The Falling Dollar
I am working on a Beyond Today program entitled "Are We Living in a 9/10 Economy"? It is based on my article in the September/October issue of WNP. Yesterday's Financial Times had an article about the fall of the dollar saying it is poised for additional decline. Many American economists don't worry about the dollar decline in recent months saying it helps our exports.
I don't care what they say, when a nation's currency declines it is a symptom of deep problems. And the dollar is just not any currency. It has been the world's reserve currency for decades and an integral part of America's power on the the global stage. When its value declines it is another sign that things are happening-and that's not all good.
The article mentions the International Monetary Fund has cut its projections for US growth next year. This in the face of an expanding world economy. The last paragraph of the article is worth noting:
Indeed, the striking thing about the global economy this year is how little it relies on the US as the main engine of growth. For the first time in 2007, China's rapidly expanding economy has provided the largest contributions to global growth, while half the world's expansion over the past year has come from three countries: China, India and Russia.
Again I ask, "are we living in a 9/10 economy"?
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Darris McNeely
Darris McNeely works at the United Church of God home office in Cincinnati, Ohio. He and his wife, Debbie, have served in the ministry for more than 43 years. They have two sons, who are both married, and four grandchildren. Darris is the Associate Media Producer for the Church. He also is a resident faculty member at the Ambassador Bible Center teaching Acts, Fundamentals of Belief and World News and Prophecy. He enjoys hunting, travel and reading and spending time with his grandchildren.
