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Wednesday, November 07, 2007

The biggest story no one's talking about...

It would be smart to pray about this and what it can mean for our future:

The dollar fell to a record versus the euro and the lowest since 1981 against the pound after Chinese officials signaled plans to diversify the nation's $1.43 trillion of foreign exchange reserves.

The U.S. dollar also declined to the cheapest versus the Canadian dollar since the end of a fixed exchange rate in 1950 and a 23-year low against the Australian dollar. The New York Board of Trade's dollar index dropped to 75.077, the lowest since the gauge started in March 1973.

``The dollar is suffering a confidence crisis,'' said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon in New York, the world's largest custodian bank with more than $20 trillion in assets under administration. ``The dollar is on the ropes. Comments from China about diversification and surging oil prices pushed the dollar to new lows.''

Read the rest here. And then check out this chart showing the strength of the Euro against the dollar.

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