the best interest of this country--I think the criticism will be relatively muted.Read more...The Dollar DipsGold glimmers.1100 AM, Nov 14, 2009 By IRWIN M. STELZER Buy gold, we are told by no less an authority than G. Gordon Liddy. It s value has never gone to zero,cheap toms shoes sale, says an official once in charge of America s gold hoard, including the bars stored in Fort Knox. Why investors should find that reassuring is not obvious, but never mind. They have bid the price steadily up to and past the $1,100 per ounce mark, from around $270 at the beginning of this decade, and around $700 when the current crisis in financial markets hit the value of stocks and property. And a very rich and very shrewd investor is telling friends that he expects the current price to more than double in the next five years. It seems that investors, or at least many of them, have decided that the Obama administration and the Bernanke Fed are combining to depreciate the dollar, the former willingly to encourage exports and create jobs, the latter warily. Talk of the devaluing of other nations paper currencies at one time produced a flight to the dollar, deemed safe from the depredations of rulers trying to shore up their struggling economies by printing money. But times have changed,cheap toms outlet. There is now so little faith in the value of the dollar, which has dropped to about a 15-month low against a basket of currencies, that investors are fleeing to Brazilian reals and Russian rubles--or so it seems. Of course, with interest rates in America close to zero, some investors are borrowing dollars at virtually no cost, and using them to buy assets in nations in which interest rates are high enough to make such a trade profitable. The influx of these funds drives up the value of assets in other countries, creating the danger of bubbles, which might burst if this footloose, hot money is suddenly withdrawn. Which has the recipient countries more than a little nervous, and Brazil has adopted a tax to discourage an inflow of dollars. And more than a little annoyed. The flip side of the decline of the dollar is an increase in the value of other currencies relative to the dollar. Which upsets those countries, since the rise in the value of their currencies--40% in the case of Brazil s real--makes life more difficult for their exporters, and encourages consumers to buy imported goods that are cheaper in the local currency. Fewer jobs for locals. That s why Russia, Korea and Thailand ($15 billion of dollar purchases to hold down the value of the baht) are buying dollars in an attempt to bid up its value, i.e,cheap toms., hold down the value of their own currencies. And why they are so upset with the Chinese, who peg their yuan to the falling dollar, making their exports cheaper in comparison with Asian countries that have seen their currencies rise against the dollar. The Europeans, whose euro has risen in value some 7% against the dollar and the yuan, are also unhappy. Or at least some of them are Germany s exports of sophisticated engineering products seem to be holding up despiRelated articles:

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