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Dollar falls, Chinese diversify away |
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Written by Stumo
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Wednesday, 07 November 2007 |
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We could have managed the dollar, to maintain its "reserve currency" status. But we may have lost it. Running up the largest trade deficits in human history do not inspire dollar confidence in currency markets.
China
bought dollars with its trade surplus, but is now "diversifying".
That means selling dollars. Selling dollars means lower values
for the dollar.
Losing reserve currency status has a domino effect in reducing American influence in the world.
If
we pursued balanced trade every year, we would not be in this
position. U.S. jobs, manufacturers and farmers would be growing
in strength each year. It was a tried and true strategy, but was
abandoned. This year may be looked back on as the turning point for the
dollar's loss of primacy.
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In the news
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Washington, October 22, 2008 - Keith Bolin, ACGA President and Bureau Co., IL farmer and hog producer, announces the American Corn Growers 22nd Annual Convention in Coralville, IA, January 15-16, 2009 at the Marriott Hotel and Conference Center. "Food, Conservation, Energy & Trade 2009" will boast a line-up of well-known industry leaders who will address the current policies and practices of food, conservation, energy and trade.
Find more information on this event here. |
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