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Monday, November 5, 2007

The Fall of the Dollar

posted by on November 5 at 10:53 AM

Dollar-Sign-Print-I10290454.jpeg

Exhibit A: Gisele Bundchen, the world’s richest supermodel, who is angling to retain her title by insisting on payment in virtually any currency except the U.S. dollar.

Exhibit B: Jay-Z, the hiphop star and music industry mogul, whose new video finds the international trendsetter of pornographic bling waving around stacks of $500 Euros.

Carry on.

RSS icon Comments

1

Didn't he retire a couple years ago? How come he's still making music and videos and claiming to be the best rapper in the world? I'm over it.

Posted by Carollani | November 5, 2007 11:16 AM
2

$500 Euros, huh? Didn't realize the conversion was THAT steep.

Posted by Ben | November 5, 2007 11:23 AM
3

I thought rap died last century.

Posted by Will in Seattle | November 5, 2007 11:30 AM
4

Haha, I love it. Bernake cutting rates didnt help one bit either.

Posted by Bellevue Ave | November 5, 2007 11:35 AM
5

GAWD! We are sooooooooo fucked...

Posted by Hal | November 5, 2007 11:40 AM
6

Kanye West beat everybody to the punch in 2005. From "Gone": "Sometimes I can't believe it when I look up in the mirrow/How we out in Europe, spendin Euros."

Posted by Garrett | November 5, 2007 11:45 AM
7

Is anybody surprised that the US dollar is crap? Our country's economic policies are strictly third-world, and the value of our currency is finally starting to reflect that.

Posted by Greg | November 5, 2007 11:51 AM
8

Bellevue@4:
Fed rate cuts make the problem WORSE. Lower interest rates results in the dollar being yet LESS desirable as a medium for storing your wealth. The lower interest rate thing is a finger in the dike (shut up, Dan) to keep the banks from collapsing due to the real estate bubble's demise. Stay tuned, the shit has yet to -really- hit the fan.

Posted by Wipe yer ass wit' da buck | November 5, 2007 11:53 AM
9

Scary! And this is only the begining...

Posted by Hal | November 5, 2007 12:00 PM
10

I think I see another Great Depression in our future...

Eat, drink, and be merry now. Then when the place turns to shit, go to Wal-Mart, buy a gun, and put a bullet in your head.

The crediters can't find you in Hell.

Posted by Optimistic Dan | November 5, 2007 12:33 PM
11

Rise of the $
Canada.
After all these years of visiting Seattle and getting less for my dollar the tables have turned.
There was a time when we got 60 on the dollar but I still made trips to Seattle. Now it is heading towards $1.10. So we finally get to benefit.

Posted by -B- | November 5, 2007 12:38 PM
12

@ 11: we're very happy for you.

only 14 months until no more fucking george bush, and dennis kucinich's super hot wife can turn this thing around.

Posted by max solomon | November 5, 2007 12:55 PM
13

No, the Bush economy is a gift that hasn't even started giving yet. Whoever inherits this mess from Bush is going to suffer through years of economic problems. Carter-like 20% interest rates? Massive inflation? The return of 10% unemployment?

The real answer is, of course, getting the budget under control, but in the current climate that is completely impossible.

Posted by Fnarf | November 5, 2007 1:22 PM
14

@8, which is why I said that bernake didnt make anything better with that rate cut. Which would mean he made things worse.

Posted by Bellevue Ave | November 5, 2007 1:24 PM
15

also, recessions are not a bad thing in the sense that they help root out inefficiencies in the market that arent ironed out in good times.

Posted by Bellevue Ave | November 5, 2007 1:26 PM
16

While I am infinitely not a fan of the Bush administration, do you people really believe you know better than multitudes of advisers with doctorates in international finance and such that are running the show here? It blows me away how you people can moan about how bad it is or what should have done differently when your only experience with financial matters is balancing your own checkook.

Get a clue people! If the folks that make these decisions are so evil as we all believe then wouldn't it be in their best interest to do everything in their combined powers to make the US economy as strong as possible?

I also love how we're all looking forward to cutting the next president slack by continuin to blame Bush for all the problems with the world when we're unwilling to do Bush the same favor. Not that he deserves one. Maybe I'm just feeling extra special cynical today.

BRING ON THE RECESSION. It's only our collective fault we're in the situation we're now in. What, do you really think it was wise to buy that $500,000 1,400 square foot rambler in south Seattle on $70,000/year household income? All of us wise people who sat on the sidelines watching the craziness are still doing so, waiting for our chance to swoop in and buy up entire streets of homes for a third less than they're selling for now and rent them back to the bankrupted folks who previously owned them until the whole cycle begins anew.

Posted by Tom | November 5, 2007 3:14 PM
17

@16,

Do you really believe that the Bush administration is full of competent people? Even if Bush's economic advisors are competent, which is highly debatable, they are far more interested in bilking the system for all its worth and for setting up the system to benefit the rich and the rich only.

Smart rich people have invested the money they've made off of Bush's economy in gold and in Europe. This recession isn't going to touch them.

Posted by keshmeshi | November 5, 2007 3:48 PM
18

So they're unintelligent for transferring their money into more desirable (foreign) investments?

Wow, I must be a total idiot then too - I weighted my portfolio with foreign funds over a year ago!

Posted by Tom | November 5, 2007 3:57 PM
19

@18,

OK, first you said this:

Get a clue people! If the folks that make these decisions are so evil as we all believe then wouldn't it be in their best interest to do everything in their combined powers to make the US economy as strong as possible?

Then I said this:

Do you really believe that the Bush administration is full of competent people? Even if Bush's economic advisors are competent, which is highly debatable, they are far more interested in bilking the system for all its worth and for setting up the system to benefit the rich and the rich only.

So, in other words, yes, they are that evil. They are evil enough to destroy this economy in the long run to get themselves short-term gains. Then, they'll invest those gains elsewhere to avoid the fall-out of their trashing of the U.S. economy.

Posted by keshmeshi | November 5, 2007 5:50 PM

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