK (MarketWatch) -- The dollar was lower against most major counterparts Monday, overshadowed by heightened worries over the financial sector following the U.S. government's rescue of troubled banking giant Citigroup.
"Concerns about the U.S. banking sector appear to be weighing on the dollar as it continues to weaken through some key levels against its main counterparts," wrote strategists at Lloyds TSB.
The euro rallied above resistance at the $1.2650 level, they noted, and traded recently at $1.2828, up from $1.2587 in North American activity late Friday.
The British pound jumped to $1.5116, up from $1.4933 as the government announced its own economic stimulus plan.
The dollar index ($DXY: US Dollar Index Future - Spot Price News, chart, profile, more
Last: 86.06-2.14-2.42%
2:27pm 11/24/2008 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials
Sponsored by:
<IMG class=pixelTracking height=1 width=1 border=0>$DXY 86.06, -2.14, -2.4%) , a measure of the greenback against a trade-weighted basket of six major currencies, fell to 86.270 from 87.658.
The dollar slipped against the Japanese currency to 96.38 yen from around 95.92 yen Friday.
The U.S. government agreed Sunday night to rescue Citigroup (C: Citigroup, Inc News, chart, profile, more
Last: 5.81+2.04+54.11%
2:57pm 11/24/2008 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials
Sponsored by:
<IMG class=pixelTracking height=1 width=1 border=0>C5.81, +2.04, +54.1%) with a plan that includes a $20 billion capital infusion, guarantees for as much as $306 billion of Citi's troubled assets, government control of executive bonuses, and limits on dividend payments. See full story.
Meanwhile, strategists at BNP Paribas said there's mounting evidence that liquidation and de-leveraging pressures are no longer universal, citing last week's firm tone in the gold market.
Also, the euro/U.S. dollar currency pair barely budged last week amid sharp sell-offs in equities, they noted. In recent months, the euro had come under pressure as equities sold off.
"Given the massive sell-off witnessed in shares last week euro/U.S. dollar hardly moved indicating that [the euro's] least resistance in the short term (against the dollar) is probably to the upside," they wrote.
Important resistance stands at $1.2730, they said, but a break above that level could point the way to a test of $1.33.
The euro sank briefly Monday after the Munich-based Ifo Institute's November business-climate index showed a steeper-than-expected drop to a 15-year low of 85.8.
Economists said the data underlined a deteriorating outlook for the largest economy in Europe and the euro zone, and signaled that the region's resilient labor market is likely to begin to suffer significantly in coming months
"The upshot is that the recession is becoming increasingly entrenched, with more pain to consumers lying ahead," said Tulia Bucco, an economist with UniCredit MIB in Milan.
The British government unveiled a $20 billion pound economic stimulus plan, saying the economy is likely to shrink up to 1.25% in 2009.
The plan centered on a reduction in the value-added tax, or VAT, charged on most goods and services from 17.5% to 15%, beginning on Dec. 1. See full story.
NEW YORK (MarketWatch) -- The dollar was lower against most major counterparts Monday, overshadowed by heightened worries over the financial sector following the U.S. government's rescue of troubled banking giant Citigroup.
"Concerns about the U.S. banking sector appear to be weighing on the dollar as it continues to weaken through some key levels against its main counterparts," wrote strategists at Lloyds TSB.
The euro rallied above resistance at the $1.2650 level, they noted, and traded recently at $1.2828, up from $1.2587 in North American activity late Friday.
The British pound jumped to $1.5116, up from $1.4933 as the government announced its own economic stimulus plan.
The dollar index ($DXY: US Dollar Index Future - Spot Price News, chart, profile, more
Last: 86.06-2.14-2.42%
2:27pm 11/24/2008 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials
Sponsored by:
<IMG class=pixelTracking height=1 width=1 border=0>$DXY 86.06, -2.14, -2.4%) , a measure of the greenback against a trade-weighted basket of six major currencies, fell to 86.270 from 87.658.
The dollar slipped against the Japanese currency to 96.38 yen from around 95.92 yen Friday.
The U.S. government agreed Sunday night to rescue Citigroup (C: Citigroup, Inc News, chart, profile, more
Last: 5.81+2.04+54.11%
2:57pm 11/24/2008 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials
Sponsored by:
<IMG class=pixelTracking height=1 width=1 border=0>C5.81, +2.04, +54.1%) with a plan that includes a $20 billion capital infusion, guarantees for as much as $306 billion of Citi's troubled assets, government control of executive bonuses, and limits on dividend payments. See full story.
Meanwhile, strategists at BNP Paribas said there's mounting evidence that liquidation and de-leveraging pressures are no longer universal, citing last week's firm tone in the gold market.
Also, the euro/U.S. dollar currency pair barely budged last week amid sharp sell-offs in equities, they noted. In recent months, the euro had come under pressure as equities sold off.
"Given the massive sell-off witnessed in shares last week euro/U.S. dollar hardly moved indicating that [the euro's] least resistance in the short term (against the dollar) is probably to the upside," they wrote.
Important resistance stands at $1.2730, they said, but a break above that level could point the way to a test of $1.33.
The euro sank briefly Monday after the Munich-based Ifo Institute's November business-climate index showed a steeper-than-expected drop to a 15-year low of 85.8.
Economists said the data underlined a deteriorating outlook for the largest economy in Europe and the euro zone, and signaled that the region's resilient labor market is likely to begin to suffer significantly in coming months
"The upshot is that the recession is becoming increasingly entrenched, with more pain to consumers lying ahead," said Tulia Bucco, an economist with UniCredit MIB in Milan.
The British government unveiled a $20 billion pound economic stimulus plan, saying the economy is likely to shrink up to 1.25% in 2009.
The plan centered on a reduction in the value-added tax, or VAT, charged on most goods and services from 17.5% to 15%, beginning on Dec. 1. See full story.
huh i knew u couldn't resist...
yalla let's see what's gonna happen, if everything seems Negative to the US Dollar i'll tell my Mom(she's traveling to poland in 5 days) to change all her dollars to Zlotch and then make a nifty Profit when the dollar is weak
but what confused me is that everytime the "DOW" gets more points, the less the Dollar is worth, that's strange cuz i thought that since DOW is an American Stock exchange, it should ...u know...be with the Dollar :S
but what confused me is that everytime the "DOW" gets more points, the less the Dollar is worth, that's strange cuz i thought that since DOW is an American Stock exchange, it should ...u know...be with the Dollar :S
The dollar must come down so the US stock can go back up without affection its effective value. (2X4 = 4X2) Now more than ever, it’s safer to be invested in the US stock market than having your dollars hidden under the mattress.
14th November 2008
