TITLE

Euro Trashing

AUTHOR(S)
Ferguson, Niall
PUB. DATE
June 2004
SOURCE
New Republic;6/21/2004, Vol. 230 Issue 23, p17
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Argues that the U.S. dollar is in danger of crashing due to the imbalances in America's financial position, coupled with the emergence of the euro as an alternative to the dollar. Background on rise of the dollar as the world's reserve currency; Background on the development of the U.S. current account deficit; Claim that this imbalance has benefited the U.S. economy by allowing Americans to continue investing without reducing consumption, and to enjoy lavish tax cuts without paying the consequences; Speculation about what effect a 3 percent in long-term interest rates would have on the U.S. economy; Speculation about whether Asian central banks will continue to buy dollars and U.S. Treasuries to stop their own currencies from appreciating against the dollar; Speculation about whether the euro could rival--or even supplant--the dollar as an international reserve currency.
ACCESSION #
13400373

 

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