Dollar Fall Places US Economy Behind Eurozone

Dollar Fall Places US Economy as Number Two Behind Eurozone

Under President George W. Bush the fall in the Dollar places the US economy behind the Eurozone. This means that the United States has lost it’s long held position as the world’s largest economy.

Is it fair to blame Bush for, from the American point of view, this sad fact? I sincerely think so.

Without his misguided and mismanaged war in Iraq and overall reckless spending it is unlikely that the economy or dollar would be in the crisis situation that it is today. Goldman Sacs has released an article that offers a lot more information about the US second place position.

=========== From Google News =========

Dollar’s plunge pushes Eurozone past US, Goldman Sachs says:

FRANKFURT (AFP) ”The dollar’s plunge has made the Eurozone the world’s biggest economy by one measure and has underscored shifts that are reorienting the 15-nation bloc towards Asia, Russia and oil-rich Gulf states, analysts say.

“With the Euro now trading around 1.56 against the dollar, the size of its annual output (at market value) has exceeded that of the United States,” US investment bank Goldman Sachs estimated last week.

Go to Google News for the rest of the story.

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