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The Drooping Dollar |
| Section: CURRENT ISSUES / ECONOMIC WATCH |
| Author: Martin Walker |
| Publication: The world & I online |
| Issue Date: 2/1/2007 |
| Size: 1,096 Words, 6,895 Characters |
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The almighty dollar is not nearly as mighty as it was. The upstart new currency of the euro is eating the dollar's lunch. The value of euro banknotes now in circulation is greater than that of the greenback, roughly $800 billion worth of euros to $759 billion of dollars. This may not be entirely an achievement to be proud of; the 500-euro note has become a firm favorite with drug dealers, money-launderers and other unwholesome types.
But rather more unalloyed good news for the euro is that for the second year in a row, more international bonds were floated in euros than in dollars. The change has come quickly. In 2001, according to the International Capital Markets Association, the dollar accounted for 51 percent of international bonds, and the euro for just 27 percent. But in 2006, the...
. . .
... Recovering From Its Biggest Economic Crash," by Suan Pineda, October 2006 (Article #25191)
--"The 'DEWY' New World Money Order," by Martin Walker, September 2005 (Article #24618)
Copyright © 2007 United Press International
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