Stock Prices, US Trade Deficit

http://www.rhsmith.umd.edu/news/opinion/2007/morici_11.08.07.html

The sinking dollar against the euro and the pound does help boost U.S. exports, because American and European businesses, from Airbus and Boeing to French and Wisconsin cheese, compete for global markets. However, the monthly trade deficit remains close to $58 billion a month, because petroleum, consumer goods from China and automotive products account for about 98 percent of the trade deficit.
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However, following China's lead, the Banks of Japan and Korea have aggressively stepped up purchases of foreign currencies to keep the yen and won cheap and discourage Toyota, Hyundai and others from moving much more auto assembly and parts purchasing to the United States.
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China is lending America and the world 16 percent of its GDP, and subsidizing its exports to the tune of 45 percent.
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http://www.washingtonpost.com/wp-dyn/content/blog/2007/11/08/BL2007110801247_pf.html
Bush's Disastrous Dollar Policy

http://washingtontimes.com/article/20071108/BUSINESS/111080086/1001

"The world's currency structure has changed," Xu Jian, a central bank vice director, said in a Beijing conference, according to wire service reports. The dollar is "losing its status as the world currency," he said.
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A spokeswoman for Treasury Secretary Henry M. Paulson Jr. said he remains "strongly committed to a strong dollar," but the Bush administration has done nothing to prevent the currency's recent sharp drop against other major currencies.

Some analysts dismissed the Chinese officials' statements as bluster, but the news left the greenback at a record low near $1.50 to the euro in New York trading, the lowest level in 57 years against the Canadian dollar, and the lowest levels in a generation against the British pound and other currencies.
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