Senior French Economist Defends the Dollar

February 1, 2008 (Nouvelle Solidarité), Paris -- Senior French Economist Paul Fabra, in today's Les Echos, denounces Bush's fiscal stimulus package for tragically weakening the dollar: "The successive, massive lowering of interest rates by the Fed will only benefit to banks and to banks alone. The new tax breaks (stimulation policy) and increasing of budget spending proposed by the Bush administration contains the awful threat for the outside world of a supplementary weakening of the dollar. One would like to scream: "please stop reanimating a rotten system where the real estate bubble, the stock market profits and the hypertropic amount of consumer debt, and NOT investment, have been, in the United States and in most part of the world (with the exception, within certain limits, of Germany and Japan), the principle feeders of so-called growth!"