The Political Chase

President George W. Bush delivers a statement Thursday, March 13, 2008, on the South Drive of the White House. In urging Congress to act, the President said, “The American people understand the stakes in this struggle. They want their children to be safe from terror. Congress has done little in the three weeks since the last recess, and they should not leave for their Easter recess without getting the Senate bill to my desk.” White House photo by Chris Greenberg.  See Story.

From the Bowery to the Taj Mahal, Falling Greenback Loses Clout

SAO PAULO, Brazil (AP) — Antique store owners in lower Manhattan, ticket vendors at India’s Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don’t want U.S. dollars.

Hit by a free fall with no end in sight, the once mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad; its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.

Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige.

Antique store owners in lower Manhattan, ticket vendors at India’s Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don’t want U.S. dollars.

Hit by a free fall with no end in sight, the once mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad; its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.

Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige.

Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency — and dollar aversion is even extending to some quarters in the United States.

At the Taj Mahal, dollars were always legal tender, alongside rupees, for entry into the palace. But because of the falling value of the dollar, the government implemented a rupees-only policy a month ago. Indian merchants catering to tourists have also turned bearish on the dollar.

“Gone are the days when we used to run after dollars, holding onto them for rainy days,” said Vijay Narain, a tour operator in the city of Agra where the Taj Mahal is located. “Now we prefer the euro. It gives us more riches…”

In Manhattan’s Bowery district, Billy LeRoy, the owner of Billy’s Antiques & Props, prefers payment in euros so he can stockpile the currency for his annual antique buying trip to Paris.

Source: (AP)

Dirty water in Iraq makes troops sick .

March 13: When dozens of U.S. soldiers in Iraq fell ill due to poisoning after using ‘discolored, smelly water,’ press spokesman Geoff Morell said they shouldn’t drink the water. It turns out the soldiers were using the water for cleaning clothes. More at MSNBC