U.S. Initial Jobless Claims Fell 4,000 to 481,000 Last Week ECB cuts rates by 50 basis points, more action expected Swiss central bank cuts interest a half point UK interest rates slashed to 3% Toyota slashes outlook as global crisis bites S&P 500 Profit Estimates Slashed After Third-Quarter Misses U.S. Stocks Decline on Earnings; Cisco, News Corp. Shares Drop "There was a time when gold was money. In today's uncertain world, the yellow metal is back in fashion. Bullion prices rose to a record nominal high after the assassination of Benazir Bhutto in Pakistan added to nervousness about the world economy. Part of gold's allure is its traditional status as a safe haven. It is seen as a store of value when everything else seems risky. But the bigger drivers behind the rising spot price are a depreciating dollar and the prospect of negative US real interest rates. A better way to think of gold may be as central bankers used to before America dropped the gold standard: not as a commodity, but as another currency. As long as the dollar stays weak, gold's bull run will last." U.S. Stocks Decline on Earnings; Cisco, News Corp. Shares Drop S&P 500 Profit Estimates Slashed After Third-Quarter Misses Wall Street’s Pay Is Expected to Plummet Bond Woes Choke Off Some Credit to Consumers GLG Partners Suspends Redemptions at 2 Funds Schwarzenegger proposes 90-day freeze on pending home foreclosures ECB cuts rates by 50 basis points, more action expected UK interest rates slashed to 3% Swiss central bank cuts interest a half point U.K. October House Prices Drop Most in 25 Years Europe's Outlook Grows Gloomier Man's shares plunge on hedge fund outflow fears U.S. Initial Jobless Claims Fell 4,000 to 481,000 Last Week U.S. Productivity Growth Slowed in Third Quarter Downturn, deficit could hinder Obama's economic plan Global credit crunch hits independent filmmakers Toyota slashes outlook as global crisis bites At the Supermarket Checkout, Frugality Trumps Brand Loyalty Goldman Sachs begins to notify some 3,200 employees of layoffs as financial crisis takes toll Cerberus May Shift GMAC Stake to Investors to Get Bank Status Citigroup, Goldman Said to Begin Eliminating Jobs Toyota slashes outlook as global crisis bites ArcelorMittal Will Slash Steel Output At Least 35% Decline in diners takes bite out of Morton Steakhouse earnings Top Priority Is Stabilizing the Patient For Obama, a Towering Economic To-Do ListTop News
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Financial Times, January 8, 2008
Guest Commentary
by Ronald Solberg | Nov 3
Whither the US dollar?
The dollar: game changed or merely delayed?
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Thursday, 6 November 2008
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