Dollar and Sterling collapse

[seabhcan]

The last few days have seen the dollar and sterling fall to historic lows.

Sterling is now lower than the old Irish pound, and the Dollar is at $2 to IR£.

The dollar is worth less than a swiss franc, for the first time in history.

There is also no sign that the fall will stop. The Fed may cut rates by 1% today, which could send the dollar well below 1.60 to the euro. We may see a 2 dollar euro before the year is out, and perhaps an 85p or even 90p in sterling.

Ireland is going to feel some pain, being caught between a falling sterling and a falling dollar.

Is there any good news in this for us?

[rockofcashel]

we'll be able to buy property near Disneyland

[meriwether]

Good news?
Joe Canning will be lining out for Galway this year.

And thats it, really.

Did anyone see that board member of Sterns on the telly yesterday saying they were only the beginning?

We are facing potential meltdown.

Ill tell you what Im most worried about.
The Chinese and Arabs having all the money, and buying up Wall street.
God knows where we will be if they end up running the show.

[expat girl]

Good news?
Joe Canning will be lining out for Galway this year.

And thats it, really.

Did anyone see that board member of Sterns on the telly yesterday saying they were only the beginning?

We are facing potential meltdown.

Ill tell you what Im most worried about.
The Chinese and Arabs having all the money, and buying up Wall street.
God knows where we will be if they end up running the show.

at least our foreign policy hasn't jarred either the Chinese or the Arabs off recently.....but you're right, this could get interesting. Any ideas on how to survive the next few years, lads???

[seabhcan]

I can't say I trust the Chinese any less than I trust the Americans.

At least you can trust that the Chinese will look out of their own interests. The US doesn't seem to be competent enough to manage ever that.

[seabhcan]

China isn't as strong as it seems. The Yuan is following the Dollar down the toilet due to the peg, and they have serious problems if they break the peg... and even if they don't.

The Arabs don't make anything. All they have is oil and money. They rely on us and the Chinese for even basic goods.

[meriwether]

I can't say I trust the Chinese any less than I trust the Americans.

At least you can trust that the Chinese will look out of their own interests. The US doesn't seem to be competent enough to manage ever that.

I can say quite forcibly that I trust the Yanks substantially more than the Chinese.
But each to their own. That Tibet thing in the news ...pfft.

[meriwether]

China isn't as strong as it seems. The Yuan is following the Dollar down the toilet due to the peg, and they have serious problems if they break the peg... and even if they don't.

The Arabs don't make anything. All they have is oil and money. They rely on us and the Chinese for even basic goods.

Good. Maybe we can take over?
Send in Cullen onto Wall street, and rule with an iron fist.

[Sidewinder]

The Chinese and Arabs having all the money, and buying up Wall street.
God knows where we will be if they end up running the show.

Probably a lot better off than we are now, especially if they organise a wee purge of the Church Of Friedman snake-oil salesmen that have been running the Western financial system since the early 80s...

This has been coming a long time, and I'm enjoying every minute of it. I can die happy now, I've lived to see the inevitable collapse and utter humiliation of Privateer voodoonomics.

[expat girl]

China isn't as strong as it seems. The Yuan is following the Dollar down the toilet due to the peg, and they have serious problems if they break the peg... and even if they don't.

The Arabs don't make anything. All they have is oil and money. They rely on us and the Chinese for even basic goods.

All true...... except we rely on them for oil, which underlies everything. And if they make money, on oil, when everything else is losing money, they can buy up a lot on the cheap... who is in charge then??

Ah well sure..........did al Qaeda engineer the credit crunch?? I doubt it, but they're probably kicking themselves if they didn't, as it will cause more damage than 911, by a long shot