Dollar hits record low vs euro after Snow comment

[UpInArms]

http://www.forbes.com/markets/newswire/2003/12/12/rtr1179667.html

NEW YORK (Reuters) - The dollar touched a lifetime low against the euro Friday after Treasury Secretary John Snow said the dollar's decline was "orderly," a comment dollar bears took as a green light to sell the currency, analysts said.

<snip>

The euro reached a record high at the psychologically important $1.23 , according to Reuters data, before drifting back to $1.2287, a gain of 0.64 percent on the day.

Laidi said Snow's remarks left markets thinking the government's strong-dollar policy is mere rhetoric and that the White House is, in fact, content to see further dollar losses.

Speaking to Bloomberg Television, Snow noted: "The dollar on a traded- weighted basis is still higher today than it has been for most of the last 25 years."

...more...

stupid stupid stupid - these people move their mouths and stupid falls out :mad:

[joeybee12]

1. It's clear they want the dollar to drop

Short-sighted, misguided policy by a group of nitwits.

[Just Me]

18. I don't believe this is short-sighted/misguided policy,...

,...methinks that Snow is stormin' such that the regime can squeeze more dough out of our country. After they slip "the people" those intoxicants of war (on "terrorism"), poverty (job-killing economy), illness (health care),...they can rape and screw and pillage all they please. Crooks are not short-sighted,...they are quite clever.

[aquart]

26. It's STILL short-sighted and misguided.

They made these mistakes too long ago to remember the results: riots, fear of rich people being murdered in their beds, more riots, oh, they were fun times for America.

What they always forget is the laws they hate weren't made by bleeding heart liberals so much as wealthy people really scared of the sight of their own blood. Drop all those annoying regulations and listen for the sans-culottes in the night.

Sweet dreams, George.

[J B]

2. Bastards.

I'm Canadian but I make my money in US dollars.

Bastards...

[soothsayer]

3. dumbya said his administration believes in a strong dollar

they like a strong dollar, believe in a strong dollar, and we have a strong economy

That's all the dumbass could get out about it, stumped as he was by the question and how to account to our fall from grace

[velocity]

4. I am not sure why they want the dollar to drop

because that will bring on inflation but they do.

[54anickel]

8. Who knows what these elitists want anymore. Martial law perhaps?

Can call off the elections that way and they can finish raping America for all she's got.

Here's a birds eye view of the greenback for those of you with a strong stomach. :puke:

?s=NYBOT_DXY0&t=l&w=15&a=50&v=dmax

[info being]

14. Here's why:

- Their money is in foriegn currencies and investments...they are diversified
- Inflation leads to real estate gains
- Inflation leads to stock market gains

The only people who are screwed are savers. Get it?

[Yavin4]

5. I Have One Question

If our dollar keeps dropping, who will want to buy our debt?

[rooboy]

6. And the other question...

if OPEC decides to trade in Euros, how much will a gallon of gas cost?

[loudsue]

11. Probably about $5.00/gallon for gas....if we're lucky...

That's my ball-park guess.

:shrug:

[info being]

15. Go out an buy more SUV's

.

[ramapo]

7. Interest rates have to rise

to attract investors

[atticusk]

9. dropping dollar and China

The dropping dollar is assuredly the only reason that China has agreed to boost imports and I'm sure that happening is contingent upon the drop in the dollar. On another note, what kind of crap is this that Wednesday Bush comes out and says that we are now in support of the One China policy which is in direct conflict with the 1979 Taiwan Foreign Relations Act, which basically says that we will defend Taiwan in the event that China tries to invade. Thursday, the Chinese premier suddenly comes out and agrees to increase U.S. imports? Nothing like a good back alley deal to push the Dow over 10000

[aquart]

25. He had to betray Taiwan.

They're talking independence and we can't afford to go to war with a paper clip, let alone a nuclear power with limitless manpower (although, the one child policy does make the populace reluctant to commit only children to war).

[atticusk]

10. no one

No one, short the bond market and buy Euros

[izzie]

12. No one?

Any fool moves their money to where they get the best return. Maybe George could blackmail them? Buy or die.Well we do have the biggest toys, and Georgie seems to like to play dress up and being around them.

[Kinkistyle]

28. Not our debt. But our capital - property, businesses.

Our debt no longer looks attractive, but our capital sure does. Real estate, companies, etc.. etc... The yen is finally seeing its purchasing power return to early 1990's levels, and with a raging euro, will the names "Deutsche Bank-Chase", "Bechtel-Dow Chemicals", and "Roche-Pfizer" be far behind? It happened to Chrysler.

[54anickel]

13. I'm reaching for the tinfoil now.

Don't flame me, but check out the info on this bill that Shrub is expected to sign tomorrow. I never saw this in LBN when it came out on the 4th, but I think this is a big deal.
It's from a thread in the economic forum.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=3612

A new intelligence spending bill (HB 2417) has reportedly just passed Congress and is awaiting the President’s signature by this coming Saturday, December 13, 2003. Tucked inside that bill is a provision that allows the FBI to serve so-called "national security letters" on a broader range of "financial institutions." National security letters require these institutions to reveal their customers’ private financial as well as general information, including "tangible things.".

It’s no news that banks have been conscripted to spy on you. Everyone knows that by now. But this recent measure

"... redefines ‘financial institutions’ that was previously limited to banks, credit unions, and savings and loan organizations. Now the definition also includes brokers and dealers registered with the Securities and Exchange Commission, investment bankers, operators of credit-card systems, insurance companies, dealers in precious metals, stones, or jewels, licensed senders of money, telegraph companies, airplane and boat dealers, Realtors and estate closings, and the U.S. Post Office. http://www.washtimes.com/national/20031204-111437-5659r.htm

By this change, Congress has surreptitiously expanded the scope of businesses upon which so-called "national security letters" can be served by the FBI in order to obtain financial records without any prior court order, without even the slim judicial supervision that was previously provided by the Foreign Intelligence Surveillance Court in such matters.

There was virtually no debate on this part of the bill, despite a letter sent to the Senate Intelligence Committee by the ACLU requesting more time and due consideration of this provision..

Private investors throughout the United States had better get up on their hind legs and demand that the President NOT sign this bill as passed - or just lie down forever and wait for their government’s jack-booted minions and tank tracks to roll right over them.

[54anickel]

17. Oh, and why is that?

Self serving kick....

[Zhade]

29. Fuck.

That is some bad mojo right there.

I'd heard this was coming, and I'd hoped it wasn't.

Damn. The post office, too.

[54anickel]

30. Thanks for noticing the bad mojo. Expanding the Patriot act.....

Then they get everyone hot on the expanded nukes, which is completely undefined, to draw attention away from this. Not saying the nuke expansion isn't a bad thing, but I've found when they let the cat out of the bag on something big like that, look for what they are hiding behind their back.

[info being]

16. If anybody wants to put their savings in Euros...

About the only option I know of is Everbank.com. I'm seriously looking into it myself.

Another option is to invest in International mutual funds, obviously based on foriegn currencies.

[Gman]

19. Stupid like a fox

I would love to know how much money the Carlysle Group has invested in Euros, Yen, etc... I'd bet everything they are into currency trading very heavily right now.

[ModerateSwingVoter]

20. the dollar's decline was orderly?

what does that mean?

[54anickel]

21. It's gone from a high of 1.20 to .88 without a civil uprising.

[kodi]

22. what a strange way to deal with the trade imbalance

america....rapidly moving towards third world economic status while remaining a military superpower.

gee, where have i seen this one before?

[reprobate]

32. America: First among the third world.

A third world military superpower? Isn't that an oxymoron?

But then * is a moron taking up too much oxygen

[truthisfreedom]

23. remember the ferry in new york?

asleep at the switch, administration dreams up strange new things to do to country...

[POed_Ex_Repub]

24. Next time you get Canadian change by mistake...

Save it... it could be worth more than the American equivalent soon.

[ozone_man]

33. Good one,

I won't look at those quarters quite the same anymore. Going up to Quebec city next week, so it will hurt a bit more than usual on the exchange.

[Kinkistyle]

27. Warren Buffett, George Soros making a fortune.

Goddamn it! I shoulda hording Euro Futures (or shorting Dollar Futures) last month when it was made known that Buffett and Soros started selling dollars. These guys really know whats going on with the financial world.

[ozone_man]

34. Well, it might be a bit late to jump in now.

A few years ago, buying gold or euros was the thing. I'm not the expert, but I don't think they can drop the dollar much lower, else foreign countries will sell our bonds and dollars. Just my thinking, but I think they let the dollar sink about as low as they can before really bad things start to happen.

[Grover]

31. The EU is hating right now.

The rise in the Euro threatens their own very weak economic recoveries. They are seriously considering taking emergency measures to relax monetary controls. Which means flood the market with Euros. They are extremely worried.

Look at Japan.

"Japan is concerned a rising yen could harm the country's export-led recovery, making goods too expensive for foreigners. Finance Minister Sadakazu Tanigaki reiterated on Friday that recent currency moves had been too fast."

It's the same for the EU. Japan hasn't been buying bonds because they like us, they are buying them for their own financial integrity.

US companies would like the doallr to remain low, as would potential workers.