GordonUnleashed

President Bush or My Own Eyes: I’m Not Sure Who to Believe

November 14th, 2007 by Steve

Am I to believe…

…President Bush:

“If people would look at the strength of our economy, they’d realize why, you know, I believe that the dollar will be stronger,” Bush told the Fox Business Network.

“We have a strong dollar policy, and it’s important for the world to know that. We also believe it’s important for the market to set the value of the dollar relative to other currencies,” the president said.

…or these recent articles:

OPEC tells US to kiss off:

“At this time, frankly we don’t see that we need to add more oil in the market,” he told a press conference in Riyadh ahead of a rare weekend OPEC summit to discuss long-term oil supplies.

“There is a plenty of oil in the market. There is no shortage of oil,” Badri insisted in response to a question about a decline in US and Japanese oil inventories in the past few weeks and calls by Washington to raise output.

Canadian dollar:

The dramatic rise in the Canadian dollar is putting Canada’s economic growth in peril, central bank No. 2 Paul Jenkins warned today as the currency held around four cent above its American counterpart.

Euro:

The US dollar was weaker against major currencies except the yen in midmorning trade Wednesday, extending overnight losses, after positive news from Goldman Sachs (NYSE:GS) and Wal-Mart Stores (NYSE:WMT) eased concerns about credit markets and the US economy.

Gold:

Gold prices slid in the largest one-day decline since the rally began in mid-August. Many analysts have been calling for a serious correction to gold prices, after the metal piled on nearly $200 an ounce in three months to rise to its highest level since 1980. Falling precious metals prices were accompanied by the rebounding U.S. dollar and sharply lower oil prices.

Silver, copper and platinum:

Silver futures followed gold higher on support from stronger oil and the weaker dollar, Montano said.

Comex December silver rose 45.5 cents to $15.065 an ounce. Shortly after it closed, CBOT December silver was up 44.4 cents to $15.052.

Silver also got a boost from news of an earthquake in Chile that sent copper futures sharply higher, Montano said. Chile is the world’s largest copper producer, and silver responds to some of the same stimuli as the red metal in ways gold doesn’t because silver has a broader base of industrial uses, Montano said.

Meanwhile, January platinum rose $33.80 to $1,446.10 an ounce, while December palladium gained 30 cents to $373.80 an ounce.

Posted in Fiscal Responsibility, Wasteful Spending, National Politics

One Response to “President Bush or My Own Eyes: I’m Not Sure Who to Believe”

1. GordonUnleashed » Blog Archive » Government Monopoly Imposed at Gunpoint: Liberty Dollar Raided by the Feds wrote on 11/15/07 at 2:34 pm :

   […] the dollar can’t compete with other currencies and commodities, the government is apparently shutting down it’s […]

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