Obama Burns Money As Dollar Drops to New Lows
The dollar fell to a 2009 low on Friday as fears intensified that the United States could lose its triple-A rating, while renewed caution about the world economy and banks prompted Asian and European stocks to slip.
The dollar’s latest decline started when ratings agency Standard & Poor’s cut its ratings outlook on Britain to negative from stable, stoking fears other AAA-rated countries which are running huge debt levels could share a similar fate.
Moody’s Investor Service said on Thursday it was comfortable with its triple-A sovereign rating on the United States but that it was not guaranteed forever.
In related news… Barack Obama told C-SPAN– “We’re out of money now.”