“…. that ain't working, that's the way you do it
Nobels for nothing, and the money for free”
Posted on 10/12/2009 8:10:53 AM PDT by FromLori
Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.
Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since at least 2003, to $7.3 trillion, according to data compiled by Bloomberg. Nations reporting currency breakdowns put 63 percent of the new cash into euros and yen in April, May and June, the latest Barclays Capital data show. That’s the highest percentage in any quarter with more than an $80 billion increase.
World leaders are acting on threats to dump the dollar while the Obama administration shows a willingness to tolerate a weaker currency in an effort to boost exports and the economy as long as it doesn’t drive away the nation’s creditors. The diversification signals that the currency won’t rebound anytime soon after losing 10.3 percent on a trade-weighted basis the past six months, the biggest drop since 1991.
“Global central banks are getting more serious about diversification, whereas in the past they used to just talk about it,” said Steven Englander, a former Federal Reserve researcher who is now the chief U.S. currency strategist at Barclays in New York. “It looks like they are really backing away from the dollar.”
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(Excerpt) Read more at freedomsphoenix.com ...
There simply isn't any value to what the government's been printing and obligating. Real revenues are for shit. Production is for shit, and the only thing that's moving is precious metal and a bunch of thieves trading on the ignorance of the crazy investors still in the market. Crash is coming.
Can't be. Biden just said that the stimulus package has worked beyond his wildest expectations.
Well, we passed the Stimulus, and now unemployment is approaching 10%. Biden's view: "Worked better than I expected!"
These people are destroying the country on purpose.
“…. that ain't working, that's the way you do it
Nobels for nothing, and the money for free”
In the case of Biden, I don't think he wants to destroy the country. I think he believes his own BS. Some of the others unquestionably want to destroy at least parts of the current American system. They may not want to ‘destroy’ America per se, but they definitely want it to be a different country.
My position on Obama is that he feels he's already "done" the JFK thing, the MLK thing, the FDR thing, and the Lincoln thing. Obama has been compared to every "great" leader this country has ever had -- with one exception. No one has compared Obama to George Washington. Obama is not "The Father of the Country".
But if we collapse enough, and if we are rebuilt into a Socialist Utopia, then by God, Obama WILL be the Father of Our Country.
Yeah, I think he's that much of an narcissist.
To the extent Biden has any real self-generated cogent thought or opinion. He is just along for the stupid ride on the stupid train. His one great service in all this is the attacks he has of stating real truths without any forethought- the honesty of a childlike mind from years of machine politics telling him not to think, just take the cash. Personally he is a dumb ass and no comfort as a VP to the leader of the free world.
well, that may be an increasing problem as europe slides into the abyss.
Nobel-laureate Krugman spouts nonsense about how the falling dollar is good for us at http://www.businessinsider.com/krugman-worrying-about-the-weak-dollar-will-kill-us-2009-10
How did the bozo win the Nobel. I thought the prize went only to great minds. Oh, wait ....
I keep thinking the true value of the Dow is about 5K. It seems like it has to crash, but when? When will everyone wake up?
That’s why they keep blaming Bush, even though it was the Democrat congress!
Fixed.
“Crash is coming.”
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Forty years ago, I was returning home from a roadhouse where I had gone for dinner. As I drove uphill toward the little town where I lived I had to stop for a traffic jam. Eventually I was able to move a little farther and I saw the problem. There was a wreck ahead and a highway patrol car had stopped and the officer was directing traffic. I had a panicky feeling suddenly, I just wanted to get past the wreck before someone else crashed into me from behind. Eventually I was able to move left into the lane next to the center and drive on past the wreck. As soon as I could I made a left turn, spun the car around and came back down the other side of the four lane. By the time I could see the patrol car again another car had crashed into the patrol car at very high speed.
My point? The first crash already happened, now I have the same panicky sick feeling I had sitting there stuck in traffic. It was all I could do to keep from jumping out of my car and leaving it there in the road. I wouldn’t call it premonition, it was more likely just the fact that I knew the road well and so I knew what was likely to happen. I think I know what is likely to happen with this economy too and I am very concerned about the future.
Yet he and geithner lie over and over again about wanting a strong dollar.
Nice job!!
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