The euro has been soaring against the U.S. currency in recent weeks, hitting all-time high of $1.3927 last week as the dollar has fallen on turbulent market conditions stemming from the ongoing U.S. subprime crisis. The Fed meets this week and is expected to lower its benchmark interest rate from the current 5.25 percent. full: <http://biz.yahoo.com/ap/070917/germany_greenspan_euro.html?.v=1> *************
The US dollar will be even further down the toilet when the Fed lowers rates--easy come, easy go, keep those dollars flowing. Back in 2001 or thereabouts, the Euro was running at .80 something U.S. cents and oil was $25 USD a barrel. Now oil is $80 USD a barrel and gold is hitting new highs. There is a relation here, not the toal relation to be sure. I think refineries have also been shut down and then there are production quotas coming out of OPEC meetings. But my question is, "Has the price of oil in Euros gone up/down or stayed about the same since the invasion of Iraq in 2003?"
I'd also like to know whether the devalutaion of the dollar has anything to do with the word "inflation" within the conceptual world of today's Greenspan types.
Mike B)
Between these two classes a struggle must go on until the workers of the world organize as a class, take possession of the means of production, abolish the wage system, and live in harmony with the Earth.
http://www.iww.org/culture/official/preamble.shtml
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