Davos Delegates Deeply Denigrate the Dissipated Dollar
The once Almighty US Dollar got its comeuppance this week at the annual Davos, Switzerland conclave. After too many years of maxing out her credit card at Macy’s, the weak sister of the currency world was strongly chided by her siblings. The Federal Reserve’s unprecedented one-day 75 basis point cut in interest rates was seen as exactly what it was: a desperation measure. Jean-Claude Trichet, the head of the European Central Bank (ECB) said that there is little chance of a European interest rate cut, to match the Fed’s rate cut Soon after, Steve Forbes went so far as to …