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12/21/2004 02:09:00 AM | Nikhil

Bank of America's Anti-Bush Executive
Apparently, Bank of America is going to fit in quite well in New England. According to Bloomberg's William Pesek Jr., the chief market strategist in BoA's capital markets division blames bad foreign policy for the dollar's decline:
``The message from the foreign exchange markets'' of late ``seems to be simply this: The free ride for the rogue nation is over,'' Quinlan argues. ``No more guns and butter, or wads of foreign cash for a nation deeply enmeshed in the Middle East, heavily indebted at home and seemingly disengaged -- some might say -- from the rest of the world.''

The sinking dollar, Quinlan says, ``could be a sign that the world is no longer willing to underwrite the designs of U.S. foreign policy. To a large extent, we believe a rebound in the U.S. dollar could hinge on a revamped foreign policy.''
The evidence is rather anecdotal and there are plenty of more conventional explanations for the dollars decline. The article mentions that certain leaders, including Mahatir Mohammed, have been advocating that Asian and Muslim countries and businesses should stop buying the dollar and use the Yen, Euro or local currencies as a standard in order to hurt the US.

NOTE: I have fixed the link to Pesek's column. Despite a comment to the contrary, I haven't found broken links in any of my other posts.



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