America For Sale, Cheap!

Image from source, CNBC

Remember back in the 80s, when there was conservative paranoia about Japan buying up the United States? Well, they got it half right. According to this article, we're for sale, and we're cheap! So why aren't the conservatives up in arms about it now?

[Excerpt]

Falling Dollar Makes America Dirt Cheap

Things in the U.S. sure are tough. Brother, can you spare a euro?

Signs saying "We accept euros" are cropping up in the windows of some Manhattan retailers. A Belgium company is trying to gobble up St. Louis-based Anheuser-Busch, the nation's largest brewer and iconic Super Bowl advertiser. . .

Read more at: CNBC

Iran Drops the US Dollar

Photo from source, AFP

From the "that can't be good" department, further signs of bad news for our economy. I'm not even close to an expert on the subject, so let's just get right to the story. . .

[Excerpt]

Iran drops dollar from oil deals: report

Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an "unreliable" currency.

"At the moment, selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies," Nozari was quoted as saying by the ISNA news agency. . .

Read more at: AFP

Administration's Plan for Low Dollar? Who Knows?

Every day, there are scary signs in the news that the US dollar is in deep trouble. Record high gas prices, record high gold prices, record lows for the dollar verses other nations' currencies.

So there's got to be a plan right? The Bush Administration must have a contingency for stalling a further drop, or, something. . .right? As George was famous for saying in the past, “My job is to worry about it. Your job is to go about your business.”

[Excerpt]

Dollar Policy: Don’t Ask, Don’t Tell

When asked about the administration’s policy on the dollar, Treasury Secretary Henry Paulson Jr. dutifully says a strong dollar is in the nation’s interest and that markets should determine currency exchange rates. [snip]

So Mr. Paulson’s pat answer raises a more fundamental question: What, if anything, would the administration be willing — or able — to do if the dollar slid to unacceptable lows?

Read more at: New York Times

Investors Down on the Dollar

Greenlee Gazette's editor is on vacation from Nov. 8 - Nov. 12. Posting will be lighter than usual, and commentary will be too. I'll still try to post some newsworthy items, but they'll likely be mostly excerpts and links. Stupid Monkey Planet will be filling in the gaps. Thanks!

Photo from source, International Herald Tribune

Way to go, Mr. President, you have a reverse Midas touch.

[Excerpt]

Investors agree: Anything but the dollar

In financial market jargon, a "flight to quality" when times are uncertain used to be synonymous with "buy dollars." Not anymore.

Currency traders gave the U.S. dollar a thorough pounding Wednesday and pushed the value of the euro to $1.47, the highest on record. The Swiss franc rose to a 12-year high against the dollar, and the pound climbed to the value it reached 26 years ago. . .

Read more at: International Herald Tribune