Never thought it'd happen so quick, but it appears the US dollar is going into crisis mode now.
* OPEC talking about moving out of the dollar.
* China talking about getting their reserves out of dollars.
* The Fed lowering interest rates in panic mode, intentionally destroying the dollar.
* Bush and Paulson doing absolutely nothing to protect the currency.
* Supermodels and rappers saying no more dollars.
* Countries with dollar-pegs experiencing hyper-inflation and about to pull the plug
* The dollar hitting record lows against other currencies on a daily basis.
* Americans clueless, some thinking this dollar destruction is a good thing
At what point HP'ers do people around the world throw in the towel and rush out of dollars like Phoenicians are rushing out of condos? At what point does this free-fall turn into a rout? And isn't it amazing that housing panic has led to dollar panic?
Nov. 20 (Bloomberg) -- The dollar fell to a record low against the euro and the Swiss franc on speculation a U.S. government report will show a deepening property slump, prompting the Federal Reserve to lower interest rates.
The dollar declined against 13 of the 16 most-active currencies as economists forecast Commerce Department data today will show U.S. housing starts dropped to a 14-year low in October. Losses in the dollar also accelerated on speculation Middle Eastern nations will consider changing their fixed exchange rates to the U.S. currency.
``The dollar is hard to buy,'' said Motonari Ogawa, vice president for interest-rate products and foreign exchange in Tokyo at Morgan Stanley, the world's second-biggest securities firm. ``The markets are fixated on today's U.S. housing data.''