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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: microhoogle! who wrote (95803)1/17/2008 6:16:27 AM
From: Ed Ajootian  Read Replies (1) of 206209
 
yagoogle, one big difference this time vs. the '01 recession is that the dollar has depreciated significantly vs. the other OECD currencies.

This means that the oil price shock that has occurred here in the US has been much less severe than in the other countries. From the beginning of '07 to today for example, oil prices have increased about 55% in US$, but only about 37% in Euros.

Also, the very fact that the dollar has depreciated this much is a clue that at least so far, the other countries' economies are holding up much more strongly than the US economy is.
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