Bob's Links and Rants

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Monday, November 08, 2004

China in the bull shop

Via Cyndy, I see that Seeing the Forest has a post on rumors that China will begin selling dollars. The dollar is at an all-time low against the Euro, and may now drop against other currencies as well. While a lower value theoretically makes American-made manufactured goods (whatever's still left, that is) more competitive, it also means our "government" will have to pay more to borrow money, which means higher interest rates, which means layoffs and mortgage foreclosures and panic and depression and despair and hunger and death. At least, that all seems to be a distinct possibility. I think Dave at Seeing the Forest and the people commenting on his post explain it a bit more rationally than I just did, but that's the gist.

Having a moron as pResident for four years has resulted in several major calamities. Four more years promise almost certain global catastrophe. (Tomorrow, the pessimistic view.)