This is the signal to buy dollars.
Soros of course is singing the same toon. However, the US leads Europe in productivity, economic growth, lower tax burden, and most other economic indicators, and Europe is also burdened with worse aging population then we have. There is no way in heck I would be betting on the Euro longterm over the dollar.
Anybody holding dollars is going to get bent over a table. Fannie Mae is melting down. Kiss the money center banks goodbye, kiss the money market repos goodbye, kiss real estate goodbye, kiss the bond market goodbye, etc. Oh, and there's the little problem of the FedGov having more unfunded liabilities than all the friggin privately held wealth in America....not counting a GSE and banking bailout mind you. Yep, I'm afraid the dollar is going to have die.....again.
explain that to the south korean central bank today, and the other central banks who may well follow their lead.
I agree. Gates may know 1's and 0's like champ, but he doesn't know everything.
Cheer up Bill, it's cool to be you.