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Quoted: Things do tend to go to hell all at once, so maybe it should be no surprise that the dollar tanked as the subprime mess was getting rapidly worse and stock markets were whipsawing, mostly downward.
One explanation of why the dollar has weakened. Simply put - housing market/mortgage market bust, increasing trade deficit and looming economic downturn.
Quoted: By the way, Warren Buffett told us all this would happen. In mid 2002, for the first time in his life, he began buying foreign currencies, thus betting against the dollar. He explained his reasons most extensively in a Fortune article he wrote (Nov. 10, 2003). The main factor he cited, the trade deficit, is much worse now. For a year or two after the article, his bet seemed to be a loser. But now, as usual, he looks prescient
- ross - Nov 16 2007 | news, warren buffet, dollar
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i'll be doing a bunch of international travel soon, and everything will be ridiculously unaffordable.
Yeah, I bet. Things are looking bad for us, it seems. Definitely time to diversify to foreign stocks.