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Wednesday, November 14, 2007

America for Sale

Today's world economic condition is quite interesting. Even people who do not have any interest in the subject economics have started developing some curiosity about it. People say that sensex is going up. Along with, the price of gold and crude oil also goes up. The value of Dollar and allied currencies goes on falling down. Interestingly, Reliance Mukesh Ambani who is making a lot of money in the share market denies that he is not the richest in the world. World economy is trending ahead like this. Dubai construction workers have come to the street to demonstrate that they have been much affected with the trend in the value of Indian Money that is becoming stronger.

With the decrease in the value of American dollar and increase in the value of Canadian dollar, it is said that many cars from Canada come to America for shopping. They get goods at cheap rates in America. Not only goods, almost all items have got their value lowered very much. For example, Canada's Toronto-Dominion Bank is going to buy America's Commerce Bancorp at cheaper cost. How? If it were purchased in 2006, they must have given 9.5 billion Canadian dollars to America. But, because of the fall in the value of American dollar, it is enough if they give 8.5 billion Canadian dollars to America. There is a profit of 1 billion Canadian dollars.

To take advantage of this situation, in a hurry, world countries have bought many American companies at cheaper rates. Along with them, the money making patents of these companies also have been bought. There are 2 million houses in America left vacant as no buyer is available to purchase.

Entire America is available for sales at cheaper costs because of fall in dollar value. Who are the people making advantages from this situation? This is not known yet. While many people are converting their dollars into gold, Warren Buffet, one of the richest persons of the world, has converted his dollars to some other currency. This is some radio news. Is it true Mr.Buffet?

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