The dollar was already caving when Obama took office.
And it's nice to see that the central banks around the world aren't learning the consequences of what it means to have one reserve currency.
The U.S. dollar gained popularity because of Cold War politics. It has never been the strongest currency.
And if you actually cared about what you pretend to, you would have criticized Bush when the dollar had the largest drop in value in 2006. I see you have utterly failed to provide evidence of such criticism. Have you even ever criticized the reckless fiscally liberal Bush spending?
Oh I forgot.
GOP = Can Do No Wrong
Dem = Evil Incarnate
Even when they are following the same policies.
Look at the chart below.... it was on the rebound when Obama came to office, it started to tank the week of 12-12-2008, came back 2 weeks later, stayed good untill 3-6-2009 and has been tanking since.
Where do you get your info?
Fixed it for you. :lol:Sounds as if someone has found their yen for the dollor !!
Short-term and long-term factors are weighing on the dollar. Some factors include:
A celebrated Goldman Sachs partner, Gus Levy, coined the maxim that long defined the bank, the savviest and most influential firm on Wall Street: “Greedy, but long-term greedy.”
But these days that old dictum is being truncated to just “greedy” by some Goldman critics. While many ordinary Americans are still waiting for an economic recovery, Goldman and its employees are enjoying one of the richest periods in the bank’s 140-year history.
Goldman executives are perplexed by the resentment directed at their bank and contend the criticism is unjustified. But they find themselves in the uncomfortable position of defending Goldman’s blowout profits and the outsize paydays that are the hallmark of its success.
NEW YORK (AP) -- One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that authorities say generated more than $25 million in illegal profits and was a wake-up call for Wall Street.
Raj Rajaratnam, a portfolio manager for Galleon Group, a hedge fund with up to $7 billion in assets under management, was accused of conspiring with others to use insider information to trade securities in several publicly traded companies, including Google Inc.
The US gets to export part of their inflation. Cheap products from China, with its undervalued yuan, do the rest. Now guess what will happen if this comes to an end.From this page, "For this reason, the U.S. dollar is said to have "reserve-currency status," making it somewhat easier for the United States to run higher trade deficits"
At least one good thing...
Maybe in the next 10 years someone will realize that it's NOT a good thing to have a $1.5+ trillion deficit? I live to see the day :doh
Note that I only have a very rudimentary knowledge of economics, if the quote I posted is complete BS, please call me out on it.
What I'd like to know if why so many people are viewing a relative decline in the value of the dollar as such a tragedy.
Because they see it as a "loss of face" it seems. If you notice there are very very few economic arguments in this thread, and much more along partisan political lines and conspiracy theories.
That was interesting, I've never heard health care spending described as a bubble.
What does this thread tell us?
When a Republican president oversaw the fiscally liberal policies that got us here, including the largest decline in the dollar's value in years, he deserved absolutely no criticism at all. Notice neither Goobieman nor Harsaw posted a single link to any of their posts in 2006 criticizing Bush for the massive dollar decline.
OK, first of all, this is just about the textbook definition of a strawman.
This thread is about the possibility of the dollar losing reserve currency status. That's an entirely different thing from a mere decline in the dollar's value. The value of the dollar goes up and down all the time. Its status as the world's reserve currency is something decidedly more.
Second, you can't simply pull out a single story from years ago and demand to see a similar reaction to it, and if there isn't one, it's proof positive of inconsistency. That's, simply put, stupid. No one responds to every single story.
Third, if you want to prove inconsistency, you need to prove it by linking to previous posts which exonerated Bush for the same thing. You can't just say "I didn't see you complain about it then!!!! You're inconsistent!!!!" You also can't prove a negative.
Fourth, you also need to keep it consistent with what I actually said here, which wasn't even about spending, but about monetary policy, i.e., printing Monopoly money.
Only to those ignorant of the subject. Watch. That's you.
Except that the dollar losing its status as the reserve currency is directly tied to instability stemming from a long history of fiscal policies that directly cause instability in the dollar's value. Massive US debt affects the value of the dollar. With many countries and central banks holding billions of US dollars, our fiscal liberalism is a direct threat to their financial health. Blaming Obama for this when the foundation was clearly laid by Bush and ignoring how Bush nearly double the debt is dishonest and a sign of severe partisan hackery.
Except that you people are harping on relatively small declines in the dollar yet you completely ignored a TRULY MASSIVE decline under Bush. Furthermore, as I pointed out, none of the hacks were even want to even acknowledge the fiscal policies that got us here under a Republican.
Democrat = Evil Incarnate
Republican = Can Do No Wrong
Ignore the fact that their differences are immaterial.
Not at all. You said nothing about Bush's role. Yet you blame only Obama. Furthermore, you deliberately ignored much of the actual argument as to why Bush was the problem and only blame Obama.
Partisan Hack in this regard you are.
Except that we had the same policies back then as well. Furthermore, monetary policy alone won't do this unless it's Weimar Republic type. The real threat is due to the massive debt and the unwillingness of anyone in Government to take a hard stance against it. We are not the Weimar Republic when it comes to printing presses as much of the spending in the past two years was debt financed.
And you deliberately ignore how Bush's policies got us to this point. People were talking about the problems of a weak dollar for years. YEARS. But apparently to you, deliberate policies to weaken the dollar under Republicans is okay!
Wow. One line of criticism. And you did not even mention Bush. Yet in this thread alone you devoted far more time in addition to just bashing Obama.
I guess you're just another Consistency-Free poster.