United States dollar
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Revision as of 22:02, 4 March 2010
The almighty dollar has been the de facto worldwide reserve currency since soon after World War II. This reflected the United States newfound economic might, due mostly to not having its heavy industry bombed out of existence as was the case with most of the rest of the developed world.
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Ooops
President G.W. Bush aptly managed the decline of the dollar. When the euro was introduced in 1999, it was worth $1.18. It slipped as low as about $0.83 by late 2000, and American wags wagged their waggers in joyous gloating. It has been rising steadily ever since, with a high in July 2008 of almost US$1.60. Thus, the trumpeted US stock market "revival" from 2001 - 2007, if valued in euros instead of dollars, has been a steady decline. Heckuva job.
Again, by late 2007, the US dollar had slid to being worth less than the Canadian dollar (US$1.10 = Can$1.00!), and the British pound was back up to US$2.10, from lows in the US$1.50 range in "the worst of times".
Will China try to sell a trillion dollars? Is this the end of the US dollar as a world currency?[1]
Did the British experience schadenfreude since the pound never dropped below US$1? The Canadians were both experiencing schadenfreude and engaging in an orgy of cross-border consumerism, loading up on the latest American doodads and googaws.
The one true god
It is quite certain, to all but those in denial, that the almighty dollar is the true god of conservatives in the United States.
And the almighty dollar sacrificed himself to save his beloved Americans and their exports from the evil imports.
History
The US dollar was originally worth eight "bits" - it was equal in value to Spanish "pieces of eight", and the almighty pound was worth about eight bucks.[citation needed]