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According to Yahoo the Dinar has been trading all day. Last at 1270.2=$1.00 U.S. if anyone cares..... My 2 cents
Right you are Mike, as much as I love this country we live in there is no denying that the USD is and will be in serious trouble for decades to come. The USD started the downward spiral when Roosevelt took us off the gold standard and the Fed started printing money like crazy with nothing to back it up but the goodwill of the rest of the world. Now that goodwill is waning and as the big oil exporters switch to the Euro and other currencies for conducting oil sales, the USD will plummet even further as that is the only backing left for it on the planet. There is not enough silver and gold in this country to even come close to backing up the amount of currency we have flooded the world with.
Anyone who confuses the belief that the "USD is headed down the tube" with a "lack of patriotism" is a fool.
On the Discovery channel a few weeks back about money. That very point was brought up. How there is no where close to gold or silver to back the amount we have outstanding. The show made the point to say that our Federal Reserve has become very good at slide of hand and puppetry with our value of the dollar.
The Euro was also part of the show and brought up how it has risen as USD has fallen. Both countries do not export like Iraq and other so our value is in gold and trade.
My 2 cents also, but this is all coming from the Discovery channel.
Interesting but I have a somewhat different view. The biggest reason I think things appear more worrisome is the Bush administration was late in devaluing the dollar. Our imports have gone up so drastically because the timing of our economic plan just out right sucked (not a tech. term but best describes what happened). We are beginning to see a benefit to devaluation of the dollar. In watching CNBC and Bloomberg I have heard a large number of interviews and statements describing the export sales increase by our U.S. based exporters. Caterpillar and John Deere are going great in the international arena. But I guess we'll have to wait to see how it will pan out. I think the 3rd qtr. will be great.