US losing confidence vote as investors flee
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Asian, Mid East and European investors stood aside at last week’s auction of 10-year US Treasury notes. “It was a disaster,” said Ray Attrill from 4castweb. “We may be close to the point where the uglier consequences of benign neglect towards the currency are revealed.”
The share of foreign buyers (”indirect bidders”) plummeted to 5.8pc, from an average 25pc over the last eight weeks. On the Richter Scale of unfolding dramas, this matches the death of Bear Stearns.
Rightly or wrongly, a view has taken hold that Washington is cynically debasing the coinage, hoping to export its day of reckoning through beggar-thy-neighbour policies.
March 17th, 2008 at 17:16
Would somebody, anybody, please have the balls to impeach thus president, and the rest of his gang of cronies before the do more damage to the world. Incompetent doesn’t even begin to describe it. And while they’re at it, take all the family fortunes as a contribution to fixing the damage they’ve already caused. They won’t need it where they should be living out the rest of their lives after the harm they’ve inflicted on the world in so many ways.