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(visit the link for the full news article)
Time to listen to Texas Congressman Ron Paul, the lone voice of reason in Congress today who’s got to feel like he’s shouting into a field of cotton with his repeated warnings about the dangers of a collapsing dollar, while the administration goes AWOL on the problem.
The dollar just hit a record intraday low against the euro on reports that consumer confidence levels have dropped to levels not seen since the post-Watergate era. It is down 7% year to date against the Chinese renminbi, it’s weaker than the Japanese yen and the Canadian loonie.
The joke is the greenback is now only stronger than the Mexican pesos and the Zimbabwe dollar, an overstatement for dramatic effect, to be sure.But since hitting a peak in 2002, the dollar has lost about a quarter of its value against a trade weighted basket of currencies.
A weak dollar acts as an anvil around the neck of the US economy and consumers. Rising inflation is essentially a tax on consumers, so are rising energy prices, and that double whammy threatens to undermine the purchasing power of the rebate checks due out in May–backed by printing even more dollars.
Originally posted by traderonwallst
Not a big Ron Paul fan, but just want everyone to know this a FOX NEW STORY!!!!
See, even us republicans sometimes have a nice word for Ron Paul
emac.blogs.foxbusiness.com
(visit the link for the full news article)
But since hitting a peak in 2002, the dollar has lost about a quarter of its value against a trade weighted basket of currencies.
Originally posted by TheColdDragon
You know, everyone can still write his name in come election day.
Originally posted by Rockpuck
reply to post by traderonwallst
Why is this surprising to be on a Fox News BLOG?
Anyways..
But since hitting a peak in 2002, the dollar has lost about a quarter of its value against a trade weighted basket of currencies.
Correct me if I am wrong, but is that not essentially 25% + inflation?
Originally posted by kosmicjack
Trader - I thought you were on record here at ATS as saying everything with the economy is A - O.K.?
I'm just saying is all...
Originally posted by mattifikation
Because you haven't been subjected to the brainwashing that most of us Americans have been.
I'm 24, and I never knew until about a year ago that the Federal Reserve was a private institution. I thought it was a branch of the government.
Most people I know still think that. They just don't teach us that in our twisted propaganda polluted schools. They tell us that we have rights here which can't possibly be infringed upon because of "checks and balances" and whatnot.
I'm literally out of hope for my country. Instead, these days I find myself hoping that there will literally be a complete revolution. I hope that whatever new country emerges from that is the country that the USA is supposed to be right now.
Somehow, I doubt it.