There's an old saying: "Loose lips sink ships!" They also sink the U.S. dollar.
Following up on yesterday's post on the dollar's slide in value versus the yen, this article was posted today:
(Reuters) - The dollar fell against most major currencies on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank could resort to more monetary stimulus if a sluggish U.S. economy weakens further.
...the yen soared against the euro and hit its highest level against the dollar since Japan's March earthquake as investors unwound risky trades funded with yen.
The dollar was last at 78.98 yen, up 0.3 percent, not far from its 78.481 four-month low hit on EBS earlier in the global session.
That brought warnings from top Japanese officials worried that a strengthening yen will hurt Japan's fragile economy, raising the possibility authorities could intervene to weaken the currency.
The problem is, there's no money for any kind of "stimulus." The last stimulus didn't do anything to revive the economy.
To read the full article, go here.
How's that hope & change working out for you?
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