The dollar's share of global foreign-exchange reserves fell to a record low in the third quarter as demand for U.S. assets waned after the subprime- mortgage market collapsed.
Further cuts in U.S. interest rates would have a "harmful effect" on the dollar and the international finance system, a Chinese finance official wrote in a commentary Thursday in an official newspaper.
"They are pushing the world nearer and nearer to the edge of depression. We hope they will eventually be dragged kicking and screaming to do enough, but time is running out," he said.
For the majority of Americans who do not travel abroad, the only visible effect so far of the dollar's steep fall has been higher fuel prices at the pump. But that may be about to change, along with many other things.
To all intents and purposes, the Wahabi religious establishment of Saudi Arabia has just issued a fatwa against the US dollar. This bears watching.
Schultz in his intense, somewhat terrifying introduction: recession, possible depression; exchange controls; housing prices down 50%; credit card company failures...
The sale of our country's oil in U.S. dollars has been completely eliminated," ISNA reported Oil Minister Gholamhossein Nozari as saying. He also said "the dollar is no longer a reliable currency."
Six South American presidents on Sunday launched the Bank of the South, the region's answer to the World Bank and the International Monetary Fund as a source for development funds.
What if panic breaks out and the new mantra is to "get out while you can?" If that happens -- and this is the horror scenario -- the dollar will crash and, along with it, the international financial markets.
Investors from Dubai to China could be considering similar deals with cash-strapped U.S. banks, hoping to ride a recovery in their stocks and avoid the political barriers that could have been thrust in their path in better times, analysts said.
Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out almost half its market value.
What would Mao do? Ground-breaking ceremonies were held in Mexico a few days ago for North America's first Chinese car plant.
The weak dollar is threatening the survival of European planemaker Airbus, chief executive Tom Enders told workers in Hamburg on Thursday.
The six member countries of the Gulf Cooperation Council that includes Saudi Arabia and the United Arab Emirates will discuss a proposal next month to revalue their currencies.
Some supermodels now demand payment in Euros. Rappers flashing Euros instead of bucks. There is a 500 Euro bill, and that's really appealing to drug barons and money launderers. It seems the greenback just ain't sexy no more.
China's economy is 40 percent smaller than most recent estimates, a US economist said Wednesday, citing data from the Asian Development Bank and guidelines from the World Bank. "This more accurate picture of China clarifies why Beijing conce
The French president, Nicolas Sarkozy, has warned the United States Congress that the US risks triggering "economic war" if it attempts to devalue its way out of trouble by allowing a relentless slide in the dollar.
The dollar slid to record lows against the euro and the Canadian dollar after a Chinese government adviser said plans to diversify foreign-exchange reserves will involve buying better-performing currencies.
Sequence 6 - « Very Great Depression » in the US, social unrest and the militaries' growing influence on public affairs Sequence 7 - Major acceleration in world's strategic rebuilding, attacks on Iran, Israel on the brink, Mid-eastern chaos,
"Developing nations must create their own mechanisms of finance instead of suffering under those of the IMF and the World Bank, which are institutions of rich nations ... it is time to wake up." That was Lula Da Silva, the president of Bra
ONE of the writers who best understood the phenomenon of totalitarianism in the 20th century, British historian Robert Conquest, argues that any totalitarian attempt to control all aspects of life is untenable in the long run and allowing a far great
Flush with cash from going public and from strong growth at home, Chinese banks are now eying the U.S. It's part of a broader push to become global titans offering a wide range of financial services.
Oct. 24 (Bloomberg) -- Jim Rogers, chairman of Beeland Interests Inc., said he is shifting all his assets out of the dollar and buying Chinese yuan because the Federal Reserve has eroded the value of the U.S. currency.
The US dollar tumbled to a new euro low in Asian trade as concerns over the state of the US economy deepened.
According to the 3rd annual Demographia International Housing Affordability Survey, some of the most unaffordable housing markets are located in the United States. Find out which markets topped the list.
Ian Stannard, a Paribas currency analyst, said the data was "extremely negative" for the dollar. "It exceeds the worst fears. It is not just foreigners who are selling US assets. Americans are turning their back as well," he said.
The IMF's largest downward revisions in its growth forecasts were in the United States and in countries affected by the troubles in the U.S. subprime mortgage market, especially Canada, Mexico and some Asian economies.
As a libertarian, for example, I knew a collectivized "command and control" economy can't work, in particular, because it can't discover or establish price. Price is the single most important item of information that's necessary
Robert Kimmitt spoke to Spiegel Online about trade with China, Europe, and why the United States wants tougher sanctions against Iran.
The toll of big bank losses from the credit squeeze toppled $18 bn on Friday after Merrill Lynch and Washington Mutual revealed heavy damage inflicted by financial market turmoil. Merrill Lynch said it would take a $5bn writedown and record a