Even with Fannie and Freddie inflating the bubble and the Fed and the rest of the Bush Administration weakening the dollar, the crisis never would have become so unprecedentedly destructive but for a seemingly arcane accounting principle called mark-to-market, or fair value, accounting.
That is why the ultimate result of the global credit crisis is a dollar crisis transmitted through the factory economies of Asia as well as Japan.
The other major cause of the financial crisis was the cheap dollar monetary policy of the Federal Reserve, reflecting the benighted policies of President Bush and his Treasury Department.
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But Dimon managed the multibillion-dollar crisis with ease.
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Robin Bhar, senior metals analyst at Credit Agricole Corporate and Investment Bank, said as geopolitical factors wane, the focus is shifting toward the U.S. dollar, the Eurozone debt crisis and inflation concerns.
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For once, American tourists have something in common with international currency traders: This summer, they are all wondering how the Greek financial crisis will impact the dollar.
The EU debt crisis is supportive to the dollar index as it has pressured the Euro currency.
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The Portugal debt downgrade and overall EU debt crisis situation supported the dollar index as it pressured the Euro currency.
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Skeptics will point out that these troubled Asian currencies had just been pegged to the dollar and that the crisis came nonetheless.
So what does the lackluster performance of the U.S. dollar potentially portend as the latest fiscal crisis unfolds?
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The bottom line is that when the threat of a crisis begins to grow, the dollar is where investors put their money.
Similarly, the pound has tumbled in recent weeks against the euro and dollar as the euro zone's debt crisis has subsided, laying bare the U.K. economy's stubborn problems and weakening sterling's appeal as a haven alternative to the euro.
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As the market was reeling from the credit crisis in 2008 and 2009, the Dollar surged.
In the four years since QE-1 was announced in the middle of the financial crisis, the gold value of the dollar has sunk more than 50 percent.
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True, for the moment the U.S. government is in the very fortunate position of being able to borrow at lower interest rates than before the crisis, and the dollar has actually strengthened.
The EU debt crisis has been somewhat supportive to the dollar index as it has pressured the Euro currency.
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And the local currency's 18% depreciation against the U.S. dollar since the onset of the Asian financial crisis has brought costs way down.
The won is back to 1, 170 against the dollar, and the stockmarket is back to pre-crisis levels.
Last year China held its currency steady against the dollar throughout the global financial crisis, while others tumbled.
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That began to change a few years before the crisis as the dollar fell and emerging markets' growing appetite put pressure on global production capacity.
Third, there is the obvious irony that the Hong Kong dollar remains pegged to the U.S. dollar and even after 30 years, including the turbulent Asian currency crisis of the late 1990s, the Hong Kong Monetary Authority is reluctant to embrace a more logical tie to the yuan.
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Many currencies tumbled during the Asian financial crisis in the late 1990s, slashing the dollar value of their economies.
Gold prices surged starting March 15, as the Cypriot banking crisis was erupting, as the euro-dollar exchange rate broke down.
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The U.S. never had another liquidity-shortage crisis after 1907, but the dollar remained linked to gold until 1971.
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The American economy is growing again, the dollar is bouncing back and some people even reckon the housing crisis has touched bottom.
Looking at how the ruble had fared in comparison to the US dollar, it certainly seemed as if, before the crisis, the ruble moved in very close tandem with the price of oil while this relationship had become substantially weaker ever since.
However, from a fundamental standpoint, it appears the EU debt crisis will prop up the U.S. dollar index and weaken the Euro currency in the coming weeks.
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Sharp criticism followed, when it turned out that AIG was paying retention bonuses to executives helping exit some of the trades that put the firm in crisis, and paying banks 100 cents on the dollar to settle contracts on risky debt.
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