Saturday, April 02, 2005
The recent rally of the United States dollar notwithstanding, the greenback has nowhere to go but down.
[Insert lots of random reasons here.]
The dollar's current uptick is just a breather in its overall downward trajectory.
[Lots more Bushisincompetent blather.]
The dollar is heading down, no matter what.
The New York Times needs to start working on its succession planning, because all those editors who can predict the direction of the dollar are going to make their retirement wad by shorting the greenback and buying er, what? Yen? Euros? Because investments in Japan and Europe generate such a high rate of return? Have you ever tried to fire anybody in Europe? Have you ever tried to get clearance from the government to do anything in Japan? Or maybe they're going to buy this stuff? It's pegged to our stuff, much to our regret.
In predicting the direction of the dollar, The New York Times has a 50-50 chance of being correct. If it turns out to be right, steel yourself for the victory lap. If it is wrong, rest assured that you will never hear about this editorial again. Of course, there's nothing wrong with that, if the Times aspires to be no better than the next set of flapping lips on "Squawkbox."
Jack, you might want to take a look at this somewhat related post from EconoPundit.