Friday, December 14, 2007

The US Dollar

Iran and Venezuela are probably going to abandon it for the Euro. Apparently, China is allowing its currency to decline with the US dollar, to maintain its low-currency subsidy to the domestic economy.

Evidently, the US Federal Reserve's quarter-point rate cut isn't having the desired effect because the US banking system is paranoid as a result of its own pervasive corruption.

In other news, the Harpercons have pulled their copyright bill again. So, maybe a victory there. And I watched a few minutes of Brian Mulroney's testimony yesterday. I'd like to have seen Chretien or Martin squirm like that. Seemed to me, Mulroney was trying to bluster his way through his completely sloppy "accounting" of the money he said he never got from the guy he never liked. Brazen fibbery. I couldn't watch much of it.

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