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Sinking Currency, Sinking Country
World Net Daily ^ | 11/02/07 | Pat Buchanan

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 ...


TOPICS: Business/Economy
KEYWORDS: alasandalack; democrat; depression; despair; doom; dustbowl; economicignorance; economictreason; freetrade; fretradefolly; mercantilism; patbuchanan; pitchforkpat; sackclothandashes; woeisme
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To: Cringing Negativism Network
What exports?

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

121 posted on 11/02/2007 7:26:51 AM PDT by dennisw (Four and a half acres of sovereign U.S. territory,anytime,anywhere ---- US aircraft carrier)
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To: Thorin; Hydroshock; M. Espinola; Travis McGee; Calpernia; Pelham; GodGunsGuts; Brilliant; ...
CDS Traders Warn of 'Blood on Streets'

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.

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. * * *

Oh, its not that scary. Wait a few weeks. You ain't seen anything yet.

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 ?

122 posted on 11/02/2007 7:27:52 AM PDT by ex-Texan (Matthew 7: 1 - 6)
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To: Teacher317

That’s an interesting point. Do you think Pat Buchanan understands that? From his opinion posted above, one would think not.


123 posted on 11/02/2007 7:28:04 AM PDT by 1rudeboy
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To: MNJohnnie
would realize the utter stupidity of repeating the same ignorant arguments about the Chinese now that they were making about the Japanese during the 1980s

American companies were relocating to Japan in the 1980s and giving half of their offshore holdings to the Japanese government, like they do for the communist chinese government today? LOL I didn't know that?!
124 posted on 11/02/2007 7:28:20 AM PDT by hedgetrimmer (I'm a billionaire! Thanks WTO and the "free trade" system!--Hu Jintao top 10 worst dictators)
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To: hedgetrimmer
They put them there.

As a citizen of California, you're more responsible for Feinstein than I am. Assuming you are a citizen.

125 posted on 11/02/2007 7:29:07 AM PDT by Toddsterpatriot (What came first, the bad math or the goldbuggery?)
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To: dennisw
The EU does not run a trade deficit so the € is strong.

I called you on that BS last week, or the week before. Did the EU suddenly swing into a trade surplus in ten days?

126 posted on 11/02/2007 7:29:26 AM PDT by 1rudeboy
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To: Toddsterpatriot
We don't make steel anymore?

Steel production has been pretty constant for about 40 years. Imports now make up between one third and one half of U.S. consumption.

127 posted on 11/02/2007 7:29:29 AM PDT by Non-Sequitur (Save Fredericksburg. Support CVBT.)
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To: Darnright

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.


128 posted on 11/02/2007 7:32:00 AM PDT by DungeonMaster (Al Gore, the Jessie Jackson of weather.)
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To: Thorin

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.


129 posted on 11/02/2007 7:32:32 AM PDT by Joan Kerrey (Believe nothing of what you hear or read and half of what you see.)
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To: texastoo
Boeing is already in China. Check out this url. Scroll down to the middle of the page and you will see what China manufactures for the Boeing 737 now. You might check out the paragraph prior to the 737 picture and see what Boeing has to say about China’s airplane industry.

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.

130 posted on 11/02/2007 7:33:04 AM PDT by DungeonMaster (Al Gore, the Jessie Jackson of weather.)
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To: Toddsterpatriot
you're more responsible for Feinstein than I am

LOLOL! Your friends the Chinese communists are more responsible for Feinstein than I am!
131 posted on 11/02/2007 7:33:28 AM PDT by hedgetrimmer (I'm a billionaire! Thanks WTO and the "free trade" system!--Hu Jintao top 10 worst dictators)
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To: MNJohnnie
When it loses value in relationship to foreign currencies the dollar declines . When this happens, the dollar can buy fewer foreign goods, increasing the price for imports and causing inflation. Further and scarier is the fact that investors in U.S. Treasury bonds will sell their dollar-denominated holdings.

You are the most insulting, arrogant poster on this thread. I say it is you who needs to learn something....for a change!

132 posted on 11/02/2007 7:33:45 AM PDT by fweingart (FRED! (How is Mumia Abu-Jamal these days?))
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To: fweingart
Releated thread:

[Matt] Lauer Begs Barack to Say Economy's Headed to Recession.

Maybe Buchanan is angling for a VP slot in the Obama Administration?
133 posted on 11/02/2007 7:34:26 AM PDT by 1rudeboy
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To: 1rudeboy
Most of our everyday consumer goods are made in China. That must come as a shock to the folks at Procter & Gamble.

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.

134 posted on 11/02/2007 7:35:01 AM PDT by am452 (If you don't stand behind our troops feel free to stand in front of them!!)
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To: 1rudeboy

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

http://epp.eurostat.ec.europa.eu/pls/portal/docs/PAGE/PGP_PRD_CAT_PREREL/PGE_CAT_PREREL_YEAR_2007/PGE_CAT_PREREL_YEAR_2007_MONTH_10/6-18102007-EN-BP.PDF


135 posted on 11/02/2007 7:35:06 AM PDT by dennisw (Four and a half acres of sovereign U.S. territory,anytime,anywhere ---- US aircraft carrier)
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To: ex-Texan
178 Mortgage Lenders Have Imploded ! Since December, 2006.

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!

136 posted on 11/02/2007 7:35:43 AM PDT by Toddsterpatriot (What came first, the bad math or the goldbuggery?)
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To: MNJohnnie

Buchanan is such an idiot. The reason European currency is so is because its also overvalued.


137 posted on 11/02/2007 7:35:45 AM PDT by KC_Conspirator
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To: DungeonMaster
you are going to have to give them a piece of the pie.

Yeah, the chinese communists were so smart they actually made it part of their constitution. Fifty percent goes to the chicom party! A great way to fund a political entity! Why do American companies want to fund communism? Slave labor, that's why. When they do so, they are no longer American but something else altogether, IMO.
138 posted on 11/02/2007 7:36:02 AM PDT by hedgetrimmer (I'm a billionaire! Thanks WTO and the "free trade" system!--Hu Jintao top 10 worst dictators)
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To: hedgetrimmer
Sorry, none of my friends are Chinese or Communist.

How're your buddies at CISPES? LOL!

139 posted on 11/02/2007 7:37:36 AM PDT by Toddsterpatriot (What came first, the bad math or the goldbuggery?)
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To: Cringing Negativism Network

What exports?


Well, er, ah, um, what about our culture? Surely there is still demand for that. And, in a few years we could export cheap American labor and compete head to head with China’s prison labor. The way we’re headed it won’t take long.


140 posted on 11/02/2007 7:37:39 AM PDT by Joan Kerrey (Believe nothing of what you hear or read and half of what you see.)
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