Fred letter

I don't believe a person can understand the world without a bit of smarts about economics. The dollar has fallen because George Bush has (1) given a huge tax refund to the rich and (2) has built up a huge federal deficit in the U.S. Of course the 200 billion already spent on Iraq with no end in sight is a large part of this. So now we are the world's largest debtor and nobody wants to buy our treasury bills which drives the dollar down. In a similar way, the powers in Iran spend their billions on the development of nuclear weapons instead of building the country. So if you want to understand the world, begin by knowing the economic rules of survival. FRED