Word: euros
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Such doubts are fueling a broader loss of faith in U.S. assets. Nowhere is this more pronounced than in the dollar's stunning decline. Since the start of 2006, it has plunged 24% against the euro and 18% against the British pound. But how big a problem is a weak dollar, and for whom? It might pain U.S. tourists shopping in cities like London or Paris. And it's a mounting worry for European and Asian manufacturers doing battle with U.S. exporters, whose products are made cheaper on the global market by a dwindling dollar. But for these U.S. manufacturers...
...suggested China might shift some of its currency reserves to offset the "weak" dollar. The notion that the days of the dollar's dominance are numbered is, in fact, increasingly popular. In September, Alan Greenspan, former chief of the U.S. Federal Reserve, said it's "absolutely conceivable that the euro will replace the dollar as [the] reserve currency, or will be traded as an equally important reserve currency." If that ever happens, says HSBC chief economist Stephen King, "the dollar goes into free fall." ABN Amro's de Jong agrees that this would trigger a crisis, but doesn't think...
There, on Oct. 6, Shiftee—overcoming animosity from European judges and an audience that seemed to prefer Euro-trash techno over his experimental hip-hop sounds—captured first place in the Battle for World Supremacy...
...other fearsome exchange rate, of course, is between the euro and the dollar. The euro has taken the brunt of the dollar's depreciation--the greenback has dropped more than 30% against the euro over the past two years. Naim foresees U.S. competitors grabbing European market share "and a wave of European companies investing in the U.S., where they'll find companies 30% cheaper." Blanque calculates that each 5% appreciation of the euro against all currencies translates into a loss of European-GDP growth...
With conservatives, she is caught in an inescapable trap of acrimony. The two things they most dislike about her are her liberalism and (what they consider) her phoniness. When she adopts a standard left-wing position, it is taken as confirmation of her plans to impose a Euro-socialism on America. When she takes a more moderate position, it is taken as confirmation that she is hiding her true plans behind dastardly artifice. Either way, she evokes conservative scorn...