Sunday, January 30, 2005

You can wipe your ass with it

I've been bitching for a while about what Chimpy's economic policies have been doing to the dollar. (here and here).

. . . I still have some of the old 50,000 and 100,000 [Weimar]DM notes that were printed without backing, devalued almost to the point of used toilet paper.

Today, I stumble upon this, via Melanie:

Jan. 29 (Bloomberg) -- Bill Gates, the world's richest person with a net worth of $46.6 billion, is betting against the U.S. dollar.

"I'm short the dollar," Gates, chairman of Microsoft Corp., told Charlie Rose in an interview late yesterday at the World Economic Forum in Davos, Switzerland. "The ol' dollar, it's gonna go down."

Gates's concern that widening U.S. budget and trade deficits are undermining the dollar was echoed in Davos by policymakers including European Central Bank President Jean-Claude Trichet and German Chancellor Gerhard Schroeder.

[. . .]

Gates's $27 billion foundation in September received approval from China's foreign-currency regulator to invest as much as $100 million in the nation's yuan shares and bonds.

[. . .]

Now, love or hate Bill Gates, you have to admit that he knows what he's doing with regards to money. If Gates is bailing on the buck, I'm calling my investment guy tomorrow and moving anything I have in currency hedges to Euros(I got a personal problem with investing in communist countries). I suggest all you folks who don't have hedge funds to start screaming at your elected representatives to curb the White House spending orgy before the Chinese, Japanese, Koreans, and Europeans foreclose on us. And no, I don't consider myself unAmerican by investing in Euros. Chimpy & Co has made an art form out of wasting my money, I ain't wasting my retirement helping to prop up a currency that Bush is trying to destroy.

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