"Investors were alarmed by a report this morning that a top Chinese government official said China would shift its foreign currency reserves away from the “weak” United States dollar, further eroding confidence in the currency and sending it to a new low against the euro." - NYT, 11/7/07
This, combined with stories of gas lines already in China and India and the International Energy Agency pleading of the looming energy crisis (finally!), I think it's safe to say that the wheels are starting to come off. As I write, the Dow is down about 200 points, having been off nearly 300 points earlier in the day. **LATE DAY EDIT - DOW DOWN 360 AT CLOSE. OUCH!!** The President of the Philly Fed is saying that he expects growth to slow down to 1.5 to 1% in the next reporting, and the Fed is warning that people should basically under no circumstances expect another rate drop. Clusterfuck Nation writes of the Dow at 4000 before all the blood is let. He is a bigger Chicken Little than I am.
Back to more pressing concerns, the first night of Training Year 2008 is now in the past. It is going to be some long ass training days that I put in. I'm not really used to doing 3 hour rides during the week, they've been pretty much a weekend only type of deal in my experience.
I got my bro deal order in last night and will be rolling in style with a new helmet and pedals, as well as some spare parts and stuff.
But keep your eye on this oil and dollar deal. It's not going to go away.