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Thursday, July 03, 2008

Dollar 'am'Bushed

President Bush, now on the farewell leg of his presidency, proclaimed that "We're strong dollar people in this administration, and have always been for a strong dollar, and believe that the relative strengths of our economy will reflect that" on his trip to Japan for the G-8 meeting.
The only problems, albeit very minor ones, with this statement are as follows:

  1. He has increased the federal debt held by the public from $3.3 trillion in 2001 to $5 trillion plus this year.
  2. He has been putting pressure on countries like China and the Middle East nations to raise the value of their currencies.
  3. He has created the housing bubble as part of the ownership society he has implemented, and his sidekick Fed has lowered rates.
Yep....and he wants a strong dollar.

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