The Bush economy; more dismal than ever.

Monday, November 19th, 2007 @ 7:19 pm | Economy

And you think the economy has problems now:

Merrill Lynch & Co. predicts either the United Arab Emirates or Qatar will cut their dollar peg within half a year. Standard Chartered Plc says the six Gulf Cooperation Council nations need to raise the value of their currencies 20 percent. The difference between the price of the Saudi Arabian riyal and the cost of buying it in a year using forward contracts has widened 10-fold since October as traders bet the kingdom will sever its 21-year-old link to the dollar, according to data compiled by Bloomberg.

“The dollar peg is doomed,” said Jim Rogers, chairman of New York-based Rogers Holdings and a former partner of hedge fund manager George Soros.

Woops, George Soros got mentioned so I guess that’s reason enough for 25% of the US population to completely disregard the frightening economic consequences of OPEC producers decoupling their currency from the US dollar.

Heads up, crazies; your mission now is to figure out how to blame this on Bill Clinton.  You know you can do it!

-mg

5 Responses to “The Bush economy; more dismal than ever.”

  1. cbmc Says:

    blah blah liberal media blah blah follow the money etc

  2. IowaVoter Says:

    Hey, how ABOUT those markets!?!

  3. mike Says:

    It’s what you get when you continually insist that an economy based solely upon the expansion and service of suburbia is somehow maintainable.

  4. Matt W Says:

    Let’s hear it for that service economy!!

  5. mike Says:

    That’s definitely a question people should be asking; even if a falling dollar is helping exports then how in the hell is that going to make a difference when we’ve surrended a majority of our manufacturing capacity and rely almost exclusively on imports to survive? You can’t “service” economic activity when the “equity” meant to take the place of money vanishes.