Jeremiah Films
• Obamanomics
• Films - DVDs
What people are saying
Economists have long predicted the dollar's demise as the global currency of choice. Some, such as Paul Krugman, hailed it as a means of correcting the American trade imbalance. Love it or hate it, the weakening of the American dollar has begun as central banks have started to buy euros and yen while dumping the dollar (via Instapundit): Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since at least 2003, to $7.3 trillion, according to data compiled by Bloomberg. Nations reporting currency breakdowns put 63 percent of the new cash into euros and yen in April, May and June, the latest Barclays Capital data show. That's the highest percentage in any quarter with more than an $80 billion increase. World leaders are acting on threats to dump the dollar while the Obama administration shows a willingness to tolerate a weaker currency in an effort to boost exports and the economy as long as it doesn't drive away the nation's creditors. The diversification signals that the currency won't rebound anytime soon after losing 10.3 percent on a trade-weighted basis the past six months, the biggest drop since 1991. ...[...]
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