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Fed Cuts Rate a Quarter Point, Dollar Drops

The dollar lost ground again today against other major currencies, a slight bounce occurred after the fed rate cut announcement but did little to help offset the day’s significant losses. The Fed announced a quarter-point rate cut that many investors had expected. The benchmark rate was cut from 4.75% to 4.5%.

Pulp Finance explains: “This also makes US treasuries less attractive to foreign investors which in turn lowers our ability to pay off our government overspending by increasing our debt. Its the equivalent of a company printing more stock shares and putting them on the market, this then lowers the value of every share held and eventually no one wants to buy the diluted paper.” The dollar index also hit an all time low suggesting spikes in inflation and decreased purchasing power.

View USD charts here:

USD vs CAD — beyond parity, USD vs EUR, USD vs GBP, USD vs CNY (CHINA)

Ron Paul’s Tonight Show Appearance 10/30/2007

If you’re looking for Ron Paul’s second appearance on the Tonight Show from 01/07/2008 click here.

Ron Paul had a very favorable appearance on the Tonight Show with Jay Leno last night. Leno’s question were fair and direct, and gave Paul a great opportunity to clarify his positions to a wide audience.

When Leno asked Paul about his tax policy he responded, “I lean toward a flat tax but I want to make it real flat, like zero.”

Paul noted the popularity of the freedom message and said, “I have my shortcomings, but the message has no shortcomings,” Paul added, “The message of liberty is what its all about.”

Paul expressed his positions confidently and while speaking of the success of his presidential campaign seemed to address his detractors by stating “yes, there probably is a risk I could win.”

Paul appeared on the show with other guests including Tom Cruise and the Sex Pistols. Johnny Rotten even offered a warm greeting to “Mr. Paul,” and also sung “when are we gonna get out of Iraq?” during the Sex Pistols’ performance.

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