Saturday, September 22, 2007

From the department of 'Holy Crap! Shut-up about the loonie, Rufus!'

Apparently, I was wrong- the Canadian loonie really is doing well. But, this doesn't mean that the US dollar isn't dropping. According to the Globe and Mail, ''The greenback is tumbling against virtually every currency that isn't pegged to the dollar, including the euro, the yen and the pound...
The dollar hasn't been this low on a trade-weighted basis since the major industrialized countries abandoned the Bretton Woods regime of fixed exchange rates in 1973, said Tu Packard, an economist at Moody's in West Chester, Pa.''
A question for the economists out there, or at least whoever understands this stuff better than me- Am I wrong in thinking that the US GDP isn't actually dropping? And, if it isn't, why isn't it?

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