Posted on 11/02/2007 5:23:12 AM PDT by Thorin
The euro, worth 83 cents in the early George W. Bush years, is at $1.45.
The British pound is back up over $2, the highest level since the Carter era. The Canadian dollar, which used to be worth 65 cents, is worth more than the U.S. dollar for the first time in half a century.
Oil is over $90 a barrel. Gold, down to $260 an ounce not so long ago, has hit $800.
Have gold, silver, oil, the euro, the pound and the Canadian dollar all suddenly soared in value in just a few years?
Nope. The dollar has plummeted in value, more so in Bush's term than during any comparable period of U.S. history. Indeed, Bush is presiding over a worldwide abandonment of the American dollar.
Is it all Bush's fault? Nope.
The dollar is plunging because America has been living beyond her means, borrowing $2 billion a day from foreign nations to maintain her standard of living and to sustain the American Imperium.
(Excerpt) Read more at worldnetdaily.com ...
We’ve squandered our entire industrial base.
What have we got to export anymore?
Grain? Cattle. Leftist Hollyweird movies and CD’s.
EXACTLY!
Oh, we have things to export but nothing like we did 10-20-30 years ago. Entire industries have been decimated. The factories are gone and abandoned to rust and rats
You can lower the US dollar by 50% and we'll have trouble evening up the trade deficit.
Canada and Australia are energy self sufficient and have no trade deficits. So their currencies are strong and soaring against the US dollar
The EU does not run a trade deficit so the € is strong
Excerpt:
The mood in credit derivatives markets turned ugly on Thursday, with the cost of insuring corporate debt hitting multi-week highs on both sides of the Atlantic.Oh, its not that scary. Wait a few weeks. You ain't seen anything yet.Speculation was rife that leading major investment banks were facing additional losses linked to complex mortgage-backed securities, while worries mounted over the health of major financial guarantors.
"It's scary out there - there's blood on the streets," a trader at a US brokerage said. "It's a real mess." * * *
Rating Agencies Are Downgrading CDOs
The prospect of rating downgrades on complex debt instruments, along with massive writedowns at big banks, are raising fears that the credit crisis may deepen.
Collateralized debt obligations backed by mortgage securities are triggering another wave of worry on Wall Street. Banks have been hard-hit by a decline in the value of these securities, and investors and traders worry that more losses could result if prices fall further. * * *
The three major rating companies - Moody's, Standard & Poor's and Fitch - have put an estimated $70 billion worth of collateralized debt obligations, including those with the highest ratings, on review for downgrading. * * *
178 Mortgage Lenders Have Imploded ! Since December, 2006.
Remember the great line in the "Ghostbusters" movie? When you need to refinance --
"Who Are You Gonna Call ?
That’s an interesting point. Do you think Pat Buchanan understands that? From his opinion posted above, one would think not.
As a citizen of California, you're more responsible for Feinstein than I am. Assuming you are a citizen.
I called you on that BS last week, or the week before. Did the EU suddenly swing into a trade surplus in ten days?
Steel production has been pretty constant for about 40 years. Imports now make up between one third and one half of U.S. consumption.
I didn’t really sign off on the whole “we don’t make steel anymore”. We may make a smaller percentage of our total usage than we did in the 50’s but we certainly make some. I can’t imagine being dependent on chinese steel to make our own tanks and aircraft carriers. It’s a strategic industry to our military even if chinese steel happened to better and/or cheaper, we don’t want to give those keys away.
As we become more and more a third world nation hopefully we’ll soon be able to compete with China’s prison labor and we might once again start manufacturing things here.
I can see jobs opening up for Americans, especially overseas. I understand that Saudi Arabia is out scouting for potential laborers to work as maids, drivers and household servants as their Pacific Islands labor market is becoming too expensive.
Common knowledge sir. If you want to sell a lot of a product to a country, you are going to have to give them a piece of the pie.
You are the most insulting, arrogant poster on this thread. I say it is you who needs to learn something....for a change!
[Matt] Lauer Begs Barack to Say Economy's Headed to Recession.Maybe Buchanan is angling for a VP slot in the Obama Administration?
Guess you don't understand the difference between "most" and "all". Besides I wasn't refering to that $.89 bar of soap but clothing, shoes, computers, TV's, power tools, and on and on.
If so I missed it. EU is in trade balance. The core EU of 15 nations. Even the EU-27 is doing well with a small trade deficit 16 billion Euros
That must mean we're doomed. Yet our GDP still grew 3.9% last quarter. I guess we didn't need those 178 mortgage lenders. LOL!
Buchanan is such an idiot. The reason European currency is so is because its also overvalued.
How're your buddies at CISPES? LOL!
What exports?
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