Saturday, April 12, 2008

Knowest thou not yet that Egypt is destroyed?

G-7 Says Outlook `Weakened,' Warns on Currency Swings
By Simon Kennedy

Submitted by
Eitai B.N. Aharon

April 11 (Bloomberg) -- Finance chiefs from the Group of Seven nations said the global economic slowdown may worsen amid an ``entrenched'' credit squeeze and signaled concern over the dollar's slide.

``Since our last meeting, there have been at times sharp fluctuations in major currencies, and we are concerned about their possible implications for economic and financial stability,'' the G-7's finance ministers and central bankers said in a statement after talks in Washington today.

The officials downgraded their outlook for the world economy from that of two months ago, blaming the U.S. housing recession, credit-market turmoil, commodity prices and inflation pressures. The dollar has lost 8 percent against the euro and 6 percent versus the yen since the G-7 last met in Tokyo in February.

``They're trying to discreetly throw a lifeline to the dollar,'' said Sophia Drossos, a currency strategist at Morgan Stanley in New York, who used to help manage the Federal Reserve's foreign-exchange holdings. ``Had they not said anything, the dollar would have resumed its sell-off. This acknowledges there has been increased volatility.''


1 comment:

tifaeny said...

Money is the root to
All Evil
Paper doesn't have any
Value in Heaven!!!
It's just a WORD!

One day, Humans may
start to comprehend the
fact that TREES are OUR
brotha's and sista's
and we are not to
claim ownership to them
or turn them to
another form from what

Humans luv the Value
of Money more
than (AIR) !!
True or False?

Truth (will be)the new