holy crap look at the USD plummet!!

[unblock]

Currencies

Crossrates
Europe Asia Pacific
Mar 14 12:00am ET † US $ UK £ Japan ¥ Euro €

US $ 0.4974 95.91 0.6291
UK £ 2.011 192.83 1.2649
Japan ¥ 0.010426 0.005186 0.006560
Euro € 1.5895 0.791 152.449


a dollar now buys less than 96 yen. it was around 100 yen just friday.

it's not quite as bad against the GBP and EUR probably just because they haven't gotten out of bed yet.

[bushmeister0]

1. Quick, let's all rush the bank!

[tachyon]

3. And end up with...a sack of dollars?

Great...

[bushmeister0]

7. The new fives look so much better than the stuff I'm using for my Monopoly game right now

[Warpy]

2. Asian markets are down across the board

so it looks like tomorrow will be another unhappy day on Wall Street.

[unblock]

4. not so clear. remember that they're reacting to friday's news, too

asia is reacting to the entire bear saga, whereas the us markets already heard some of it on friday.
plus, the USD tanking is good for our exporters.

oh, wait. we don't export anything except jobs. i forgot.

[Ichingcarpenter]

5. Manic, Madness, March, Market, Meltdown, Monday!!!

I think the Feds will step in even more tomorrow, the day after and the coming weeks.

The international banks also have good reason to help calm this crisis.

[Warpy]

15. Yes, they do

My financial guy said Monday was going to be a rough one but that the closing numbers would trigger institutional buying, so we'll have a midweek rally.

I'm not optimistic over the next couple of years, at least. There's a huge mess at the top to be cleaned up, which means re regulating the industry and we know the conservatives in both party will fight that tooth and nail.

[ben_meyers]

6. Take a look at your surroundings

And ask yourself how much of that stuff was imported with the USD, and how much will it buy from overseas tomorrow. Is it any wonder that Asian markets are tanking?

Might this be a cure for off shoring and outsourcing?

[unblock]

8. unfortunately the USD has a LOT of further tanking to do before outsourcing is non-profitable

in fact, outsourcing might even INCREASE as u.s. companies look to layoff domestic resources and outsource to save money (albeit less than they might have in the past).

[ben_meyers]

9. So what are the World markets worried about?

Don't their economists know that? Their largest export market is drying up, look at what happened to Japan not so many years ago, they spun into a 10 year recession.

[unblock]

10. they're not worried about outsourcing. they're worried about us continuing to consume

[ben_meyers]

11. Isn't that what I said?

What are we consuming now? Their production!
Maybe I define outsourcing more broadly than you do. I'm not just talking about sending customer support to India, I'm talking manufacturing too.

[better tomorrow]

12. I have a Silver Certificate.....

is it worth more than the rest of my dollars?

[unblock]

14. i mean we will continue to outsource more jobs while we consume less

their economies will continue to grow because they are getting more production albeit with less consumption.

[ben_meyers]

17. Maybe, but the Asian markets don't seem to agree

Nikkei Down More Than 3 Percent

1 hour ago
Players sold stock in exporting companies as the dollar sank to 97.11 yen, the lowest level since Sept. 1995. The weak dollar hurts the Japanese economy because it makes exporters' products less competitive abroad and erodes the value of overseas earnings.

Mazda Motor fell 7 percent to 333 yen. Canon shed 6.2 percent to 4,120.

http://ap.google.com/article/ALeqM5g1kh8Emk8y3QjP3wSYOgtefig50wD8VETPSG0

But hey! What would they know?

[defendandprotect]

19. "Harvesting Slave Labor" . . ..

[unkachuck]

13. crappy old system wrecked my money....

....could this be more capitalist manufactured tramma?....periodically bankrupting the nation for fun and profit should not be tolerated in the 21st century....if the capitalists can't control their antique wobbly-old system then they both should be replaced....

....there has got to be better way to run a nation's economy without pyramid/ponzi schemes, the looting of the treasury or the bankrupting of the people....maybe we could develope the New New World Order....

....an order in which a new leftist super-power US government reserved the right to impose regulation, taxation, labor standards, product standards and environmental conditions on any corporation or business in the world....out of compliance corporations would be hunted like terrorists....

....an order in which US law and might would work for the betterment of mankind, instead of destroying it....

[Dont_Bogart_the_Pretzel]

16. The one thing I like about this is

the rich bush supporters are taking a hit too

[better tomorrow]

20. yeah, but they can afford to lose some...the poor cannot....

just like the taxes. They have gotten low taxes for 7 years now when they can certainly still afford to buy gas and milk while the rest can't. So, let them suffer. They really won't, they will just be grumbly....they will still drive their SUV's and play soccer.

[garybeck]

18. Canadian?

I live near the border and have a son in college in Canada. the dollar was diving against the canadian dollar but it seems to have stalled right at the event point.

someone told me that the international monetary org is artificially diluting some other currencies to keep the dollar from spinning downward too much too fast.

is that what's happening with the Canadian?

[Amonester]

21. 75% of all canadian exports go to the U.S.

Canada's lucky to have lotsa oil (and gold, and diamonds)...

Otherwise, when these (too) huge numbers are at risk of collapsing because less and less sales are closed, the currency can't rise too much (and it's a good thing, IMHO).

Watch for the Amero "talks" coming up soon...