http://www.keralanext.com/news/indexread.asp?id=101105
Bill Gates, World's Richest Man, Bets Against Dollar
(As reported by Bloomberg.com)
[Business News]:
Bill Gates, the world's richest person with a net worth of $46.6
billion, is betting against the U.S. dollar.
``I'm short the dollar,'' Gates, chairman of Microsoft Corp., told
Charlie Rose in an interview at the World Economic Forum in Davos,
Switzerland.
``The ol' dollar, it's gonna go down.''
Gates's concern that widening U.S. budget and trade deficits are
undermining the dollar was echoed in Davos by policymakers including
European Central Bank President Jean-Claude Trichet and German
Chancellor Gerhard Schroeder.
The dollar fell 21 percent against a basket of six major currencies
from the start of 2002 to the end of last year.
The trade deficit swelled to a record $609.3 billion last year and
total U.S. government debt rose 8.7 percent to $7.62 trillion in the
past 12 months.
``It is a bit scary,'' Gates said.
``We're in uncharted territory when the world's reserve currency has
so much outstanding debt.''
A week before Group of Seven officials meet to discuss currency
policy, Trichet repeated the ECB's concern over the dollar's drop to
record lows against the 12-nation euro currency.
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All together now...THANK YOU, MR. PRESIDUNCE!
Harry
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