Saturday, November 10, 2007

The Sinking Currency

The euro, worth 83 cents in the early George W. Bush years, is at $1.47.

The British pound is back up over $2, the highest level since the Carter era. The Canadian dollar, which used to be worth 65 cents, is worth more than the U.S. dollar for the first time in half a century.

Oil is approaching $100 a barrel. Gold, down to $260 an ounce not so long ago, has surpassed $800.

Have gold, silver, oil, the euro, the pound and the Canadian dollar all suddenly soared in value in just a few years?

Nope. The dollar has plummeted in value, more so in Bush's term than during any comparable period of U.S. history. Indeed, Bush is presiding over a worldwide abandonment of the American dollar.

Nor is there any end in sight to the sinking of the dollar.

[Excerpt of an article by Patrick J. Buchanan]

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