The Greenback Isn't a Goner - Economics and Currencies Article - economy, dollar, currency

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The Greenback Isn't a Goner

Article Submitted by: ktexas
Economics and Currencies

Tags: Economy, Dollar, Currency.

There's hope for the dollar according to this article:

The dollar may well continue to decline, but that doesn't signal a long-term collapse of the currency. This downdraft is cyclical, not structural.

Submitted: Nov 30, 2007 Views: 435 Comments: 3 Likes: 3

View Article: http://www.businessweek.com/magazine/content/07_50/b4062010752819.htm

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Comments Received:

Sam Cass

The article has some merit. I'm not sure about of the facts though. I was in Spain in 1992 when the dollar was at a post WWII low against the peseta. I'm pretty sure the dollar is now even lower than then (adjusted to Euros) so I don't know how it can be 42% above the 1985 peak. Americans going to Europe will tell you just how weak the dollar has become.

Posted: Nov 30, 2007

ktexas

This had me wondering where such exchange rate history may be available. Found one site at http://www.x-rates.com/ that has some of this history but it doesn't go back before 1990.

Posted: Nov 30, 2007

soczie

It is a very naive and simplistic article. The fact is that what was intended to be a controlled decline to stimulate US export, cut the deficit in real terms, etc. and that drove policy under John Snow's term, has gotten completely out of control due to Bernanke's slash and burn on the interest rates and due to rising rates in Europe (Paulson's lack of even lip service about a strong dollar is also not helping). The effects are already very troubling - a complete diminution of real wealth in the US and could easily turn us into a period of hyperinflation where we are the new Argentina. Factually the article is also dead wrong: the dollar is already well below its lowest levels from the 1988-1992 time frame. It has never been this weak against the pound or any major Euro predecessor currency. The important point is that we are in unchartered territory already and further declines are very, very serious.

Posted: Dec 1, 2007

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