Wall Street Sheds Crocodile Tears Over Americans Who Have Started "Saving"

For the last one decade they have been promising the fall and even the demise of US dollar and that never happened - even when Americans were not saving.

US dollar, instead of dancing to Wall Street's tune did its own somersault in a gyrating up and down motion.

I have to admit one thing: economic fundamentals of dollar are not that good and currency fundamentals too are not good, not being the highest yielding currency on interest rate basis. Still dollar springs back with the alacrity of a gymnast each time its index was pushed down to a lower level.

As the world's exchange currency, it will have to rise when some other country's economy or currency falls, even when it doesn't want to.

Blame it on globalization and the internet. What it took days and weeks before, now takes only few minutes if not seconds.

Unfortunately for Wall Street, the greenback remains on the deathbed only for a day or two, if not for seconds and minutes each time and then jumps up with a "Where am I? Who put me here?" stance.

Add to that the failure of the world to bring up a worthwhile alternative to relieve the US dollar from its tiresome "global reserve" responsibilities.

Except for keeping on "threatening" they want a world currency to counter the dollar, no nation in the rest of the world really want their currency to be subject to the same vagaries US dollar is subjected to.

I want them to come up with their selection soon, because by artificially boosting my nation's currency they are killing our exports and job generation.

Both Wall Street as well as their foreign friends are trying to bilk money out of Americans by prophesying imminent demise of US dollar.

But this time the game has changed. Americans have stopped entrusting Wall Street with all their money. They have started to save - not just in words but by action.

They have learned that they themselves are the best money managers of their own money. That they can save their money without Wall Street's meddling.

They have even started "renting" homes rather than "buying" them.

Naturally, Wall Street is alarmed. So they have redoubled their scare tactics,"Don't save because US dollar will eat your savings."

But they don't realize that Americans are slowly learning some economics and finance after their pensions were decimated. Now they realize that jobs are important and that jobs can be created only when manufacturing starts in earnest in medium and small business enterprises. And that means US products need to be sold. And US products can survive only if US dollar decreases in value and the price of the products become competitive.

In short, only the least informed American will now demand that US dollar remain artificially inflated, that too by foreign countries.

Wall Street thinks Americans are ignorant and will patriotically want a strong dollar. It has only itself to blame if Americans have become more knowledgeable.

Even if what Americans have with them is very little, they should be the ones who decides whether to save it or not. Wall Street should not try to steal that last penny they have. Wall Street has no business to complain because these Americans did entrust their lives' hard earned pensions to Wall Street. In turn Wall Street broke their trust by destroying their pensions.

If Wall Street destroys pensions, the pensioner is blamed for the mistake - oh, yeah, that "due diligence" hoopla they flung at us when they lose our money.

So let Americans manage their last pennies, and then get the blame for their own mistakes rather than for somebodyelse's mistake.

"Your money should be logically in a place where your "heart" can see." (Yeah, I misquoted the saying,"Your heart is where your treasure is.")

So Wall Street, take a vacation and let Americans save! After all its is their money. They will now put their money where their heart can see, not where your hearts can see.

Rather than scaring us with predictions on the death of the alive and kicking US dollar, let us know when that death has actually happened. Then we will shed "real tears" and eulogize on what a great currency "the late greenback was. "

But, not now. Nobody eulogizes about a living being.