Thursday, October 18, 2007

Japan and China lead flight from the dollar

Thank you once again, Dim Son, you fucking asshole.
Japan and China led a record withdrawl of foreign funds from the United States in August, heightening fears of a fresh slide in the dollar and a spike in US bond yields.

Data from the US Treasury showed outflows of $163bn (£80bn) from all forms of US investments. "These numbers are absolutely stunning," said Marc Ostwald, an economist at Insinger de Beaufort.

Asian investors dumped $52bn worth of US Treasury bonds alone, led by Japan ($23bn), China ($14.2bn) and Taiwan ($5bn). It is the first time since 1998 that foreigners have, on balance, sold Treasuries. [emphasis in original]

Pictured is a sand dollar available for free on many beaches. It is also likely to soon be more valuable than a US dollar.

Via The Signs.

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