Monday, March 17, 2008

US economic records broken recently

1. dollar down 14 percent against six major world currencies in past 12 months, to lowest level since early 1970s when the US went off the gold standard.*
2. oil pases $111, oil prices up $23 in six weeks.**
3. gold passes $1000 an ounce.
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*Federal Reserve's decision to cut short-term interest rates to 3% from 5.25% one of biggest factors driving a lower dollar. Interest rates in Eurpoe and Asia are higher, drawing investors to those currencies. (The Fed is lowering interest rates in an attempt to stimulate the US economy, making it cheap for businesses to borrow money).
**Fall in dollar has caused surge in commodity prices, food, oil, raw materials priced in dollars.i

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