Dollar loses ground on downgrade fears

[Skip_In_Boulder]

NEW YORK (CNNMoney) -- The U.S. dollar lost ground against all of its main trading partners Tuesday, amid growing fears that America's credit rating could be downgraded for the first time ever. The greenback fell against the euro, Japanese yen, British pound, Swiss franc, Chinese yuan, Australian dollar, Canadian dollar and Mexican peso.

Investors worldwide shunned the U.S. currency, as politicians in Washington remain at odds over a plan to raise the nation's federal borrowing limit. The impasse could lead to a downgrade of the nation's credit rating.


http://money.cnn.com/2011/07/26/markets/dollar/index.htm

[proud patriot]

1. I wonder how much $ Cantor made today

[KansDem]

2. This really pisses me off !!!

The Repubs raised the debt ceiling, what? seven times under George W who lied us into two wars and put it all on the nation's credit card.

Then the little fucks cut taxes on the wealthy.

Now they want the middle and working class to pay for their financial malfeasance. Fuck 'em and the elephant they rode in on!!!

[RKP5637]

3. In a strange way a downgrade might be good, then, maybe then, politicians

and the rest of the herd would wake up. The US has this constant attitude IMO of arrogant omnipotence. We need more cooperation in this country than competition. Otherwise, we're going to end up at the bottom of the heap. And, we are only 5% of the worlds population. We had a good run of it all after WWII, but we can't expect it to go on forever the way we handle affairs in the new US.

[Skip_In_Boulder]

5. Pain can be a wonderful motivate and teacher

And it looks to me that is what it is going to take to get people into the streets.

[Davis_X_Machina]

4. You want a recovery,

...you want a weak (export-promoting) dollar, and if we can't get a carbon tax, or an increase in the gas tax, an increase in the price of imported hydrocarbons is a third-best greenhouse-gas-reduction program.

It's a pain in the ass to me personally -- I have a kid shipping off for a year in a Swiss university; all his bills are priced in Swiss francs, and all his financial aid is priced in dollars. And I heat with mostly Venezuelan heating oil.

But on balance, a weaker dollar is jobs-friendly, not jobs-adverse.