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This thread was started in response to the Article:
$1.32 Euro Under Construction
The deteriorating momentum of sovereign concerns in the Eurozone & further dissenting rhetoric from FOMC to weigh further on EUR & other risk currencies.
"Did a bit of research for you and .... Calif's economy is about $1.6 Trillion (as of Jan 2007), according to US Dept of Commerce. US economy, according to CIA fact book, is about $14.25 trillion on 2009 estimates.
Thus, Calif is about 11% of the US economy - roughly speaking, given that the dates are slightly mismatched, and who knows how accurate these Gov't organizations are.
But any event, it's clearly much bigger than Greece's impact on the EU."
So... California, which I would consider to be bankrupt, I mean for crying out loud, the state sent IOU's to people last year instead of cash for their tax returns, is 11% of the U.S. problem... But we have to add to that, the research we went through above... The states of New York, Michigan, Illinois, and so on! This is a debt debacle folks!
Now... I'm not saying that the PIGS problem isn't a big deal... It is! But bigger than the U.S. problem? NO!
So... The dollar should not be rewarded... And neither should the euro... But the problem here is that these are the two most liquid currencies in the world... So, the normal trade is the sell one, and buy the other, as they are the offset currencies to each other... So... I would think that you would take the lesser of two evils, don't you?"
PIPPED OFF, we appreciate many of your comments but your 8-10 posts in past 10 minutes about Goldman Sachs cartel are becoming useless and of no value. I am all for Freedom of Expression and a luittle humour, but to refer every single post with Goldman Sachs is becoming childlish to say the least.
I will keep this forum sound and useful and will appreciate your help on this.
Ashraf