The dollar dropped to another record low against the Euro. It also hit a 15-year low against a basket of currencies representing America’s six major trading partners.
Normally, the value of the dollar doesn’t garner a whole lot of consumer attention. That’s not true this time.
Case in point: I was at the live broadcast of A Prairie Home Companion this past Saturday, and in his opening remarks Garrison Keillor talked about the Canadian currency reaching parity with the dollar. Not only is this remarkable, he added it does mean Canadian geese will be able to afford better accomodations down south. (If you ever get the chance, go to A Prairie Home Companion broadcast. It’s a great radio experience.)
A lower dollar is a boon to our domestic manufacturing industry and overall exports are an economic bright spot. Still, there’s a haunting fear in parts of the global capital markets that the dollar is poised to plunge. If it did, that could–okay, would–spark another global credit crunch.
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