5/3/2008 11:10:43 AM Charles Hale
After reading the intro to this, I come away feeling like there is little hope for us:
May 2 (Bloomberg) -- Futures traders are betting for the first time since December 2005 that the dollar will gain against the euro.
The difference in the number of wagers by hedge funds and other large speculators on a decline in the euro compared with those on a gain, known as net shorts, was 21,315 on April 29, compared with net longs of 18,907 a week earlier, figures from the Washington-based Commodity Futures Trading Commission show.
I simply do not understand how folks can sleep well at night betting money that the US dollar will tank. I realize that this is supposed to be an upbeat story on the dollar, but it is shameful.
These people wake up in American homes, eating American food, driving on American roads, living American lives while their kids are in American schools. Are they that stupid to not realize that betting against the dollar hurts them? Sure, they can make a quick buck today, but if it drives up the price of everything imported, then they need to earn even more to stay afloat.
I have no love for Wall Street types. They add very little real productivity to the world. They make their money only when someone else loses money. They are running a pyramid scheme. It can only grow if more people invest in it.
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