NBC:My response to query re: Dollar Drops to New All-Time Low Vs. Euro

[pat boyack]

You still get screwed because everything like food is going to cost more.

Pat B

On Tue, 30 Nov 2004 12:48:23 -0500, Bruce Bears <bearszac@earthlink.net>
wrote:

>The weak dollar actually helps US touring acts who are trying to work in
the EU.. If you ask to be paid in Dollars you should ask for at least 10%
more than you used to.. They'll still get a 20% discount. Hit em while
it's still hot though.
>
>Bruce Bears
>
>
>-----Original Message-----
>From: Walter Potter <maxdog-blues-l@comcast.net>
>Sent: Nov 30, 2004 12:38 PM
>To: BLUES-L@LISTS.NETSPACE.ORG
>Subject: Re: NBC:My response to query re: Dollar Drops to New All-Time
Low              Vs. Euro
>
>As much as the current state of the union gives me the blues, let's keep
the discussions on the list blues related please. How this will affect
touring bands is ok, political rants are not. Even if I agree with them ;-)
>--
>maxdog
>co-listowner, Blues-L
>
>-------------- Original message --------------
>
>> Hold on to your hat, folks. This is just a beginning of a long slide.
>>
>> 51% of U.S. voters may have been fooled by Bush, but the world's capital
>> markets are NOT.
>>
>> In adddition to a falling dollar, look forward to large increases in
>> interest rates (caused in large part by the need to attract ever more
>> wary foreign buyers to purchase hordes of U.S. Treasury bonds to finance
>> the Bush budget deficit). (A problem that will get much worse, by the
>> way, with Bush's plan to borrow even MORE money to finance his Xmas
>> present to Wall Street: the partial-privatization of social security.)
>>
>> One noticeable impact of the coming rise in interest rates will be jumps
>> in mortgage payments for homeowners with adjustable rate mortgages. This
>> will be an especial problem since historically LOW interest rates of the
>> past decade have fueled a boom in home prices -- but it's a boom that is
>> sustainable only as long as the mortage rates stay so low.
>>
>> Of course, when Mr & Mrs Red-State America loses their home 'cuz they
>> can't pay the higher mortage, at least they can rest safe and secure
>> knowing that it won't be a gay married couple who buys their home at the
>> bank's foreclosure sale.
>>
>> -- Steve Hoffman
>>
>>
>> pat boyack wrote:
>>
>> >As the dollar drops I was wondering how it will, or is effecting
American
>> >bands touring over there.
>> >
>> >Pat B
>> >
>> >
>> >Dollar Drops to New All-Time Low Vs. Euro
>> >
>> >By GEIR MOULSON, Associated Press Writer
>> >
>> >BERLIN - The U.S. dollar dropped to a new all-time low Tuesday against
the
>> >euro, which rose to $1.3335 even as new figures showed that U.S.
economic
>> >growth in the third quarter was stronger than previously thought.
>> >
>> >The dollar's persistent slide has been fueled by concern over the U.S.
>> >trade and budget deficits, and economists say markets are paying only
>> >limited attention to economic data against that background.
>> >
>> >The dollar hit its new low against the euro, breaking the previous
record
>> >of $1.3329 set Friday, shortly after European Central Bank President
Jean-
>> >Claude Trichet renewed his assertion that the euro's rapid rise against
>> >the U.S. currency is "unwelcome."
>> >
>> >The dollar also slipped against the Japanese yen Tuesday, falling to
>> >102.54 yen from 102.88 yen on Monday.
>> >
>> >Because the euro's rise tends to make European products more expensive,
>> >European leaders have voiced fears that it might hurt the continent's
>> >export-driven economic recovery.
>> >
>> >The weak dollar also makes life tougher for Americans living abroad,
and
>> >the U.S. military announced this week that troops stationed in Europe
>> >would receive a significant cost of living increase to help provide
some
>> >relief.
>> >
>> >Still, Trichet's comments in testimony to the European Parliament —
which
>> >echoed his previous remarks — didn't appear to advance the chances of
the
>> >ECB wading into currency markets to reverse the tide, said Lee
Ferridge,
>> >chief currency strategist at Rabobank in London.
>> >
>> >"It doesn't seem to be top of the agenda at the moment," he said,
adding
>> >that "the trend is still intact" and the euro could top $1.35 in the
next
>> >two weeks.
>> >
>> >Economic data from the United States Tuesday was "OK but mixed," and
>> >markets remain more concerned with the twin U.S. deficits, Ferridge
said.
>> >
>> >Before the dollar dropped to its new low, the Commerce Department
reported
>> >that the U.S. economy — helped out by more brisk consumer and business
>> >spending — expanded in the third quarter at an annual rate of 3.9
percent,
>> >stronger than previously thought.
>> >
>> >The new reading on gross domestic product, which is based on additional
>> >data, was up from the 3.7 percent growth rate first estimated for the
July-
>> >to-September quarter.
>> >
>> >Meanwhile, a private research group reported that U.S. consumer
confidence
>> >declined for the fourth consecutive month — defying market
expectations of
>> >an increase.
>> >
>> >The dollar perked up slightly after a report that showed Chicago-area
>> >manufacturing activity grew at a greater than expected pace in
November,
>> >with the euro slipping back to $1.3315.
>> >
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>> >
>> >
>>
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