Friday, April 11, 2008

Whistling in the dark ...

... or pissing into the wind. These guys have got to be joking.
G-7 Voices Currency Concerns
[[G-7 Flags]]

Paulson and Bernanke joined the G-7 in warning they won't let the dollar keep falling against other big currencies. Italy's central banker, leading a global effort to head off the next credit crisis, vowed to implement changes to toughen oversight of financial institutions.

They voice concern about currencies? Won't let the dollar fall more? Aren't these guys a little late? The dollar is down to par againt the Canadian dollar (down 50% in about 3 years), worth 50 cents against the British pound (down from 67 cents), fetching 67 cents against the Euro (down from more than a buck), and under 100 yen per. Talk about bad timing. It is so pitiful a performance that it is either proof these guys are babbling, drooling idiots, or think the rest of the country is.

And to have Italy's central bank lead anything other than a charade is amazing, and scary.

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