Actually, the dollar is off of its recent lows, but this email, via Hong Kong, was too cute not to pass along:
New Fiat Federal Reserve Note
July 23, 2008 5:09pm by Barry Ritholtz
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Just my own personal opinion, but it appears to me that the dollar is toast. Ben and Hank will never be able to backstop the financial system failures to come w/o printing lots of money (or allowing foreign governments to buy us out). My one consolation is we will all probably be multi-billionaires within 5 years or so, ala Zimbabwe. dc
When does the Treasury market puke? Its the last standing bubble!
O/T – Barry – do you still publish the Marketletter?
How many even know that that FedRes Note( pre-Photoshopping) was printed for the Dallas, Texas branch(1), during the Clinton regime(2)?
Perhaps Bush should be on the dollar bill with his smirky grin
Is this an older dollar with the exchange for gold from the treasury on the bottom? That would be good.
Quiet around here isn’t it….
I believe it was Roubini who said that one alternative was allowing foreigners to buy up our businesses. We can hope it’s people from the EU and not China:
China Defies Peru Rescue of Miners Afflicted With Lung Disease
Actually, blue collar laborers would probably be better off under EU regimes than they are under Republicans. I heard a big business PAC ad today equating organized labor with the mafia. I think I would rather that the mafia were running things. We wouldn’t have to worry about Mozilo, et al, getting away with anything. We just might we might never know what happened to them.
Needs a nice “WTF?!” speech balloon.
Is there any reasonable explanation for the runup in the dollar over the last week, other than that those buyers are the same idiots who think bank problems are over?
A Bloomberg article attributes it to the advance of the bailout bill: Dollar Trades Near 1-Month High on Fannie, Freddie Rescue Bill , but it seems that we almost all agree that the bailout bill will just further debase the currency.