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| Home Front Economy |
| Greenspan says dollar now sharing stage with euro |
| 2006-10-26 |
| WASHINGTON (Reuters) - Former Federal Reserve Chairman Alan Greenspan said on Thursday both private investors and central bank were shifting away from the U.S. dollar and toward the euro. "We're beginning to see some move from the dollar to the euro, both from the private sector ... but also from monetary authorities and central banks," Greenspan told a conference sponsored by the Commercial Finance Association. |
| Posted by:Steve White |
| #6 "To make matters worse, Italy will be tightening its budget at the same time as Germany implements the biggest tax increases in its modern history — also in deference to the Maastricht Treaty, if not under quite such direct compulsion from the EU. These simultaneous fiscal blunders in Italy, Germany and Eastern Europe will almost mean another “lost year” for the euro zone, with economic performance falling far behind America, Britain and Japan." The EUros are phucking NUTS. |
| Posted by: Barbara Skolaut 2006-10-26 20:53 |
| #5 But you're British, Bulldog. By definition you're wrong. ;-) |
| Posted by: trailing wife 2006-10-26 19:29 |
| #4 Normally I wouldn't want to disagree with Greenspan, but I'm more sympathetic to this. Conclusion: "To make matters worse, Italy will be tightening its budget at the same time as Germany implements the biggest tax increases in its modern history — also in deference to the Maastricht Treaty, if not under quite such direct compulsion from the EU. These simultaneous fiscal blunders in Italy, Germany and Eastern Europe will almost mean another “lost year” for the euro zone, with economic performance falling far behind America, Britain and Japan. But the long-term consequences could be more far-reaching. At some point the people of Europe will realise that there is something rotten in a political system that leaves them forever in the world economy’s slow lane — and which cannot be changed by any democratic process, regardless of how people vote." |
| Posted by: Bulldog 2006-10-26 18:10 |
| #3 Uro will be worth a crooked penny in few years, |
| Posted by: twobyfour 2006-10-26 18:10 |
| #2 "Bad money pushes out good." You want to spend your bad currency as fast as possible, while hoarding the good currency. |
| Posted by: Anonymoose 2006-10-26 18:04 |
| #1 Of course, it doesn't mention what will happen if the EU falls apart, and everyone has to revert to their national currency. (That nearly happened when Berlusconi threatened to take Italy out of the Euro) Al |
| Posted by: frozen al 2006-10-26 15:52 |