Oh the tangled web that Bush has woven.
Currency traders gave the dollar a thorough pounding today after a Chinese official suggested that the country could begin to diversify its huge foreign-exchange reserves.Once the dollar broke through the 1.45 support number, there was very little to keep it afloat. It's time to let Bush and the GOP explain their miserably failed economics to the public before they get on their high horse and talk about fiscal responsibility. Who in their right mind wants to throw money into the US market when it's this bad?
The euro broke the $1.47 barrier before retreating a little and the pound climbed above $2.10, a value it had not reached 26 years ago. Other currencies also posted gains against the dollar.
Remarks by Cheng Siwei, vice chairman of the National People’s Congress in China — a colossal dollar investor by virtue of its $1.43 trillion in currency reserves, most of which are presumed to be denominated in dollars — helped drive the dollar lower.
Main & gay blog