A friend sent me a simple email message this morning:
HAPPY WEDNESDAY!!
For the first time in my lifetime (I think) the Canadian Dollar is worth more than the American Dollar. Somehow I think that is the type of thing that will resonate with low information voters…particularly in the northern border states. It strikes at our national prestige.
Over at Daily Kos, London Yank points out that the grim reality:
* The US dollar has now lost more than a third of its value (-35%) against a basket of major currencies since Feb 2002.
* The decline is accelerating. The USD has shed 2.5% of its value in the last year, 3.5% in the last month, and 1.5% in the last week alone.
You should visit other sites for expert advice on what this all means. And, depending on your savings, you may need to consult financial advisers to protect your assets. A run on the banks is possible and you will only be insured up to a certain level. Don’t be a passive victim. The shit is finally hitting the fan.
Hmm, might be time to think about converting my savings into a foreign currency. The British pound seems to be doing pretty well these days.
I highly recommend http://www.everbank.com for anyone looking to invest in foreign currencies. They offer foreign currency CDs that are FDIC insured (but that does not insure against any potential loss due to currency fluctuation, obviously).
Watch the feds play the manipulation game. They have a target and that is Nov of 08! They will keep the lid on until then. After that- the shit hits the fan and the blame game will kick in to overdrive!
I agree that’s the game plan. Will it work? Can they pull it off? Not that I agree w/ their games, mind you, but are we so far gone that they can’t pull of their economic games any longer?
We are not complaining about the Yuan anymore. Guess the administration figures lead toys are ok as long as they are cheap. Frankly I’m scared we are headed for either inflation or recession. Low interest rates and big debt makes for a weak currency. Oh and expensive oil.
inflation + recession = stagflation
1970’s deja vu, complete with endless foreign war
dollar was low compared to the Loonie 30 years ago.
And yes, i will be talking to my adviser today.
Source
just a touch of hyperbole there.
and, from the dessert cart:
“We’ve certainly entered a period of sustained higher levels of volatility.”
buckle up…this landing’s not going to be soft.
lTMF’sA