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Joseph L. Shaefer » Comments » ANGO

  • Wall Street Breakfast: Must-Know News [View article]
    "The European Commission warned nine countries, including Germany and Italy, that their budget deficits are too large" and "Europe contracts more than expected." So much for the notion that there is a stable currency out there with which to replace the current reserve currency.

    The US Dollar is a pale imitation of the solid currency we grew up with in which, while traveling behind the Iron Curtain or in China, locals would sidle up to us and try to get us to exchange our dollars at double and triple the official exchange rates.

    But I think the country song "Don't Take Her She's All I Got," is the only reasonable response of the world's central bankers when contemplating replacement of the dollar. Sure, they may hedge a little around the periphery, but would you rather trust Vladimir Putin or King Abdullah to make certain the ruble or the riyal maintain their value when either decide to unilaterally devalue by 50%? That might leave the Yen and the Euro, but one represents an economy mired in denial and the other is a "union" that is comprised of nations bound only by geography, not shared loyalties.

    Wow, having the EU bureaucrats tell Germany its budget deficit is too large. Is that like having the school nerd / hall monitor tell you to get back in class?
    Oct 07 10:11 am |Rating: +6 -1 |Link to Comment
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