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The demise of the US dollar.


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#241 SmallMind

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Posted 10 June 2003 - 02:35 PM

The June Dollar was slightly higher overnight as it continues to consolidate above weekly support crossing at 93.12 and is challenging the 20-day moving average crossing at 93.67. Closes above the 20-day moving average and last week's high crossing at 94.15 would greatly increase the odds that a double bottom with the late-May low has been posted while opening the door for a corrective rebound during June. Closes below last week's low crossing at 92.30 would renew this year's decline while opening the door for a test of the 1998 low crossing at 90.74 later this summer. The daily ADX (a trend-following indicator) has turned neutral hinting that a low might be in or is near. Overnight action sets the stage for a steady to slightly firmer tone in early-day session trading.

The June Euro was slightly lower overnight as it consolidates below weekly resistance crossing at 119.19 and above the 20-day moving average crossing at 116.928. Closes below the 20-day moving average and then last week's low crossing at 116.29 would confirm that a top has been posted while opening the door for a larger-degree decline during June. If this spring's rally continues, weekly resistance crossing at 119.80 and then 123.04 are potential targets later this year. Overnight action sets the stage for a steady to weaker tone in early-day session trading.

The June British Pound was higher overnight due to short covering as it consolidates some of Monday's loss. If this spring's rally continues, weekly resistance crossing at 1.6770 is a potential target later this year. The daily ADX (a trend-following indicator is neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 1.6352 and then last week's low at 1.622 would greatly increase the odds that a top has been posted. Overnight action sets the stage for a steady to firmer tone in early-day session trading.

The June Swiss Franc was lower overnight as it failed to extend Monday's short covering bounce off the 38% retracement level of this spring's rally crossing at .7556. Closes below this support level could lead to a test of the 40-day moving average crossing at .7536, which coincides with the May 15 reaction low. Closes above the 10-day moving average crossing at .7665 are needed to temper the bearish outlook in the market. Momentum indicators remain bearish signaling that sideways to lower prices are possible near-term. Overnight action sets the stage for a steady to weaker tone in early-day session trading.

The June Canadian Dollar was steady to slightly higher overnight as it consolidates above the 10 and 20 day moving averages. Closes above May's high crossing at .7448 would renew this spring's rally while opening the door for a possible test of the November 1996 high on the monthly chart crossing at .7551 later this year. Closes below the 20-day moving average crossing at .7309 and then last Tuesday's low crossing at .7246 would confirm that a top has been posted while opening the door for a larger-degree setback during June. Stochastics and the RSI are diverging and are turning neutral hinting that a double top with May's high might have been posted with last week's high. Overnight action sets the stage for a steady tone in early-day session trading.

The June Japanese Yen was slightly higher overnight and is working on a possible inside day as it consolidates above May's broken downtrend line crossing near .8445. Closes above the 20-day moving average crossing at .8508 would signal that a short-term low has likely been posted. If the decline continues, the 75% retracement level of this spring's rally crossing at .8333 and then a test of this spring's uptrend line crossing near .8332 are possible targets later this year. Stochastics and the RSI are oversold and are turning bullish signaling that a short- term low is in or is near. Overnight action sets the stage for a steady to firmer tone in early-day session trading.
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#242 SmallMind

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Posted 13 June 2003 - 03:29 PM

AEM and ABX have attractive valuations

Shares of gold firms regaining their glitter

Stocks of North American producers have posted solid gains since March. Friday, June 13, 2003 By LESLEY WROUGHTON Reuters TORONTO
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#243 SmallMind

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Posted 14 June 2003 - 11:01 PM

Dollar Falls Against Euro First Week in Three as Yields Drop
June 14 (Bloomberg) -- The dollar weakened against the euro for the first week in three amid rising expectations the U.S. Federal Reserve will cut interest rates this month, lowering returns on dollar-denominated debt.

Demand for dollars sagged in New York trading as U.S. Treasury note yields plunged to the lowest levels in more than 40 years, boosting the appeal of higher-yielding debt denominated in other currencies. The dollar lost value against all but one of the 16 most-traded currencies.

``We have low yields in the U.S. relative to the rest of the world,'' said Kenneth Buntrock, who helps manage $1.3 billion of global bonds at Loomis Sayles & Co. LP in Boston. ``It certainly doesn't attract capital.''

For the week, the dollar fell 1.4 percent to $1.1865 per euro at about 3 p.m. Friday in New York, from $1.1699 a week earlier. The dollar's all-time low of $1.1933 per euro was on May 27. Against the Japanese currency the dollar fell for the second week, dropping to 117.36 yen from 118.66 a week earlier.

Buntrock expects the dollar to weaken to $1.25 per euro during the fourth quarter. His funds hold more euro-denominated and less dollar-denominated debt than their benchmark, the Lehman Global Aggregate Index. The Loomis Sayles Global Bond Fund has performed better than 94 percent of its peers this year based on total return, according to Morningstar Inc.

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#244 SmallMind

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Posted 16 June 2003 - 11:15 PM

The canadian dollar made another high today :) I shoudnt have sold my Euro's before seems that might still go up.




The September Dollar was slightly lower overnight as it continues to consolidate above weekly support crossing at 93.12 and is below the 20- day moving average crossing at 93.78. Closes above the 20-day moving average and last week's high crossing at 94.55 would greatly increase the odds that a double bottom with the late-May low has been posted while opening the door for a corrective rebound during June. Closes below last week's low crossing at 92.71 would renew this year's decline while opening the door for a test of the 1998 low crossing at 90.74 later this summer. The daily ADX (a trend-following indicator) has turned neutral hinting that the pause in the decline may continue. Overnight action sets the stage for a steady to slightly weaker tone in early-day session trading.

The September Euro was slightly higher overnight in quiet trading as it extends the trading range of the past three weeks. Closes above 118.95 or below 116.03 are needed to confirm a breakout of this sideways pattern. If the rally continues, weekly resistance crossing at 119.19, 119.80 and then 123.04 are potential targets later this year. Closes below last week's low crossing at 116.03 would confirm that a top has been posted while opening the door for a larger-degree decline during June. Overnight action sets the stage for a steady tone in early-day session trading.

The September British Pound was steady to slightly higher overnight as it extends this spring's rally. Weekly resistance crossing at 1.6770 is the next upside target later this month. The daily ADX (a trend-following indicator is bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 1.6335 and then last week's low at 1.6138 would confirm that a top has been posted. Overnight action sets the stage for a steady tone in early-day session trading.

The September Swiss Franc was lower overnight as it continues to setback following Thursday's test of the 20-day moving average crossing at .7699. Closes above this resistance level and then last week's high at .7735 are needed to temper the bearish outlook in the market. Closes below last week's low crossing at .7550 would open the door for a larger-degree decline during June and could lead to a test of the May 5th gap crossing at .7484 later this summer. Momentum indicators remain bearish signaling that sideways to lower prices are possible near-term. Overnight action sets the stage for a steady to weaker tone in early-day session trading.

The June Canadian Dollar was higher overnight as it consolidates above the 10 and 20 day moving averages and below last week's high crossing at .7426. Closes above last week's high would renew this spring's rally while opening the door for a possible test of the November 1996 high on the monthly chart crossing at .7551 later this year. Closes below the 20- day moving average crossing at .7296 and then last Tuesday's low crossing at .7208 would confirm that a top has been posted while opening the door for a larger-degree setback during June. Stochastics and the RSI are diverging but remain bullish hinting that sideways to higher prices are possible near-term. Overnight action sets the stage for a steady to firmer tone in early-day session trading.

The June Japanese Yen was slightly lower overnight but remains above the 20-day moving average crossing at .8514. Closes above this moving average and last week's high crossing at .8530 would confirm that a short-term low has likely been posted. If the decline resumes a test of this spring's uptrend line crossing near .8373 is possible later this year. Stochastics and the RSI have turned bullish signaling that additional short-term gains are possible. Overnight action sets the stage for a steady to weaker tone in early-day session trading.
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#245 SmallMind

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Posted 20 June 2003 - 12:30 AM

Source: Business Times, Federal Reserve]

WIESBADEN, May 16 -- HOW LONG WILL ASIAN CENTRAL BANKS HOLD UP THE U.S. DOLLAR?

This is the question raised by the Singapore {Business Times} in a special piece, commenting on a Federal Reserve report.

In its June 12 release, the Fed documented that it now holds $936 billion of marketable securities "in custody for foreign official and international accounts."

This term refers to U.S. securities owned by foreign central banks but stored at the Federal Reserve.

Most of these securities, $749 billion, are U.S. Treasuries.

But on top of this, foreign central banks as well own $187 billion in agency debt, that is bonds of the Federally chartered mortgage lenders Fannie Mae and Freddie Mac. An estimated 80-90% of the $936 billion assets are owned by Asian central banks, in particular the Bank of Japan and the Bank of China.

The {Business Times} notes: "A handful of foreign central banks, mostly Asian, are amassing a huge stake in the U.S. economy, not out of any belief that America is an attractive investment but rather as a desperate attempt to shield their countries' exports. Data out last week showed the Federal Reserve now holds a record $936 billion for these, mostly Asian, central banks equivalent to almost 10% of the entire annual output of the U.S. economy. The bulk of this is held in Treasuries giving these banks over 20% of the market for government debt."

The holdings
of U.S. assets by foreign central banks "have risen around $163 billion in just the last year, with the Bank of Japan buying a record $34 billion in May alone." These foreign purchases of U.S. Treasuries and agency debt have been "a major reason for the spectacular fall in yields of recent months," as Bill Gross, head of the giant Pimco fund, emphasized last week in a CNN interview.

The main reason for the Japanese and Chinese central banks for buying U.S. assets was to keep down their own currencies, notes {Business Times}. And there is no easy exit for the Asian central banks, because by liquididating U.S. dollar assets they would themselves suffer heavy losses.

Furthermore, "Pulling the plug on the U.S." would aggravate economic problems in the U.S., thereby hurting Asian exports.

"But just blithely assuming they will never run for the exit is a risky business in such a volatile world. Few foresaw the Asian currency crisis, or the Russian debt default and the ensuing LTCM debacle.

Just last week, tremors over U.S. mortgage-giant Freddie Mac damaged agency debt and some foreign central banks were seen selling in response--a worrying development given they hold $189 billion of agency paper.

"And at some point the bull market in Treasuries of recent years is bound to turn. Once it looks like the Federal Reserve is contemplating tightening, analysts expect Treasury prices to fall big time.

"If so, the central banks risk hefty losses on their holdings and may cut their positions to lesson the pain.

Since they hold so many Treasuries, such a development could well trigger an upward spiral in yields, driving mortgage and borrowing costs higher across the U.S. economy and perhaps pressuring the dollar."

[source: Congressional Budget Office]
CONGRESSIONAL BUDGET OFFICE PROJECTS THAT THE {OFFICIAL} U.S. FEDERAL BUDGET DEFICIT WILL EXCEED $400 BILLION.

On June 9, CBO, in its own understated manner, set off the equivalent of a explosion:

It reported that the CBO now projects that the Federal government is likely to end fiscal year 2003 bearing an {official} budget deficit of more than $400 billion.

The CBO stated that through the first eight months of fiscal 2003, the U.S. budget deficit had soared to $291 billion (The U.S. fiscal goes from begins Oct. 1 through Sept. 30, so the first eight months ended May 31, 2003.) During the first eight months of fiscal 2002, the U.S. budget deficit had been $145 billion.

EIR has previously reported that the {official} budget deficit that the Treasury reports, which is called the ``unified budget,'' is a sham agglomeration, which illegally mixes the actual budget--called the General Revenue Budget--with the off-budget {surplus} of the Social Security Trust Fund. But the Social Security Trust Fund is a special fund, with its own dedicated tax revenue stream, and should not be mixed in.

If one refuses to count the surplus of the Social Security Trust Fund, the Federal government's actual General Revenue Budget deficit is projected to reach $563.4 billion during fiscal 2003.

This budget deficit is driven by the collapse of tax revenues, itself caused by the collapse of the U.S. physical economy. However, the CBO has calculated that the Bush Von Hayekian tax cuts, which are misnamed the Jobs and Growth Tax Relief Reconciliation Act of 2003, will add $49 billion to the fiscal year 2003 budget deficit.

The budget deficit is unsustainable; yet the Bush Administration has responded, by saying it will not cause any problem, demonstrating further how it has lost touch with reality.
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#246 SmallMind

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Posted 20 June 2003 - 12:31 AM

Source: Business Times, Federal Reserve]

WIESBADEN, May 16 -- HOW LONG WILL ASIAN CENTRAL BANKS HOLD UP THE U.S. DOLLAR?

This is the question raised by the Singapore {Business Times} in a special piece, commenting on a Federal Reserve report.

In its June 12 release, the Fed documented that it now holds $936 billion of marketable securities "in custody for foreign official and international accounts."

This term refers to U.S. securities owned by foreign central banks but stored at the Federal Reserve.

Most of these securities, $749 billion, are U.S. Treasuries.

But on top of this, foreign central banks as well own $187 billion in agency debt, that is bonds of the Federally chartered mortgage lenders Fannie Mae and Freddie Mac. An estimated 80-90% of the $936 billion assets are owned by Asian central banks, in particular the Bank of Japan and the Bank of China.

The {Business Times} notes: "A handful of foreign central banks, mostly Asian, are amassing a huge stake in the U.S. economy, not out of any belief that America is an attractive investment but rather as a desperate attempt to shield their countries' exports. Data out last week showed the Federal Reserve now holds a record $936 billion for these, mostly Asian, central banks equivalent to almost 10% of the entire annual output of the U.S. economy. The bulk of this is held in Treasuries giving these banks over 20% of the market for government debt."

The holdings
of U.S. assets by foreign central banks "have risen around $163 billion in just the last year, with the Bank of Japan buying a record $34 billion in May alone." These foreign purchases of U.S. Treasuries and agency debt have been "a major reason for the spectacular fall in yields of recent months," as Bill Gross, head of the giant Pimco fund, emphasized last week in a CNN interview.

The main reason for the Japanese and Chinese central banks for buying U.S. assets was to keep down their own currencies, notes {Business Times}. And there is no easy exit for the Asian central banks, because by liquididating U.S. dollar assets they would themselves suffer heavy losses.

Furthermore, "Pulling the plug on the U.S." would aggravate economic problems in the U.S., thereby hurting Asian exports.

"But just blithely assuming they will never run for the exit is a risky business in such a volatile world. Few foresaw the Asian currency crisis, or the Russian debt default and the ensuing LTCM debacle.

Just last week, tremors over U.S. mortgage-giant Freddie Mac damaged agency debt and some foreign central banks were seen selling in response--a worrying development given they hold $189 billion of agency paper.

"And at some point the bull market in Treasuries of recent years is bound to turn. Once it looks like the Federal Reserve is contemplating tightening, analysts expect Treasury prices to fall big time.

"If so, the central banks risk hefty losses on their holdings and may cut their positions to lesson the pain.

Since they hold so many Treasuries, such a development could well trigger an upward spiral in yields, driving mortgage and borrowing costs higher across the U.S. economy and perhaps pressuring the dollar."

[source: Congressional Budget Office]
CONGRESSIONAL BUDGET OFFICE PROJECTS THAT THE {OFFICIAL} U.S. FEDERAL BUDGET DEFICIT WILL EXCEED $400 BILLION.

On June 9, CBO, in its own understated manner, set off the equivalent of a explosion:

It reported that the CBO now projects that the Federal government is likely to end fiscal year 2003 bearing an {official} budget deficit of more than $400 billion.

The CBO stated that through the first eight months of fiscal 2003, the U.S. budget deficit had soared to $291 billion (The U.S. fiscal goes from begins Oct. 1 through Sept. 30, so the first eight months ended May 31, 2003.) During the first eight months of fiscal 2002, the U.S. budget deficit had been $145 billion.

EIR has previously reported that the {official} budget deficit that the Treasury reports, which is called the ``unified budget,'' is a sham agglomeration, which illegally mixes the actual budget--called the General Revenue Budget--with the off-budget {surplus} of the Social Security Trust Fund. But the Social Security Trust Fund is a special fund, with its own dedicated tax revenue stream, and should not be mixed in.

If one refuses to count the surplus of the Social Security Trust Fund, the Federal government's actual General Revenue Budget deficit is projected to reach $563.4 billion during fiscal 2003.

This budget deficit is driven by the collapse of tax revenues, itself caused by the collapse of the U.S. physical economy. However, the CBO has calculated that the Bush Von Hayekian tax cuts, which are misnamed the Jobs and Growth Tax Relief Reconciliation Act of 2003, will add $49 billion to the fiscal year 2003 budget deficit.

The budget deficit is unsustainable; yet the Bush Administration has responded, by saying it will not cause any problem, demonstrating further how it has lost touch with reality.
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#247 opalus

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Posted 25 July 2003 - 01:26 PM

This revelation is nothing new to me, but where did you get all the figures from and are they reliable?
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#248 Guest__*

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Posted 25 July 2003 - 01:36 PM

HA HA the dollar has climbed tremendously since this thread was started, I guess thats why the original starteR of the thread LEFT THE FORUM..

POOR SMALLMIND POSTING ALL ALONE..

HA HA AH HA HA HA HA HA HA
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#249 Guest__*

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Posted 25 July 2003 - 01:53 PM

actually the dollar is dropping again.

there was a correction and the dollar rose to 1.12 to the euro, but now it is 1.15 again. We will probably hit the 1.25 before the end of the year, in case you want an investment opportunity.
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Posted 25 July 2003 - 01:56 PM

Also russia is gonna denominated their oil exports to Europe in euros, this was recently announced.
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#251 Lumberjack

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Posted 26 July 2003 - 06:20 AM

I'm here, thought it had all been said.

The dollar may have occasional rallies,so will stocks, but the longterm trend is down,and will be until the US has a trade surplus.That's what happens in a marketplace,particularly in an era of COMPETITIVE CURRENCY DEVALUATIONS. The dollar hasn't risen so much as other currencies have weakened,I wouldn't recommend holding any currency,except maybe the Looney or Renmimbi.

Good luck to you, whether you agree with me or no.
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#252 Firoz Ali

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Posted 12 November 2003 - 09:52 AM

"The Israeli-Jewish lobby's motive for the original Operation Shekhinah, and latterly for Operation Iraqi Freedom, was and is based on the certainty that the American economy and social structure is in steep decline. Unless the Israel-Jewish lobby could somehow find a massive independent income stream, the parasitic Jewish State would completely collapse in less than a decade. ... Since early 2000, it has been obvious to most informed analysts that America's economy and employment have been in ever-decreasing decline, made worse by several nations switching their oil trading from US Dollars to Euros. If the situation worsens, perhaps triggered by OPEC switching all oil trade to Euros, with China and Japan panicked into converting their own massive holdings to Euros, the United States Dollar will crash completely, driving America into a depression of hitherto unimaginable severity."
http://www.prisonpla...is_chittum.html
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#253 Firoz Ali

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Posted 04 January 2004 - 09:06 AM

Fading Dollar Hits
All-Time Low Vs Euro
By John Parry
12-31-3


NEW YORK (Reuters) - The dollar hit an all-time low against the euro on Wednesday, shrugging off U.S. economic data as concerns about possible attacks in the United States during New Year celebrations intensified selling pressure.

A weekly jobless claims report showed new applications for U.S. state jobless benefits hit the lowest level in nearly three years. But the seemingly upbeat report of 339,000 new claims last week failed to support the greenback.

Currency traders are "routinely ignoring positive information, choosing instead to highlight negative information as an excuse to sell the dollar," said Michael Woolfolk, senior currency strategist with the Bank of New York. He noted that the greenback's downward momentum was accentuated by thin markets.

The dollar's performance in recent months has become effectively divorced from that of fairly robust U.S. economic reports because the widening U.S. current account deficit -- the broadest measure of the nation's global trade -- and low U.S. interest rates have punished the greenback.

In addition, Tuesday's U.S. consumer confidence, manufacturing and home sales figures fell short of expectations, though they still pointed to recovery in the world's largest economy.

As 2003 drew to a close, the U.S. government ordered warplanes to patrol skies over New York, Las Vegas and other U.S. cities during New Year's Eve celebrations as part of increased vigilance against attacks.

Earlier this month, the U.S. terror alert status was raised to the second-highest level due to heightened fear of attack, darkening dollar sentiment that was already bleak.

The dollar fell to record lows around $1.2647 per euro (EUR=: Quote, Profile, Research) , according to Reuters data, bringing its losses this year to more than 17 percent.

It also hit its lowest level in six years against the Australian dollar (AUD=: Quote, Profile, Research) and New Zealand dollar (NZD=: Quote, Profile, Research) , and hit a 10-year low versus the Canadian dollar (CAD=: Quote, Profile, Research) below C$1.2900.

Against the yen, the dollar hovered just above recent three-year lows(JPY=: Quote, Profile, Research) .

In early New York trading, the euro (EUR=: Quote, Profile, Research) was up 0.6 percent on the day to $1.2620. Against the yen (JPY=: Quote, Profile, Research) , the dollar was virtually flat at 107.01 yen. Against the Swiss franc (CHF=: Quote, Profile, Research) the dollar was at 1.2336 francs, down 0.7 percent on the day. The pound (GBP=: Quote, Profile, Research) rose 0.9 percent to $1.7923.

The dollar's weakness is likely to draw market attention to February's Florida meeting of finance ministers from the Group of Seven (G7) industrialized nations as investors speculate how it will react to the recent dollar fall.

"Everybody is looking to the February meeting: that seems to be the next major sticking point (for the dollar)" said Tim Mazanec, senior currency strategist with Investors Bank & Trust in Boston.

"At this point in time I would believe that if there was anything (by way of currency market intervention to support the dollar), the Europeans might come in by themselves," Mazanec added.

On Tuesday, a G7 source told Reuters the group would look at the weakened dollar during the Feb. 6 meeting.

Ahead of the G7 talks, there is a bi-monthly meeting among central bankers at the Bank for International Settlements in Basel on Jan. 12.

The G7 source also said European nations were becoming increasingly concerned about the dollar's fall, adding that a level of $1.30 per euro represented a "pain barrier."
click here plz
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#254 grob

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Posted 15 January 2004 - 08:53 PM

So are we done yet?
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#255 HAZ

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Posted 15 January 2004 - 09:04 PM

It's plain, the gigs up about our valueless, cyber -kited yankee dollar....the world aint buying, American voodoo, copious deficit, economics, in the hands of a moronic sounding, appointed leader!
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#256 thirteen

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Posted 15 January 2004 - 10:29 PM

The Euro opened at $1.18 then fell to $.86 and is now at $1.28 whoooopeee doo..

So the Euro is up 7-10% Woooow weeeeeee..

Meteoric- after only a few years it recovers to within +10 of its original opening..

:rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :P
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#257 HAZ

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Posted 16 January 2004 - 12:57 AM

a couple years ago, got an email from a lady who sounded like a former "insider"....among other things, was her saying, "i probably should'nt be telling you this".....

her basic message was what happened to the yankee dollar in 1971, it had something to do with the French, Vietnam and lots of then, valuable yankee paper currency!

what did happen, to our now, valueless, kited, cyber buck? :rolleyes:
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#258 thirteen

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Posted 16 January 2004 - 01:00 AM

AirBus sours on Soaring Euro
Airbus Manufacturer Hit By Soaring Euro

As the euro continues to climb against the U.S. dollar, manufacturers across Europe are worrying about the consequences for exports. The continent-s largest aircraft maker EADS sounded the alarm on Monday when it warned that the strong currency could force it to move production into non-euro countries. The company-s joint chief executive Philippe Camus said the low dollar was putting pressure on the international competitiveness of the Paris-based company, which produces the Airbus. "The dollar has depreciated by about 30 percent in a year, which potentially costs us about T3 billion ($3.9 billion)," Camus told the French daily Le Monde over the weekend. "This persistent weakness of the dollar is a subject of serious concern," he said. As a result, EADS is reinforcing its cost controls and looking for ways to reduce its exposure to the slumping dollar. About 30 percent of EADS- sales are exposed to the dollar, a company spokeswoman said on Monday. (based on wire reports)


__________________

:rolleyes: :rolleyes: :rolleyes:
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#259 thirteen

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Posted 16 January 2004 - 01:02 AM

German Economy Shows Signs of Life

The German economy experienced a significant recovery in the last quarter of 2003, according to a statement released by the German Institute for Economic Research (DIW) in Berlin on Tuesday. The economy grew by .5 percent compared to the previous quarter, that represents a .3 percent increase over growth figures for the third quarter of 2003.

The driving force behind the growth, say experts at the institute, was exports, primarily U.S.-sales of German products.

http://www.dw-world....230_1_A,00.html
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#260 Firoz Ali

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Posted 20 February 2004 - 06:55 PM

so?
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