| Topic: |
Religions > Atheism |
| User: |
"maff" |
| Date: |
21 Dec 2003 02:40:42 PM |
| Object: |
OT: A Global Glut of Greenbacks |
A Global Glut of Greenbacks
http://msnbc.msn.com/id/3769770/
Saddam's capture barely affected bond, stock and currency markets,
which are dealing with a more elusive problem that will still be
around in 2004
By Robert J. Samuelson
Newsweek
Dec. 29/Jan. 5 issue - The Saddam rally was a bust. If you expected
the tyrant's capture to boost stocks or the dollar, you were
disappointed—and therein lies a story. A great drama is now unfolding
in the world's money markets. In 2003, the United States' current
account deficit (a broad measure of trade) will total around $550
billion, a modern record. Because Americans pay for imports with
dollars, this means that every day foreigners must decide whether to
keep about $1.5 billion in dollars. If they sell dollars for euros,
yen or other currencies, the dollar's exchange rate will drop—with
huge and possibly disruptive consequences for all trading nations and
global stock markets.
Robert J. Samuelson
http://groups.google.com/groups?hl=en&lr=&ie=UTF-8&oe=UTF-8&selm=18510aff.0311291232.3b6dcc13%40posting.google.com
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