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Grimnir wrote:Are we absolutely certain that a weak dollar is a bad thing? It looks to me like the powers-that-be are devaluing it deliberately (while pretending to be dismayed).
ECM wrote:A weaker dollar makes U.S. industries more competitive on the world market. It will also cause significant inflation. This weakness in purchasing power should also cause a reduction in imports.
THE PAINTED DESERT
(Natalie Merchant / Christian Burial Music Â© 1987)
the painted desert
can wait till summer
we've played this game of just imagine long enough
wait till summer?
when I'm sure the rains have ended
the blooms have gone
everyone killed by the morning frost
is a cactus blooming there
in every roadside stand
where the big deal is cowboy gear
sewn in Japan?
Jack wrote:The Vanguard precious metals fund is up a bit more than 30% in 6 months. The implications for the dollar are bad.
In the old USSR, toward the end, one could spend a lifetime's accumulated savings on a single link of sausage. But that could never happen to the U.S.....or could it?
India and China banks cut dollar exposure
By Steve Johnson
Published: March 8 2005 02:00 | Last updated: March 8 2005 02:00
The extent to which Indian and Chinese banks are cutting their exposure to the ailing US dollar was revealed yesterday in data from the Bank for International Settlements.
The Asian central and commercial banks covered in the BIS data held only 67 per cent of their deposits in dollars as of September 2004, down from 81 per cent in the third quarter of 2001, said the Basel-based bank. The data indicate the shift out of the dollar was most evident in India, where dollar holdings fell from 68 per cent to 43 per cent during the three-year period. Chinese banks have reduced their dollar share from 83 per cent to 68 per cent - mostly before the third quarter of 2002.....
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