Would you mind putting this extremely bad news in layman’s language so we can understand?
I agree, layman’s language would be great.
I’m feeling like I should panic - but I don’t know why. ;-)
It’s just that holders of other currencies are panicking into US dollars tonight.
Euro gapped down and kept falling.
Whether it is bad news or not depends on your book.
The move may be temporary and overdone anyway — has happened several times lately.
We’ll have to see if the Dollar double tops around 88. Not far to go.
As best I am able to tell, downgrades pertaining to Eastern Europe are tanking the euro. Japan has announced it is officially in depression, tanking the Yen. Panic flight to dollars, belated flight to gold, although dollar strength is making it much less obvious to us. Very obvious in other currency.
If this is true, it sounds like what that Pennsylvania rep was talkng about last Sep, Kanjorski? that there is a coordinated run on money systems, done intentionally, done with malice and forethought
for the purpose of bringing financial markets into chaos
I’m not sure what’s going on either, but I’m sure Bush will be blamed.