President John McCain would use his “maverick” status to strengthen the value of the dollar by bringing fiscal responsibility to the federal government, a top advisor to the Republican presidential candidate’s campaign said Thursday.
Tim Kane said the value of the dollar is based on psychology and convincing investors that the world’s largest economy will have a balanced budget.
“Why would people lose confidence in the US’ ability to pay its debts? Because they’ve lost confidence in the Congress’ ability to have a balanced budget,” Kane said in an interview with Reuters on the fourth day of the Republican National Convention.
“McCain is a different kind of animal. He really is a maverick and he is going to change that culture,” Kane said.
The dollar has lost roughly a third of its value since President George W. Bush took office.
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The last time I checked the foundation of FX strength was fundementals.Fannie & Freddie, soon to beg FDIC,GM,Chrysler & Ford and a host of others soon to be announced will cost a couple TRILL if not more. You don’t want to leave out the “mother of all crisis $62 trillion” credit default swap held by our major investment banks either. Add to all that the many promises to Social Security and Medicare. We are engaged in a hostof wars and confrontations all the while we are the worse debtor nation in the history of the world. McBAMA will not save the HUMPTY DUMPTY DOLLAR not this time.
- Posted by Brian ScroccaBaloney. Senator McCain has blamed the economy on the high price of oil! Come on! Oil is high because the dollar is worthlesss!
Why is the dollar worthless? Because the Fed, in order to get us out of the last recession, dropped interest rates to an all-time low.
And why did they do that? Because George W. Bush dropped the governments tax base into the toilet by giving huge tax breaks to the wealthy, and did NOTHING to stimulate the economy in the short term! The Fed bailed Bush out, and now we’re paying for the bailout. All of us.
If the man doesn’t know what caused the recession, how on earth can he know how to get us out of it?!
- Posted by sacto joe