January 24, 2005

US dollar in deep doodoo

Central banks are shifting reserves away from the US and towards the euro in a move that looks set to deepen the Bush [mis]administration's difficulties in financing its ballooning current account deficit. In actions likely to undermine the dollar's value on currency markets, 70 per cent of central bank reserve managers said they had increased their exposure to the euro over the past two years.

So, red-staters... what has Bunnypants done for you today?

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