Morton Fox (mortonfox) wrote,
Morton Fox

Dollar Sale

It looks like the Iranian Oil Bourse is not opening this week as planned. It may not be open in the next few months or even this year. However, as I pointed out, it's actually a non-event for the US Dollar. What really matters is what Middle East countries do with the money after trading oil, which makes the following a little worrisome:

UAE, Saudi considering to move reserves out of dollar

So to anyone who still doesn't think that there will be any fallout from the DP World ports deal controversy, this is the fallout! If nothing else, you can bet they'll be far less enthusiastic about adding to their US Dollar holdings from now on. In the meantime, Syria has already switched to euros and has confirmed that its decision is political. See? Pricing oil in dollars doesn't do squat. If they want to move their reserves out of the US Dollar, they will. If we piss them off enough, they will do just that. If we don't watch out with our protectionism, we'll piss off enough countries that they'll all dump their dollars and treasuries, leaving us with sky-high interest rates and a collapsed dollar. If we keep telling people that their money's no good here, eventually they'll believe it.

Meanwhile, on the local side of things:
Corzine Proposes Record $30.9 Bln New Jersey Budget (via NNJ RE Bubble)

He's proposing that the state sales tax be raised from 6% to 7%. Of course, the sales tax is regressive as it hits the low-income folks harder than the high-income folks. So from the standpoint of not getting voted out of office, raising the sales tax should only be done as a last resort. However, as former Governor Codey said, the state is pretty much broke. Egads. Oh well, even if the sales tax goes up a percent, it will still be lower than Rockland County's sales tax, which is a fraction over 8 percent. (Sometimes I'm not even sure why I go to Palisades Center.)

And now for something totally different, and I mean different: Mutant dog helps sell new Kodak camera
Cute and creepy at the same time!

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