Tuesday, January 06, 2004
Dollar tanking
Dow Jones Here:
Argentina, anyone?
As Paul Krugman pointed out earlier today (below), such a catastrophe is not completely implausible with the Bush gang at the helm. The financial markets have Bush's number, even if the MWs and the Beltway crowd don't.
Bush himself, and his gang, will of course be able to get out in time, and scuttle away with sacks of cash over their shoulders. Leaving the rest of us holding the bag, crying all the way to the bank.... Enron a failure? For these guys, it's a blueprint!
The relentless dollar selling showed no sign of letting up in New York Tuesday, with the dollar sinking to new lows across the board.
In morning trading, the euro was at $1.2794, up from $1.2664 late Monday in New York. The dollar was at 106.17 yen, up a little from 106.07 yen late Monday, only thanks to aggressive dollar bids from Japanese banks on behalf of Japanese monetary authorities, dealers said. Against the Swiss franc, the dollar was at 1.2256, down from 1.2337, while sterling was trading up at $1.8260 from $1.8060.
If anything, the dollar's slide was accelerating along with the increase in trading volume as investors return to the market after the holiday period. With very little to convince them otherwise, certainly not official rhetoric from U.S. or euro-zone policymakers, they're simply putting on fresh short dollar positions, en masse.
Argentina, anyone?
As Paul Krugman pointed out earlier today (below), such a catastrophe is not completely implausible with the Bush gang at the helm. The financial markets have Bush's number, even if the MWs and the Beltway crowd don't.
Bush himself, and his gang, will of course be able to get out in time, and scuttle away with sacks of cash over their shoulders. Leaving the rest of us holding the bag, crying all the way to the bank.... Enron a failure? For these guys, it's a blueprint!
