Bill Gates,Bets Against Dollar

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.

The dollar fell 21 percent against a basket of six major currencies from the start of 2002 to the end of last year. The trade deficit swelled to a record $609.3 billion last year and total U.S. government debt rose 8.7 percent to $7.62 trillion in the past 12 months.

....``It is a bit scary,'' Gates said. ``We're in uncharted territory when the world's reserve currency has so much outstanding debt.''....

A week before Group of Seven officials meet to discuss currency policy, Trichet repeated the ECB's concern over the dollar's drop to record lows against the 12-nation euro currency.


.....more....

http://www.bloomberg.com/apps/news?pid=10000087&sid=atQjxQiQeANA&refer=top_world_news

After all they are the ones causing it.

They outsource the jobs, ship manufacuturing overseas, lobby heavily for multi-national corporate favored trade agreements, thus create a massive trade deficit and give thousands
to these yahoos (like the Shrub) to obtain their corporate pork
and tax favors...

now they get to move their money into foreign currency to avoid
the aftermath while we get it in the ...

well, fill in the blank.

we are to "well off" to accpet their bullshit... we will lose soc sec safety net ...market could crash and then what?

... what are Joe and Jane Workingstiff supposed to do, when the little bit of wealth we've managed to cobble together is held in dollars?

Most people have their savings in the form of mutual fund retirement accounts, so it's not like we have a lot of options.

:shrug:

soon the US.