Treasury chief Paulson Commits to Strong Dollar

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Treasury chief Paulson Commits to Strong Dollar 

The US is committed to a strong dollar," said Treasury chief Paulson in India on Tuesday. What was he thinking? Maybe he spoke with a smile...at least the audience could have taken it for a joke. But press reports make no mention of anyone laughing.

No, dear reader, it was simply another monumental lie... the monetary equivalent of "weapons of mass destruction" and "I did not have sex with that woman".

After the Treasury Secretary affirmed his support for the buck, traders sensibly sold it. The dollar lost a little more ground against the euro.

Elsewhere in the financial news, the Dow lost a few points yesterday...oil dropped back to US$90...and gold slipped back to US$787.

"You are either a contrarian, or you are a victim," says our old friend Rick Rule. Rick is thinking of the natural resource markets, where crowd-following is always fatal.

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