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Expert Fears Dollar Crash As Greenback Hits New Lows
Bush's bumbling "strong dollar" comments precede fresh plunge

Paul Joseph Watson

Prison Planet
Thursday, March 13, 2008

Underscoring how the administration has lost all traces of credibility, President Bush's bumbling attempt to lend the ailing greenback some strong rhetorical support only backfired, preceding a new all time low against the Euro, while one expert expressed fears of a complete dollar crash.

"Those aren't good tidings, if you're for a strong dollar like I am," Bush said yesterday in a PBS interview.

"One reason I am for a strong dollar is because ... I think it helps deal with inflation," he added.

Naturally, with the government's approval numbers as far down the toilet as the greenback, even establishment media outlets like Reuters now admit that whenever Bernanke, Bush or Paulson talk about supporting a "strong dollar" they really mean a weak dollar.

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"The "strong dollar" message is so familiar, and is uttered with such unfailing regularity, that market observers often roll their eyes when they hear it, and short-term traders pay it little heed," reports Market Watch.

The consequences of Bush's semi-literate dollar rant was clear to observe - within hours the greenback hit a new all time low against the Euro and sunk below the psychologically important 100-Yen benchmark, as oil continued its climb and gold shot up to less than three dollars short of $1,000 an ounce.

As expected, the Fed's move to inject $200 million worth of fresh air into the money markets on Tuesday acted only as a band aid on a gaping wound.

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On the back of the latest plunge, Mitul Kotecha, head of foreign-exchange research in London at Calyon, told Bloomberg News that he fears a complete crash could be just around the corner.

"Sentiment for the dollar continues to deteriorate very, very rapidly and if we're not careful this will turn into a dollar crash," said Kotecha.

"The risk is that we see a fairly aggressive move sharply lower towards 95 yen, and that could really perk up the interest of the Bank of Japan,'" he added.


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