Peter Schiff: Dollar Alert! We are in deep trouble
- uploaded: May 23, 2009
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The American dollar kept falling Friday, notching fresh multi-month lows against the loonie, euro and pound over concerns that the massive U.S. deficit may drag down the country's credit rating. BMO Capital Markets deputy chief economist Doug Porter said the sudden intense focus on the U.S. credit rating - following a warning that Britain's rating is in doubt because of its government's heavy debt - has driven the greenback to its low for the year "As well, the dollar is also rapidly losing its safe-haven appeal, as global credit markets continue to gradually heal, and investors become ever more confident that the worst case scenario for the global economy has been averted," Porter wrote in a note to clients.