Cramer: Dollar is a laughing stock worldwide
http://www.cnbc.com/id/101121149
CNBC's Jim Cramer said the U.S. is "a laughing stock around the world, maybe worse than Italy in some ways when I look at benchmarks. We have obviously lost the faith of a lot of countries."
"If there was a way to be able to take your money out of this country and put it in Germany ... if I were Brazil, if I were Japan I would do it immediately," he said Thursday on "Squawk Box."
He went on to say that the slumping dollar index, which measures the greenback's value against a basket of currencies, reflects the current sentiment of investors around the world. They are saying "lets go into gold, lets get out this dollar ... lets not be in bonds in the United States, we'd rather be in any other currency because they basically have lost control," he said.
"There is a notion that there's a party dissolution, there's no coming together. ... This is a good opportunity—between now and the next wrangle—where you can find a safe haven. Whether it be gold, whether it be the euro, or whether it be, frankly, the Chinese currency," he said.
The dollar was last down 1.1 percent to 79.64, and off of a one-month high of 80.754 that had been sent on Wednesday.
Many investors believe that the temporary deal to avoid U.S. debt default might prompt the Fed to hold back from reining in it's massive bond buying program, and may weigh the dollar down further. Cramer noted that the liquidity of the U.S. market is a positive side, but he thinks "the Federal Reserve is in there buying every bond they can right now."
—By CNBC's Karma Allen. Follow him on Twitter
@iam_karma.
