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In This Issue
November 20, 2009
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Obama Administration Whistling in the Dark About the Dollar
Alan Tonelson
Friday, October 16, 2009
“Investors are confident in the U.S. government's ability to maintain sustainable growth, which in turn has helped stabilize the value of dollar assets, U.S. Treasury Secretary Timothy Geithner told Beijing-based magazine Caijing, in an interview published Wednesday.” –Marketwatch.com, October 14, 2009 Share of new foreign currency earnings foreign central banks put into U.S. dollars, second quarter, 2009: 37% Share of new foreign currency earnings foreign central banks put into other currencies, second quarter, 2009: 63%
(Sources: “Geithner: Confidence stabilizing dollar – report,” by William L. Watts, Marektwatch.com, October 14, 2009, http://www.marketwatch.com/story/geithner-confidence-stabilizing-dollar-report-2009-10-14" and “Dollar Reaches Breaking Point as Banks Shift Reserves (Update 3),” by Ye Xie and Anchalee Worrachate, Bloomberg News, October 12, 2009, http://www.bloomberg.com/apps/news?pid=20601068&sid=a4x9dIJsPn4U0
Alan Tonelson is a Research Fellow at the U.S. Business & Industry Educational Foundation and the author of The Race to the Bottom: Why a Worldwide Worker Surplus and Uncontrolled Free Trade are Sinking American Living Standards (Westview Press).
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Alan Tonelson
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Bold, concerted action is needed to put the manufacturing sector back on track.
Alan Tonelson on CNBC's Power & Money
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