Tuesday, September 23, 2008

Economist: A "Revaluation of the US"

From today's Washington Post:
The dollar took its steepest one-day drop in years as the financial crisis eroded the nation's basic measure of value, helping to drive U.S. stocks sharply lower and the dollar-based prices of oil and gold sharply higher ...

"This is a revaluation of the U.S.," said C. Fred Bergsten, director of the Peterson Institute for International Economics and a top Treasury Department official during the Carter administration. "Growth is going to be slower, the budget deficit higher, but mostly, the whole U.S. financial system has been thrown into question. People around the world are looking at this and saying, 'Holy Toledo.' "

- Garry J. Wise, Toronto

Visit our Toronto Law Firm website: www.wiselaw.net

EMPLOYMENT LAWCIVIL LITIGATIONWILLS AND ESTATESFAMILY LAW & DIVORCE

ORIGINALLY POSTED AT WISE LAW BLOGSUBSCRIBE TO WISE LAW BLOG

No comments:

Post a Comment

Readers are solely responsible for the content of the comments they post here. Comments are subject to the site's terms and conditions of use and do not necessarily reflect the opinion or approval of Wise Law Blog and the writers thereof. Readers whose comments violate the terms of use may have their comments removed without notification.