peterpr
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A snippet from Bloomberg's Mark Gilbert reporting US Treasury Secretary John Snow's remarks in London yesterday - Gave me a bit of a chuckle.
"The history of efforts to impose non-market valuations on currencies is at best unrewarding and checkered" was U.S. Treasury Secretary John Snow's response today to a question about whether the U.S. might join with other countries in a bid to arrest the dollar's decline. The currency market quickly parsed Snow's comment, made in London at a briefing on global economies, and came up with its own translation: "Sell the dollar." Down it went, dropping to a record $1.3048 against the euro and slumping to 104.29 against the yen. When Bloomberg reporter Edie Lush told him his comments were driving the dollar lower and his alleged "strong dollar" policy wasn't working, Snow chuckled. "The policy is the policy," he said.
Snow, looking scarily like Jack Nicholson in his role as the Joker in the "Batman" movie, is laughing all the way to narrower deficits. His lips said, "No one ever devalued their way to prosperity." But his eyes seemed to be saying, "There's no way I'm bailing out a bunch of cheese-eating surrender monkeys who can't even lick their trade unions into shape."
"The history of efforts to impose non-market valuations on currencies is at best unrewarding and checkered" was U.S. Treasury Secretary John Snow's response today to a question about whether the U.S. might join with other countries in a bid to arrest the dollar's decline. The currency market quickly parsed Snow's comment, made in London at a briefing on global economies, and came up with its own translation: "Sell the dollar." Down it went, dropping to a record $1.3048 against the euro and slumping to 104.29 against the yen. When Bloomberg reporter Edie Lush told him his comments were driving the dollar lower and his alleged "strong dollar" policy wasn't working, Snow chuckled. "The policy is the policy," he said.
Snow, looking scarily like Jack Nicholson in his role as the Joker in the "Batman" movie, is laughing all the way to narrower deficits. His lips said, "No one ever devalued their way to prosperity." But his eyes seemed to be saying, "There's no way I'm bailing out a bunch of cheese-eating surrender monkeys who can't even lick their trade unions into shape."
