Bozita
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Fri Jan-04-08 12:21 PM
Original message |
"If the dollar had maintained its year 2000 value, oil would be $30/barrel today" - Thom Hartmann .. |
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... while speaking to Senator Bernie Sanders.
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n2doc
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Fri Jan-04-08 12:23 PM
Response to Original message |
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The Euro has approximately doubled. So taking that as the level then $50 is more like it. Against gold, well maybe, but who is to say gold is the perfect reflector of the Dollar?
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Bozita
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Fri Jan-04-08 12:27 PM
Response to Reply #1 |
4. IMHO, it seems that $50 would be more accurate. The Euro is fast becoming the medium for oil trading |
n2doc
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Fri Jan-04-08 12:55 PM
Response to Reply #4 |
7. The interesting thing is, oil hit $50/bbl about this time last year |
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It was the low, but at the time most of the economists were predicting still lower prices. The point is that oil is influenced by the dollar's weakness, but it isn't a 1:1 relationship. Lots of other crap going on causing it to go up.
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lutefisk
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Fri Jan-04-08 12:34 PM
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5. It's not just the dollar- it's the Iraq/War/Crazy-President Premium |
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It all comes down to the Republicans and the Bush "reverse-Midas-touch"
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Demeter
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Fri Jan-04-08 12:26 PM
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2. The Dollar Lost 10% of Its Value in 2007 Alone |
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Edited on Fri Jan-04-08 12:27 PM by Demeter
Bush has effectively devalued the dollar to 1/3 of what it was worth when he started.
And that's an optimistic guess, at best.
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Selatius
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Fri Jan-04-08 12:27 PM
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3. I don't buy that. It would likely be closer to 50, not 30. |
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Right now, oil sits at 97.50 or somewhere close. The Dollar has lost roughly half its value since Bush came to power and began deficit spending.
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ThomWV
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Fri Jan-04-08 12:36 PM
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6. I'm afraid that would have to put the Euro at about $3.00, and it ain't even close to that. |
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Sun May 05th 2024, 08:22 PM
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