Dollar falls on worry over record deficit

[UpInArms]

http://www.iht.com/cgi-bin/generic.cgi?template=articleprint.tmplh&ArticleId=112603

NEW YORK The dollar slumped against the euro on Monday after the president of the European Central Bank, Wim Duisenberg, said a decline in the U.S. currency was "unavoidable" because of a record deficit in the U.S. current account.

Gains for Europe's common currency accelerated after the Bundesbank's chief economist, Hermann Remsperger, said growth in Germany "should improve" in 2004, with borrowing costs in the euro region low enough to revive the economy. "The one thing that could derail global growth is the massive current-account imbalance in the U.S.," said David Durrant of Bank Julius Baer. "That's why you'll continue to see officials around the world endorse a gradual decline in the dollar."

<snip>

Washington has a "huge current-account deficit so sooner or later there will have to be an adjustment in its currency," Duisenberg told the Spanish newspaper Expansion. "We'll do everything possible so that this adjustment is gradual."

...more...

[Jinx]

1. dollars and sense

The damage the Bush Administration has done to both the short-term and long-term prospects of the American economy is incalculable. At least Secretary "every time I open my mouth the dollar falls" O'Neill is gone, but the same stupid policies are still in place.

[gasperc]

2. with shithead economic policies in place

we are just plain fucked

[ConcernedCanuk]

3. U.S. NATIONAL DEBT CLOCK

The National Debt has continued to increase an average of
$1.59 billion per day since September 30, 2002!
Concerned? Then tell Congress and the White House!





LOTS of links and info

Klik on graphic for more

[Evanstondem]

4. How will the Bush Admin try to spin this?

"Think of how many US jobs we can save once a Chinese yuan is worth as much as a dollar!"

[The Zanti Regent]

5. But Jesus is coming REAL SOON to take the Republicans Away!

Thanks for sticking us with the deficit, Jesus!