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T U E S D A Y , J A N U A R Y 2 5 , 2 0 0 5US Deficit Rising; US Dollar Fallingby Michael in New York on
1/25/2005 09:40:00 PMTension is growing around the world over the ballooning budgetdeficits and the weakening dollar. Europeans say they'rebearing too much of the cost of Bush's profligate ways, no onethinks he's up to the task of tackling the deficit, and analystscompare our economy to the tepid Japanese economy of the90s that went into a tailspin and lengthy recession.Even China is chiding Bush. "The prime minister complainedabout the fall of the dollar, asking, 'Shouldn't the relevantauthorities be doing something about this?'" according to theNew York Times.In an unrelated article (darned if I can find it) it was noted thateven criminals are abandoning the dollar: in Russia'sblackmarket, the US dollar used to dominate but the euro isgaining on it by leaps and bounds. (This might also be due tothe fact that the euro comes in 500 note currencies that makecarrying larger amounts of cash around that much easier.And as Paul Krugman points out in an aside in a column aboutthe replacement for Alan Greenspan,"The United States is running record budget and trade deficits,and the foreigners we depend on to cover those deficits arelosing faith. According to yesterday's Financial Times, centralbanks around the world have already started shifting intoeuros. If Mr. Greenspan is replaced with someone who lookslike a partisan hack, capital will rush to the exits, the dollar willplunge, and interest rates will soar."Nonsense says Treasury Secretary John W. Snow. He's a deficit"hawk!"Oh wait: The latest NYT headline says:White House Predicts $427 Billion Deficit, Including NewWar CostsIf you've got a floating interest rate on your mortgage, now might bea good time to lock it in.
MORE POSTS ABOUT: MORTGAGES, PAUL KRUGMAN, SUB-PRIME
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© 2009 - John Aravosis | Design maintenance by Jason RosenbaumSend me your tips: americablog@starpower.netAMERICAblog News| A great nation deserves the truth: US Def...http://www.americablog.com/2005/01/us-deficit-rising-us-dollar...
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1/25/2005 09:40:00 PMTension is growing around the world over the ballooning budgetdeficits and the weakening dollar. Europeans say they'rebearing too much of the cost of Bush's profligate ways, no onethinks he's up to the task of tackling the deficit, and analystscompare our economy to the tepid Japanese economy of the90s that went into a tailspin and lengthy recession.Even China is chiding Bush. "The prime minister complainedabout the fall of the dollar, asking, 'Shouldn't the relevantauthorities be doing something about this?'" according to theNew York Times.In an unrelated article (darned if I can find it) it was noted thateven criminals are abandoning the dollar: in Russia'sblackmarket, the US dollar used to dominate but the euro isgaining on it by leaps and bounds. (This might also be due tothe fact that the euro comes in 500 note currencies that makecarrying larger amounts of cash around that much easier.And as Paul Krugman points out in an aside in a column aboutthe replacement for Alan Greenspan,"The United States is running record budget and trade deficits,and the foreigners we depend on to cover those deficits arelosing faith. According to yesterday's Financial Times, centralbanks around the world have already started shifting intoeuros. If Mr. Greenspan is replaced with someone who lookslike a partisan hack, capital will rush to the exits, the dollar willplunge, and interest rates will soar."Nonsense says Treasury Secretary John W. Snow. He's a deficit"hawk!"Oh wait: The latest NYT headline says:White House Predicts $427 Billion Deficit, Including NewWar CostsIf you've got a floating interest rate on your mortgage, now might bea good time to lock it in.
MORE POSTS ABOUT: MORTGAGES, PAUL KRUGMAN, SUB-PRIME
HuffPost PoliticsPaul Helmke: NRA Defeated In Key Gun ViolencePrevention Vote: Elections Have Consequences -The National Rifle Association leadership suffered amajor defeat in the U.S. Senate today, losing a keyvote on a bill that would have radically...1 minute ago
Daily KosWaterloo, But for Who? Liveblog 3 - Themini-tutorial on deficits is good. Will it sink in? Willanyone say, hey, the Iraq war is costing TWICEwhat this reform is going to cost? No.3 minutes ago
Crooks and LiarsPresident Obama's Health Care Presser: OpenThread - President Obama's presser on health carereform has just begun...Let us know what you seeand rate the journos...How negative do you thinktheir question...39 minutes agoThink ProgressKit Bond says DeMint’s attack on Obama was ‘wayoff base.’ - Sen. Jim DeMint (R-SC) has beenaggressively attacking President Obama recently,saying his efforts to reform health care will be his“Waterloo” and that i...45 minutes ago
Ben SmithHealth insurance reform - President Obama seemsto have re-labeled his legislative push: In excerptsof remarks prepared for tonight's presser, he refersto it as "healt1 hour agoJ O H N ' S P H OT O S
Show All
AMERICAblog News| A great nation deserves the truth: US Def...http://www.americablog.com/2005/01/us-deficit-rising-us-dollar...
1 of 57/22/09 8:48 PM
A M E R I C A B L O G T V
Visit our AMERICAblog TV site.see all 322 videos >I collect with
vodpod
In honor of SenatorDeMint
For the GOPers, healthcare is politics. They just
Traditional media has todebunk the birthers
One small step...
The right-wing media, thevoices of the GOP, in
REM - Orange CrushNext 6AMERICAblog News| A great nation deserves the truth: US Def...http://www.americablog.com/2005/01/us-deficit-rising-us-dollar...
2 of 57/22/09 8:48 PM
Ezra KleinTab Dump1 hour agoWonk RoomSen. Byron Dorgan:The ‘Trade’ InCap-And-Trade ‘MakesNo Sense To Me’2 hours agoHealth BeatTruth Squad: WallStreet Journal HealthCare Editorial Wrong onthe Facts . . .3 hours agoThe TreatmentHatch Is Out5 hours agoDaily DoseProviders Endorse 'Payfor Value' Proposals10 hours agoG AY P O L I T I C S
Visit our new gay politicssection, AMERICAblog Gay.F E E D S
Blog RSS
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Top AdAdvertise in this spot.H E A LT H C A R ER E F O R MAMERICAblog News| A great nation deserves the truth: US Def...http://www.americablog.com/2005/01/us-deficit-rising-us-dollar...
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S E A R C H
AMERICAblog
Web
SearchS E N D U S T I P S &C O M M E N T Samericablog@starpower.netB L O G A R C H I V E
Blog ArchiveS I T E S W E L I K EAir America RadioAlan Colmes' blogAri Melber (The Nation)Ben SmithBicycleMark's blog &podcastBilericoBradBlogBring It OnCarrie FisherCrooks and LiarsDailyKosDan Savage's "Slog"Daou ReportDemocratic UndergroundEschatonEzra KleinFire Dog LakeFiveThirtyEight.comFreeway BloggerThe Gavel (SpeakerPelosi's blog)Good As YouGlenn GreenwaldHoly Bullies and HeadlessMonstersHuffington PostHullabaloo (Digby)Jack and Jill PoliticsJed ReportJesus' GeneralKenneth in the 212Margaret and HelenMatthew GrossMedia MattersMike Signorile's "The Gist"MudflatsMyDDOpen LeftPlum LinePolitical Punch (JakeTapper)Political WirePolitics 1Pop SurfingProgressive Blog DigestQueers UnitedRawStoryRex WocknerRude PunditSmirking ChimpTalk LeftTappedTaylor MarshThink ProgressTowleRoadVetVoice.comWashington NoteWayneBesen.comWonketteWorth Repeating
N E W S L I N K SUSWashington PostNYTAP PoliticsReuters PoliticsRasmussen PollsTimeNewsweekRoll CallThe HillABCNews
P L E A S E S U P P O RTA M E R I C A B L O GOne-time donation$
Recurring monthlydonation$
Donations are nottax-deductible.L A B E L S
Select a labelL A S T 1 0 0 V I S I T O R SRecent Visitors
A B O U TA M E R I C A B L O GWhy AMERICAblog?Because a great nationdeserves the truth.What issues do youcover?US politics overall with aparticular focus on theObama Administration, theradical right, and civilrights.Who are you?John AravosisEditorWashington, DCJoe SudbayDeputy EditorWashington, DCChris RyanAssociate EditorParis, FranceRobert ArenaContributing EditorBaltimore, MarylandJacki SchechnerContributing EditorWashington, DCAMERICAblog News| A great nation deserves the truth: US Def...http://www.americablog.com/2005/01/us-deficit-rising-us-dollar...
4 of 57/22/09 8:48 PM
© 2009 - John Aravosis | Design maintenance by Jason RosenbaumSend me your tips: americablog@starpower.netAMERICAblog News| A great nation deserves the truth: US Def...http://www.americablog.com/2005/01/us-deficit-rising-us-dollar...
5 of 57/22/09 8:48 PM