We need a billion dollars a day to finance our 7 trillion dollar debt, run up by Bush and Co. Where is it all going to come from?
Sooner or later the Chinese and the Japanese are going to get tired of loaning us money, especially as it becomes more and more apparent this government has no intention of getting serious about our enormous debt.
The latest corporate tax give away to the tune of 140 billion doesn't exactly inspire confidence the republican led congress is capable of reigning in their spending spree. Bush sign the tax bill into law yesterday and this is what happens.
LONDON(AFP) - The dollar remained mired at more than eight-month lows against the euro and six-month lows against the yen, as oil prices spiked ever higher and investors continued to fret about the US' record high current account deficit.
The single European currency jumped to 1.2778 dollars in late afternoon trading from 1.2680 late on Friday in New York.
The dollar skidded to 106.64 yen from 107.20 on Friday.
The euro earlier had climbed to 1.2829 dollars, breaching the 1.28 dollar level for the first time for eight months. Its record peak is 1.2929 reached on February 18.
Jitters ahead of next week's US presidential election and a weak opening on Wall Street provided further excuses for investors to sell the US currency.
"The US is suffering from the Japan syndrome of a few years ago, where anything out of the market is seen as negative and taken as an excuse to sell the dollar," said Standard Chartered foreign exchange strategist Marios Maratheftis.
Since the end of last week, the market has been focusing on concerns over the huge current account and budget deficits in the United States, and the need for the dollar to go lower, he said.
Posted by bushmeister0 at 6:56 PM EDT
Updated: Monday, 25 October 2004 6:59 PM EDT