Just a brief note here on the state of the American dollar.
George seems happy to see it in freefall, hoping the bargain prices foreign markets are being handed will increase American exports.. But more ominous is the falling of the $A below the key 8 yuan level, with the Chinese currency settling at 7.9982 to the buck..
America's trade deficit is currently on track to break last years $724 billion, with figures for the first quarter this year at $196.4 billion, with the deficit to China growing to $15.6 billion in March..
At this point, the American market imports three times more from China, than it exports to that behemoth.
And that represents an increase in American exports.
George had best keep a close eye on his country's credibility. It has been suggested that the benchmark $ for North American may soon be the Canadian, ands the $Canadian hasn't been worth more than the $American since the late 50's, early 60's..
This won't please Ottawa either..