|Date:||Thu, 26 Feb 2004 19:19:41 +1000|
*** "The US has accounted for 96% of the growth in world trade
for the last few years," writes John Mauldin. "Thus, foreign
nations have to be willing to either not take depreciating US
dollars and suffer the inevitable slowdown in their economies,
or take less for their products in order to be able to keep
their work forces producing and economies bumping along... "
Is it the dawning of this insight that keeps the dollar
teetering on the edge? The greenback today rose against the euro
again, pushing it to session lows around US$1.2537.
"There is some news story out there suggesting the Europeans and
Japanese could join in intervention in order to strengthen the
dollar," a pundit from ING Capital Markets opined today.
What a beautiful example of globalism: If the boat looks like
it's about to sink, pretty much everybody has a vital interest
in bailing it out... because in the end, you end up swimming
right alongside the rest if you fail.
Not my words but vert interesting article Presented by Woody