US$: Forget Iran, the problem's at home...

bridgit

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Thu Mar-16-06 08:22 AM
Original message

US$: Forget Iran, the problem's at home...

'Of all the things that could wreck the US dollar - and there are many - the projected Tehran oil bourse, which is tentatively scheduled to open on March 20 to trade Iran's crude and other petroleum products in euros rather than US dollars, is probably not among them.
The much greater threat to the US currency is the US current account deficit, which ballooned to 7% of gross domestic product in the fourth quarter of 2005. The announcement drove the euro up to 1.202 against the US dollar as skittish traders renewed their concerns about the world's fiat currency.'

http://www.atimes.com/atimes/Global_Economy/HC17Dj02.html

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enid602

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Thu Mar-16-06 09:24 AM
Response to Original message

1. $$

Agreed. Bombing the crap out of countries which have the AUDACITY to ask for payments of their goods in Euros is putting the horse before the cart. We should instead look at our imports, government spending and monetary policy. A more thoughtful leader might even use international summitry to decide (with our allies) what the future of the dollar should be.

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bridgit

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Thu Mar-16-06 09:27 AM
Response to Reply #1

2. american money changers have to be freaking out watching their...

almighty dollar dropping through the floor, and the new kid on the block actually making friends and signing contracts in the process...and after all the cultures we've destroyed; THE AUDACITY!!

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