[FoRK] oil producers shun dollar
Tony Finch <
dot at dotat.at
> on >
Fri Dec 15 08:28:11 PST 2006
On Tue, 12 Dec 2006, J. Andrew Rogers wrote:
> If many of them weren't so busy driving their own economies into the
> ground (*cough*Europe*cough*), they could shrug off a mere 5% of the
> world's population underperforming economically. The US managed to
> survive an underperforming European economy just fine.
: The main reason for the dollar's strength has been the widespread belief
: that the American economy vastly outperformed the world's other
: rich-country economies in recent years. But the figures do not support
: the hype. Sure, America's GDP growth has been faster than Europe's, but
: that is mostly because its population has grown more quickly too. Dig
: deeper, and the difference shrinks. Official figures of productivity
: growth, which should in theory be an important factor driving currency
: movements, exaggerate America's lead. If the two are measured on a
: comparable basis, productivity growth over the past decade has been
: almost the same in the euro area as it has in America. Even more
: important, the latest figures suggest that, whereas productivity growth
: is now slowing in America, it is accelerating in the euro zone.
f.a.n.finch <dot at dotat.at> http://dotat.at/
IRISH SEA: WEST OR NORTHWEST 4 OR 5. SLIGHT OR MODERATE. RAIN AT FIRST.
MODERATE OR GOOD.
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