Berkeley CSUA MOTD:Entry 34738
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2025/04/03 [General] UID:1000 Activity:popular
4/3     

2004/11/7-9 [Politics/Domestic/Election, Science/GlobalWarming] UID:34738 Activity:kinda low
11/7    Dollar expected to fall amid China 's rumoured selling:
        http://news.ft.com/cms/s/257979a6-30f4-11d9-a595-00000e2511c8.html
        \_ Not to worry, we will soon be driving our cars on the power
           of Jesus, not oil.  If only those damn libberuls would believe!
           \_ You say Bush invaded Iraq for oil.  Ok.  Fine.  What would Kerry
              have done for oil?
                \_ Help prepare the country for the inevitable peak in oil
                   production, which will occur in 25 years if we are really
                   lucky.  If we are unlucky shortages will start occuring
                   in 2005-2010.  Push alternatives, increase CAFE, actually
                   LISTEN to scientists as opposed to the faith-based belief
                   in the status quo.  Keep Alaska as a ace in the hole to
                   use to power the transition to a post-oil society.
2025/04/03 [General] UID:1000 Activity:popular
4/3     

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news.ft.com/cms/s/257979a6-30f4-11d9-a595-00000e2511c8.html
Email article Dollar expected to fall amid China's rumoured selling By Steve Johnson in London and Andrew Balls in Washington Published: November 7 2004 19:43 | Last updated: November 7 2004 19:43 Euro and dollar The dollar could slide still further, in spite of hitting an all-time low against the euro last week in the wake of George W Bus h's re-election, currency traders have said. The dollar sell-off has resumed amid fears among traders that Mr Bush's v ictory will bring four more years of widening US budget and current acco unt deficits, heightened geopolitical risks and a policy of "benign negl ect" of the dollar. Many currency traders were taken aback on Friday when the greenback fell in spite of bullish data showing the US economy created 337,000 jobs in October. "If this can't cause the dollar to strengthen you have to tell me what wi ll. This is a big green light to sell the dollar," said David Bloom, cur rency analyst at HSBC, as the greenback fell to a nine-year low in trade -weighted terms. The dollar's fall comes as the Federal Reserve is widely expected to rais e US interest rates by a quarter point to 2 per cent when it meets on We dnesday and to signal that it will continue with a measured pace of rate increases. Speculative traders in Chicago last week racked up the highest number of long-euro, short-dollar contracts on record. Options traders have report ed brisk business in euro calls - contracts to buy the euro at a pre-det ermined rate. However, the market has been rife with rumours that the latest wave of se lling has been led by foreign governments seeking to cut their exposure to US assets. India and Russia have reportedly been selling US assets, as well as petro dollar-rich Middle Eastern investors. China, which has $515bn of reserves, was also said to be selling dollars and buying Asian currencies in readiness to switch the renminbi's dollar peg to a basket arrangement, something Chinese officials have increasin gly hinted at. Any re-allocation could push the dollar sharply lower and Treasury yields markedly higher.