America vetoes G7's dollar alert

[BadgerKid]

Source: telegraph.co.uk

US Treasury Secretary Hank Paulson vetoed French, Italian and German proposals to use the final statement from the Group of Seven (G7) finance ministers meeting to warn of the problems that are facing Europe due to the falling dollar.

The US currency plunged to a record low against the euro of $1.4319 on Friday, amid market turmoil and falls in share prices around the world.

The dollar's weakness, fuelled by fears about a potential recession in America, is making life extremely tough for European exporters.

The ministers limited their currency comments to a warning to China to allow its currency to appreciate. They ordered the Asian giant to let the renminbi rise faster, amid concerns its peg against the dollar is one of the root causes of instability in global markets. Having sent only a skeleton team to the meetings, the Chinese government is not expected to respond.


Read more: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/21/cng7121.xml

[Deja Q]

1. Ironic. US corporations were the ones to have started the 'global' fad,

hence their renaming to "multi-national corporations".

The two names are used interchangeably, usually referred to as "US corporations" when problems occur, but when all is well or profits are up, the "M"-word becomes the norm again.

[HereSince1628]

2. That's true of this round, but I read a piece on cheap shoddy foreign goods priced below competition

and it was from the 1600's.

The discussion was about shipbuilding.

The offenders were American colonists who were putting English shipwrights out of work and introducing such bad ships that they lasted well less than 10 years.

[loudsue]

9. So, US was into "built-in obsolescence" even in the 1600's??

I thought that started with the auto makers in the 20th century! I learn something new every day here on DU! :hi:

[Baby Snooks]

3. Ain't gonna change the reality...

The veto isn't going to change the reality of the situation. The dollar is tanking. We are headed towards devaluation within our economy as a result. And that will affect those who have invested here. So it is a legitimate concern. For everyone but Bush who seems intent on literally destroying civilization as we know it.

[NYC]

10. That's the truth.

But it may keep the problem hidden from some people because it is not put into words.

[marmar]

4. For the G7, this must be akin to watching your in-denial alcoholic relative ruin the family....

:beer:

[Wise Doubter]

5. So, where would you all invest YOUR money ??

I have about 10k that I would like to keep at 10k (or above)

:scared:

[Timefortruth]

6. That's the $64,000 question,

or in your case the $10,000 question.

Some people say gold or foreign currencies. I think the bloom is off those roses, but I know of nothing better.

[Vincardog]

12. If I had an extra 10K I would have a Wind turbine up in a minute. The rest would go to

either Solar or geothermal. The money you save will be your own.

[rAVES]

7. Defence? :p

[CrispyQ]

8. Hand tools, canned goods, seed & gardening tools, books,

products to help you live off the grid. Sounds paranoid, huh?

http://www.gaiam.com/retail/2/OffGridLiving

[HereSince1628]

11. Don't forget the land. You gotta have three things...

Food, water, and a safe place (preferably warm and dry) to sleep.

[gateley]

14. Ultimately that will be the best approach. Can't eat gold and Euros won't

keep your family warm at night.

[formercia]

13. Cry me a river

a river called denial.