Sunday, March 27, 2005

Off the ledge

I remember one time hearing a joke about a man who jumped off a skyscraper, as he fell down people in the floors he zoomed by could here him say "Fine so far.... fine so far.... fine so far.... fine so far.... fine."

I was reminded of this joke by an article in the New York Times this morning about the value of the dollar. American institutional investors are making very big noises about the direction that the dollar is due to take and Asian central banks that prop up the value of the dollar are looking to diversify into other currencies like the euro. The response of the author seems to be that the drop hasn't hit yet. Read more
here. In addition, this posting from last November has some useful supporting numbers and links to research and analysis by Stephen Roach, chief economist at Morgan Stanley.