Thursday, November 25, 2004
Bush's Economic Policies Versus Reality
Yes, it's the event we've been waiting for - Bush's Fantasy-Based Policies versus Reality. First up - fiscal policy. Reality starts with a hard right to the dollar.
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The dollar hit yet another record low against the euro in London on Tuesday on speculation Russia could increase its reserves of the single currency.
The US currency's new fall follows a sharp decline on Monday on worries about the size of the US trade gap.
Now, reports that Russia will shore up its reserves of euros at the expense of the dollar have tipped the currency back over the edge again.
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"The dollar doesn't care about short-term US economic fundamentals," said Sean Callow, at IDEAglobal in New York.
