Keyword: dollar

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  • Are Collapsing Pensions "About To Bring Hell To America"?

    03/16/2017 9:54:04 AM PDT · by Perseverando · 20 replies
    Zero Hedge ^ | March 16, 2017 | Authored by Mac Slavo via SHTFplan.com,
    The toxic dollar is bringing hell in a handbasket. Along with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all. Because its based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes because, in the end, it is just more debt, whether private or public. With tens of trillions in unfunded liabilities, the weight of an avalanche remains dangling over our heads. An aging population is cashing in on needed retirement benefits while the younger...
  • This is What Happens to Inflation when a Currency Gets Unpegged from the Dollar (Egypt)

    02/15/2017 4:59:31 PM PST · by Lorianne · 14 replies
    Wolf Street ^ | 13 February 2017 | Wolf Richter
    On November 3, the Egyptian Central Bank removed all exchange-rate restrictions and raised its benchmark rate by three percentage points. This was done to obtain that all-important $12-billion bailout loan the IMF had provisionally agreed to provide in August, though by November 3, the IMFs executive committee still hadnt ratified it. In the unofficial market, the pound had already collapsed against the dollar. With the peg gone, the official exchange rate instantly plunged from 9 pounds to the dollar to over 15 pounds to the dollar, and four days later it was at 18 pounds. On November 11, the IMF...
  • Turkey faces financial disaster

    01/17/2017 5:46:40 AM PST · by Texas Fossil · 30 replies
    Al-Monitor ^ | 17 Jan 2017 (last modified) | Cengiz Candar
    Gauging the value of the Turkish lira against the US dollar has required the power of divination so far this year. Anxiety is high as Turks wait to see whether the lira will tumble more and reach the once-unimaginable level of 4 lira per $1. snip- Now, 4 lira to a dollar is entirely possible and is seen as a harbinger of the big financial crisis to come. snip- The data indicates Turkey will be facing an inevitable financial collapse or at least a severe economic crisis this year. Such a crisis will worsen the security situation in Turkey, which...
  • Grave Danger Elite Bankers Might Make Trump Fail

    01/12/2017 12:35:01 PM PST · by BDParrish · 42 replies
    USAWatchdog.com ^ | January 4, 2017 | Greg Hunter
    Financial expert Lior Gantz says there is good news and bad news for the economy with the election of Donald Trump. Gantz explains, If he changes the equation, it could cause a lot of inflation in the U.S. U.S. banks are so liquid and have so much excess cash because of TARP programs and QE programs that this could prompt them to start lending, and lend to the wrong people. It could prompt the government to start issuing increased food stamps, universal unemployment checks and all kinds of stuff that can create large inflation in the U.S. So, that is...
  • THE MOST INFLUENTIAL PEOPLE IN THE TRUMP ADMINISTRATION TURN OUT TO BE GOLD STANDARD FANS

    12/29/2016 10:49:07 AM PST · by Tours · 17 replies
    Avery Goodman Blog ^ | 12/17/2016 | Avery Goodman
    Vice President-elect Michael Pence is currently the most powerful single political influence on President-elect Trump. Among other things, he is in charge of the transition team. He will also be in charge, after the inauguration, with dealing with Congress. For leftists, hostile to gold, that is a problem. However, for those of us who believe that the only way to solve our long-term economic problems is by a return to honest money, it is a godsend. The editor of the New York Sun realized this quite a while ago. He wrote, back in July, about the wise choice of then-Governor...
  • The Coming Dollar Shortage

    12/28/2016 2:09:58 PM PST · by BDParrish · 25 replies
    Daily Trade Alert ^ | December 24, 2016 | Jm Rickards
    In my forthcoming book The Road to Ruin: The Global Elites Secret Plan for the Next Financial Crisis, I make a very simple point: In 1998 we were hours away from collapse and did everything wrong following that. In 2008, we were hours away from collapse and did the same thing. Each crisis is bigger than the one before. The stock market today is not very far from where it was in November 2014. The stock market has had big ups and downs. There was a big crash in August 2015, followed by a big crash in January 2016. Followed...
  • Euro slips further toward one-to-one with dollar

    12/20/2016 11:00:11 AM PST · by Olog-hai · 17 replies
    Associated Press ^ | Dec 20, 2016 1:04 PM EST | David McHugh
    The dollars upward march has sent the euro currency to its lowest level in 14 years, easing the financial pressure on traveling Americans but giving European exporters a boost. The euro, used by 19 countries, was down 0.1 percent at $1.0390 late-afternoon Tuesday, having earlier fallen to $1.0352, its lowest level since early 2003. Over recent days, the euros descent to the psychologically important level of one euro per dollar, has accelerated. A major factor has been the prospect of more interest rate hikes by the U.S. Federal Reserve following a quarter-point increase in its benchmark rate last week. Higher...
  • Euro skids as Italy votes 'No' on reform, dollar in demand

    12/04/2016 3:45:55 PM PST · by aquila48 · 71 replies
    Reuters ^ | Dec 4, 2016 | Wayne Cole
    The euro slid in Asia on Monday after exit polls showed Italian Prime Minster Matteo Renzi clearly losing a constitutional referendum that could end his career and destabilize the country's shaky banking system. The single currency dropped to $1.0577 in thin trade, after starting around $1.0645 earlier. The dollar was underpinned by expectations of a U.S. rate rise this month, and even held its ground on the safe-haven yen at 113.20. Dealers said Italian bonds were set to come under pressure as top-rated U.S. Treasuries and German bunds gained. Asian investors are often reluctant to trade on European developments, preferring...
  • Trump-fueled dollar rally set to continue in the year ahead: Reuters poll

    12/01/2016 7:02:39 AM PST · by GonzoII
    Reuters/Investing.com ^ | 40 minutes ago (Dec 01, 2016 09:20AM ET) | Rahul Karunakar
    (Reuters) - The U.S. dollar rally is likely to continue into the coming year on expectations that President-elect Donald Trump's proposed reflationary economic policies will force the Federal Reserve to raise interest rates more quickly, according to a Reuters poll. Most foreign exchange strategists also say risks to forecasts for the dollar to gain against every major currency are skewed to the upside. They see nearly one chance in three the euro will reach or fall below parity in the year ahead. "(The dollar) continues to reign supreme on the back of bets of improving growth and the inflation outlook...
  • GA: Employee Uses Tactical Judgment, Shoots Armed Robber

    11/26/2016 3:41:09 AM PST · by marktwain · 9 replies
    Gun Watch ^ | 23 November, 2016 | Dean Weingarten
    Image from 11alive.com On November 21, 2016, in Atlanta, Georgia, an armed robber attempted to victimize a Dollar store. Attempted is the operative word. The suspect did not succeed. He was wounded twice for his efforts, then he was arrested. He is lucky to have survived. From 11alive.com: Atlanta Police say the man walked into the store around 9:55 p.m., pulled a gun and demanded the contents of the stores cash register. As the robber was leaving the store with the cash register itself, an Atlanta Police spokesman said one of the stores employees pulled a personal handgun and...
  • Euro, Dollar Flirt With Parity

    11/19/2016 12:46:46 PM PST · by Enterprise · 14 replies
    http://www.wsj.com/ ^ | Nov. 19, 2016 | Mike Bird
    A 10-day losing streak for the euro against the U.S. dollar is rekindling an old debate: Will the single currency reach parity with the dollar? In the last two weeks, the euro has fallen 4% against the dollar, hitting $1.06, a level last seen 12 months ago.
  • Confirmed: Donald Trump Says He Will Take $1 Salary as President

    11/14/2016 7:08:36 AM PST · by ChicagoConservative27 · 23 replies
    The answer is no, he said, when asked about his campaign trail promise by CBS interviewer Lesley Stahl. I think I have to take by law one dollar so Ill take one dollar a year. He admitted that he didnt even know what the salary was, but when he was told it was $400,000 salary he declined it. Im not taking it, he said. He added that he would not be taking too many vacations either. Theres so much work to be done and I want to get it done for the people, he said. I want to get it...
  • Canadian dollar stems overnight losses as reality of Trump presidency sinks in

    11/09/2016 6:14:54 AM PST · by tekrat · 2 replies
    Canada’s dollar took a wild ride in overnight trading in the midst of Donald Trump‘s U.S. presidential victory, shedding nearly 1.3 cents before stemming some of its losses. The loonie tanked on global markets, falling as low as 73.89 cents US on Wednesday at around 12 a.m. ET, down 1.27 cents from its close Tuesday. It later regained some ground, trading at 74.38 cents US, not far off the levels it’s been at in the waning weeks of the U.S. presidential election campaign.
  • ECONOMY With Dollar Rising, Fed May Spring December Surprise

    10/25/2016 4:09:09 AM PDT · by expat_panama · 15 replies
    Investors Business Daily ^ | 10/21/2016 | JED GRAHAM
    As the Federal Reserve's long-awaited December rate hike approaches, the parallels with a year ago are both striking and a bit worrying. The dollar is surging against other major currencies as the Fed gets set to tighten policy, even as other major central banks plan to keep their monetary spigots wide open for the foreseeable future. Similar circumstances triggered a bout of global financial market turmoil at the start of 2016... ...strong dollar is a negative for U.S. multinationals... ...good news is that Fed policymakers also are on guard against a repeat of the global financial market turmoil... ...IBD'S TAKE:...
  • Marc Faber: Dow Could Reach 100,000

    09/14/2016 7:19:52 AM PDT · by amorphous · 10 replies
    Epoch Times ^ | 14 Sep 2016 | Valentin Schmid
    They call him Dr. Doom and for good reason. Dr. Marc Faber, author, investment adviser, and publisher of the Gloom, Boom & Doom report, usually emphasizes the risks in the financial system and never minces his words. However, his views are more nuanced than most people think, and his advice for investors is more pragmatic than idealistic. Epoch Times spoke to Faber about central bank manipulation of financial markets, the reasons for income inequality, and how to invest in this environment.
  • The Fed may be preparing for the unthinkable negative interest rates in America

    09/04/2016 12:30:58 AM PDT · by SaveFerris · 194 replies
    Yahooooo ^ | 12 hours ago | John Mauldin, Yahoo Finance Contributor
    Negative interest rates are spreading like a virus. Central banks in the Eurozone, Switzerland, Sweden, and Japan all have below-zero policy rates. NIRP, as economists call a negative interest rate policy, is a desperation movebut the only move those central banks have. The Federal Reserve hasnt followedyet. When the next recession strikes, I believe Janet Yellen will choose to break the zero lower bound. The rationale was laid out in Jackson Hole. Look behind the headlines and youll see the Fed already preparing for NIRP. In theory, negative rates should encourage consumers and businesses to spend more freely and stimulate...
  • The CBO Looks Ahead to a U.S. Fiscal Disaster

    07/23/2016 5:59:34 AM PDT · by reaganaut1 · 100 replies
    Barron's ^ | July 23, 2016 | THOMAS G. DONLAN
    The American debt problem was almost entirely ignored at the Republican National Convention last week, and we can expect nothing more when the Democrats gather this week. Both parties support the entitlement spending system and the decrepit tax system that fails to support it. They compete on the fiscal side of politics with impossible promises to spend more and tax less. Imagine the U.S. Treasury as an airplane beginning to roll down the runway to take off. For a mile or so, the plane gains no altitude, then the wings start to generate lift. The wheels leave the ground and...
  • The Biggest Threat To Oil Prices Is The Dollar, Not A Supply Glut

    07/28/2016 9:14:52 AM PDT · by bananaman22 · 5 replies
    The glut of gasoline and other refined products has taken center stage for the oil markets, threatening to initiate a new bear market and push oil prices down below $40 per barrel for the first time in months. But while a surplus of refined products is weighing on crude prices, there could be another culprit that does not get as much publicity. Goldman Sachs says that a strong dollar deserves more blame for an oil price downturn, and further strengthening of the greenback looms as a much larger threat to prices than the gasoline glut. The U.S. Federal Reserve could...
  • ISIS introduces Golden Dinar currency, Hopes it will collapse U.S. dollar

    07/06/2016 5:12:05 PM PDT · by Fali_G · 45 replies
    The Foreign Desk ^ | 07/06/2016 | Lisa Daftari
    ISIS is now issuing its own currency referred to as the Golden Dinar, with engravings bearing the words Islamic State. The coins, currently being released in limited quantity, are to primarily be used by traders in the oil industry in areas under Islamic State control, according to reports on jihadi online forums. Activists in Deir ez-Zor, Syria reported oil traders have been ordered to use the new Dinar when purchasing from ISIS-held oil fields. Reports from the Iraqi city of Mosul have indicated the Golden Dinar is being introduced to the currency market as part of a serious attempt to...
  • USD/CAD Canadian Dollar Higher, BoC Business Survey Next

    07/04/2016 7:30:24 PM PDT · by Tolerance Sucks Rocks · 6 replies
    Market Pulse ^ | July 4, 2016 | Kenny Fisher
    The Canadian dollar has posted gains on Monday session, continuing the upward trend which marked the Friday. USD/CAD is trading at 1.2860. The Canadian dollar posted strong gains on Friday, which was somewhat surprising as Canadian markets were closed for Canada Day. US markets are closed on Monday for Independence Day, so there are no scheduled US events. Canada will publish Manufacturing PMI and the BoC Business Outlook Survey. With the financial markets understandably focused on the stunning Brexit vote, the Federal Reserves monetary policy has shifted to the back-burner. That could change later this week, with the release of...
  • Billionaire Investors Back A Gold Price Rally In 2016

    06/08/2016 4:00:24 PM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | Frankie
    It wasnt so long ago that some of the more famous investor gurus were shrugging off gold as nothing more than shiny trinkets with no investment value. They were wrong. This safe haven is back, the recovery is clear, and there have been some very big changes of heart. The biggest gold producers in the world have seen their share prices double this year. Not only are gold prices soaring, but producers are cutting costs and slimming down debt as they pave the way for gold to return to the top of the favored commodities list. Even though gold dropped...
  • Saudi Authorities Panic As Speculators Drive Currency Down

    06/06/2016 1:26:43 PM PDT · by bananaman22 · 19 replies
    Oilprice.com ^ | 06-06-2016 | ZH
    With Saudi Riyal forwards plunging back below 3.81, dramatically weaker than the current peg, Bloomberg reports that Saudi authorities are cracking down on currency traders as speculation mounts that the worlds biggest oil exporter wont be able to maintain the riyals peg to the dollar as revenue plunges. Saudi Arabia ordered banks in the kingdom to stop selling some products that allow speculators to bet against its currency peg just days after demanding information from lenders on the offerings, according to people with knowledge of the matter. The Saudi Arabia Monetary Agency sent a circular to banks this week saying...
  • Senators Demand Obama Fire Top Aide for Iran Deal Deception

    05/16/2016 6:16:28 PM PDT · by MarvinStinson · 25 replies
    freebeacon ^ | May 16, 2016 | Adam Kredo
    Leading members of Congress are calling on President Barack Obama to fire one of his top advisers amid a deepening scandal over accusations the White House intentionally misled lawmakers and the American public about the contents of last summers comprehensive nuclear agreement with Iran, according to a letter sent Monday to Obama and obtained by the Washington Free Beacon. The lawmakers are pressing Obama to fire deputy national security adviser Ben Rhodes following revelations he and other officials spearheaded the charge to mislead elected lawmakers and the American people about the Iran nuclear deal and the negotiations that led to...
  • Zimbabwe To Print Its Own US Dollars Amid Severe Cash Shortage

    05/07/2016 12:20:37 PM PDT · by Lorianne · 82 replies
    Zero Hedge ^ | 06 May 2016 | Tyler Durden
    When Jim Chanos said earlier this week that days ago that sub-Saharan Africa is facing a severe cash shortage (mostly as a result of their collapsing oil export revenue) he probably did not have the economic basket case of Zimbabwe in mind, and yet this is the country which, after years of monetary and economic collapse "problems", including the occasional bout of hyperinflation, finds itself in the most dire situation. As News24 reports, just this past week, Zimbabweans formed long queues outside banks on Thursday as a cash shortage prompted the government to announce plans to print a local version...
  • CHINA SAYS "NO DOLLARS" FOR NEW YUAN

    04/16/2016 6:08:49 PM PDT · by combat_boots · 75 replies
    SuperStation 95 ^ | 4 13 2016 | US Reporter
    In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19. When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets. But for years, China has been amassing huge amounts...
  • America The Awesome: The Mighty Dollar

    04/11/2016 6:08:24 AM PDT · by Kaslin · 15 replies
    Townhall.com ^ | April 11, 2016 | Mark Nuckols
    This is the first in an eight-part series about America's awesomeness.The United States of America is the most awesome country in the world even when I was a child. I was grateful to live in America and not in some impoverished Third World country. But it is really my experiences living abroad and traveling across the globe that have utterly convinced me that America is a uniquely great country. Democracy and liberty are clearly the two most important birthrights of Americans. But today I want to write about the U.S. dollar. A stable national currency and low inflation are...
  • The Fed, the Dollar, and Oil

    03/23/2016 5:03:26 AM PDT · by expat_panama · 10 replies
    financial sense ^ | 03/22/2016 | Matthew Kerkhoff
    Five consecutive weeks of gains makes it hard to argue that were in a bear market. While it may not seem like much has changed since the markets last swooned, a few key developments remain supportive of stock prices.In particular, a shifted stance on monetary policy, change in the trajectory of the dollar, and recovery in oil prices have turned sellers into buyers.The Fed Last Wednesday the Federal Reserve confirmed what many had anticipated going into the latest FOMC meeting: that the Fed would have to back off of its four-rate-hike plan for 2016.For some time now, the Feds...
  • Lord Monckton: The Texas Talent Will Replace the Dollar

    03/06/2016 8:03:54 AM PST · by Texas Fossil · 44 replies
    San Antonio Tea Party (republished from American Thinker 10/17/15) ^ | Republished from AmericanThinker.com October 17, 2015 | John Griffing
    Christopher Monckton, 3rd Viscount Monckton of Brenchley, who advised Prime Minister Margaret Thatcher, wrote for the Yorkshire Post, was managing editor of the Telegraph Sunday Magazine, has lectured at faculty level on currency theory and is now a columnist for WND, has long given warnings that the over-borrowing governments of the West are on a course to bankruptcy, from which recovery will not be possible.Monckton has now come out with his personal plan to sideline the collapsing dollar and rescue western markets: a sound and fully asset-backed currency called the Texas Talent. Users of the Talent would trade in their...
  • Dollar tumbles as Fed rescues China in the nick of time

    02/05/2016 6:06:31 PM PST · by Lorianne · 16 replies
    Telegraph (UK) ^ | 04 February 2016 | Ambrose Evans-Pritchard
    The US dollar has suffered one of the sharpest drops in 20 years as the Federal Reserve signals a retreat from monetary tightening, igniting a powerful rally for commodities and easing a ferocious squeeze on dollar debtors in China and emerging markets. The closely-watched dollar index (DXY) has fallen 3pc this week to 96.44 and given up all its gains since late October. This has instant effects on the world’s inter-connected financial system, today more geared to the US exchange rate and Fed policy than at any time in modern history. David Bloom, from HSBC, said the blistering dollar rally...
  • Exclusive: Iran wants euro payment for new and outstanding oil sales - source

    02/07/2016 9:36:26 AM PST · by BenLurkin · 22 replies
    rueters ^ | 02/05/2016 | Nidhi Verma
    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil. "In our invoices we mention a clause that buyers of our oil...
  • SocGen claims China is only months away from burning through its currency reserves

    02/04/2016 8:39:07 PM PST · by Zhang Fei · 48 replies
    Marketwatch ^ | Feb 4, 2016 1:47 p.m. ET | Sue Chang
    China is burning through its foreign-currency reserves at such a blistering pace that the country will run down its cushion in a few months, forcing the government to wave the white flag and float the yuan, says Societe Generale global strategist Albert Edwards. "The market remains content that massive firepower remains to support the renminbi. It does not," Edwards, a perma-bear with a propensity for doom-and gloom-prognoses, said in a report published Thursday. Societe Generale, using the International Monetary Fund's rule of thumb on reserve adequacy, estimates that China's foreign-currency reserves are at 118% of the recommended level. But that...
  • A BEATIFUL REFRESHING IS HERE[Charismatic Caucus]

    02/02/2016 10:11:08 AM PST · by Jedediah · 8 replies
    bible,The Joshua Chronicles ^ | 2-2-16 | Holy Spirit, bible
    I saw a huge waterfall pouring over a beautiful rock formation and the water looked like liquid glass so pure and transparent you could see all the rocks behind it . All around the base of the waterfall were people and they were enjoying the refreshing spray and droplets covering them as a beautiful misty spray and the droplets just seemed to hang in the air effortlessly and the sound of the waterfalls was the roar of His Voice. As I looked over where the water goes over the falls I saw Jesus with his bare feet standing in the...
  • Michigan Becomes First State to Welcome Back Sub-$1 Gas

    01/18/2016 6:18:29 AM PST · by Enlightened1 · 61 replies
    Fox 5 NY ^ | 01/18/16
    Gasbuddy.com says several stations in Houghton Lake, Michigan have lowered their prices under $1 per gallon, in what appears to be a price war. According to GasBuddy it appears these stations are currently the first stations in the country to see prices under $1 per gallon in years. As the situation unfolds, it's possible these stations re-raise prices back over $1/gallon. 78 cents per gallon was recorded at Beacon & Bridge Market while 95 cents per gallon was recorded at the Marathon in Houghton Lake. Prices were verified by GasBuddy after a review of photographs uploaded to GasBuddy's app.
  • Pressure Grows on Saudi Arabia to Ditch Dollar Peg

    01/05/2016 10:06:44 AM PST · by BenLurkin · 7 replies
    Wall Street Journal ^ | 01/05/2016 | Tommy Stubbington And Nikhil Lohade
    The falling oil price has pressured Riyadh's coffers, pushing the government to lay out budget cuts last week. The clash with Iran could magnify regional tensions and push Saudi Arabia's defense costs up as it fights an expensive war in Yemen and supports allies in conflicts elsewhere. "We have a new economic reality in the Gulf region, with oil prices so much lower," said Michael Cirami, a portfolio manager at Eaton Vance. "That requires an adjustment." Mr. Cirami, who isn't currently making this bet, thinks Riyadh is unlikely to scrap its peg in 2016, but will come under growing pressure...
  • China’s Renminbi Is Approved by I.M.F. as a Main World Currency [Video behind link.]

    11/30/2015 12:48:55 PM PST · by familyop · 34 replies
    New York Times ^ | NOV. 30, 2015 | KEITH BRADSHER
    HONG KONG--The International Monetary Fund on Monday designated the Chinese renminbi as one of the world's elite currencies, a major milestone that underscores the country's rising financial and economic heft. The decision will help pave the way for broader use of the renminbi in trade and finance, securing China's standing as a global economic power. Just four other currencies--the dollar, the euro, the pound and the yen--have the I.M.F. designation...Many central banks follow this benchmark in building their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F....
  • Will Next Week Be The Start Of The Crash Of The US Dollar?

    11/29/2015 5:11:54 PM PST · by Rockitz · 38 replies
    ZeroHedge.com ^ | 29 November 2015 | SecularInvestor
    The year 2015 is coming to an end and we’ve seen a lot this year. Not only did we see a much stronger dollar, the gold price also weakened despite the dire economic situation in, well, everywhere in the world, terrorist attacks and additional tensions between a NATO member and Russia. Additionally, the Federal Reserve seems to be on track to increase the interest rate before the end of this year. In fact, as you can see on the next chart, gold has now almost reached a 6 year low, but two important indicators are indicating the yellow metal might...
  • China’s Renminbi Is Approved as a Main World Currency

    11/30/2015 9:41:22 AM PST · by Swordmaker · 13 replies
    New York Times ^ | NOV. 30, 2015 | By KEITH BRADSHER
    HONG KONG — The International Monetary Fund on Monday approved the Chinese renminbi as one of the world’s main central bank reserve currencies, a major acknowledgement of the country’s rising financial and economic heft. The I.M.F. decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. But it also introduces new uncertainty into China’s economy and financial system, as the country was forced to relax many currency controls to meet the I.M.F. requirements. The changes could inject volatility into the Chinese economy, since large flows of...
  • THE BANKRUPT IRISHMAN WHO CREATED THE DOLLAR SIGN BY ACCIDENT

    11/25/2015 2:52:09 PM PST · by NYer · 13 replies
    Atlas Obscura ^ | November 23, 2015 | DAN HESS
    The only known depiction of Oliver Pollock, in Baton Rouge, Louisiana. (Photo: Richard Cummins/Alamy)Wars cost money. So when the Revolutionary War broke out, the Colonies turned to a number of sources for backing. The top contributors to America’s Independence: The Kingdoms of France and Spain, the Dutch banking conglomerate, and a single Irish merchant based in New Orleans. His name was Oliver Pollock, and he was the “Financier of the Revolution in the West.”  Pollock saw opportunity in war– the chance for a young but wealthy immigrant to stand as a symbol of success and greatness. He desired to carve out a...
  • China to allow direct trade of yuan with Swiss franc

    11/09/2015 8:03:34 AM PST · by Red Badger · 4 replies
    economictimes.indiatimes.com ^ | 9 Nov, 2015, 05.30PM | Staff
    SHANGHAI: China's national foreign exchange market will introduce direct trading of the Swiss franc, the operator said on Monday, as the country pushes greater international use of its yuan currency. Trading of the Switzerland currency against the yuan begins on Tuesday, the China Foreign Exchange Trade System said in a statement on its website. Direct trade increases efficiency and cuts transactions costs as deals do not use a third currency like the US dollar. The country's foreign exchange market already hosts direct trading of a number of currencies, including the Singapore dollar, the euro, Britain's pound and the New Zealand...
  • China Calls For New Global Reserve Currency To Replace Dollar

    10/22/2015 7:30:31 AM PDT · by Fennie · 17 replies
    ABC ^ | October 20, 2015 | By Samuel Bryan
    In yet another sign of its growing prominence on the global financial stage, China called for a new world reserve currency to replace the dominant dollar. An ABC news report said China is showing "growing assertiveness" on revamping the world economy: The surprise proposal by Beijing's central bank governor reflects unease about its vast holdings of U.S. government bonds and adds to Chinese pressure to overhaul a global financial system dominated by the dollar and Western governments.
  • Treasury Sells 3-Month Bills At 0% Yield For First Time Ever

    10/10/2015 4:16:27 PM PDT · by Lorianne · 77 replies
    Zero Hedge ^ | 06 October 2015 | Tyler Durden
    "Investors" are so desperate to hold on to short-term paper that they paid $100 for a 3-month Treasury-bill at today's auction. That is a 0% yield - for the first time ever - lower even than the auction right after Lehman's bankruptcy in Nov 2008. It is probably safe to say that NIRP is next, followed by more negative yields further to the right of the curve, as the US gradually becomes Europe. But don't worry: as Yellen admitted during her healthcare-scare speech, "nominal interest rates cannot go much below zero", just a little.
  • America to Collapse As Dollar Dies: You Cannot Stop What Is Coming

    10/07/2015 10:20:56 AM PDT · by amorphous · 60 replies
    SHTF Plan ^ | 7 Oct 2015 | Mac Slavo
    A collapse is coming but not as quickly as many are expecting. There are many people high up in the power structure who not only see an end to the dollar coming soon, but an economic collapse that could trigger the death of tens of millions of Americans rendered vulnerable by the lack of services and the stopping of checks, and harmed by the resulting looting, starvation and violence that is likely to occur. According to an anonymous source who claims to have high level insider sources, everything from the power grid to the grocery store, to the government...
  • Lazard Asset Management Fund Dumps The Dollar

    10/26/2009 11:07:33 AM PDT · by Lorianne · 6 replies · 495+ views
    Istock Analyst ^ | October 23, 2009
    It was only a matter of time before asset managers said "enough" to Bernanke's plan of debasing the dollar day after day, and took appropriate measures. In a not very surprising, yet quite shocking at the same time, development, caught by Annuity IQ, Lazard's The World Trust Fund has had enough of the dollar. Lazard will "change the currency in which the Fund's shares are traded from US dollars to Sterling." Good work Mr. Chairman and Wall Street lobby. The reason for the seismic shift: In response to comments from a number of shareholders and potential investors in the Fund...
  • Vladimir Putin seeks to dump the dollar in regional trade

    09/02/2015 12:46:19 PM PDT · by Tolerance Sucks Rocks · 22 replies
    The Washington Times ^ | September 1, 2015 | David R. Sands
    Russian President Vladimir Putin has a new target in the revived cold war with Washington the U.S. dollar. The website Russia Today* reported Tuesday that Mr. Putin has drafted a bill to block the use of both the American greenback and the euro in trade between the bloc of countries that used to be part of the Soviet Union, including Russia, Armenia, Belarus, Kazakhstan and Tajikistan. The measure would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets, the Kremlin said in a...
  • ISIS release pictures of their new gold coins they say will 'break capitalist enslavement'

    08/30/2015 5:50:24 AM PDT · by Libloather · 27 replies
    Daily Mail ^ | 8/30/15 | Tom Wyke
    ISIS release pictures of their new gold coins they say will 'break capitalist enslavement' - so why are they still paying their deranged gunmen in US dollars? ISIS have released a new hour long video, showing off their latest propaganda tool - their very own coin currency. The video, which includes a dreary and distorted history of world economics, shows the smelting of gold, silver and copper coins. Dramatised by clips from Hollywood war films, the film accuses the US of 'confiscating Americans real wealth through an executive decree' with the introduction of the Gold Reserve Act in 1934. Yet...
  • George Soros: We Are On The Threshold Of A Third World War

    05/27/2015 8:46:07 AM PDT · by aimhigh · 57 replies
    ETF Daily News ^ | 05/27/2015 | Paul Joseph Watson
    Billionaire investor George Soros told the World Bank this week that the planet is on the verge of a third world war that could arise out of an economic collapse in China. If there is conflict between China and a military ally of the United States, like Japan, then it is not an exaggeration to say that we are on the threshold of a third world war, Soros said during a Bretton Woods conference. . . . . Soros said the only solution to the prospect was to allow China to join the IMFs basket of global currencies so that...
  • 12 Signs That An Imminent Global Financial Crash Has Become Even More Likely

    08/16/2015 4:24:40 AM PDT · by SkyPilot · 49 replies
    Economic Collapse ^ | 11 Aug 15 | Michael Snyder
    Did you see what just happened? The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era. This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over the world were rattled. The Dow fell 212 points on Tuesday, and Apple stock plummeted another 5 percent. As we hurtle toward the absolutely critical months of September and October, the unraveling of the global financial system is beginning to accelerate. At this point, it is not...
  • Dollar drops as China move raises doubts over Fed hike timing [Dealing with a world-wide economy]

    08/12/2015 4:15:35 AM PDT · by expat_panama · 47 replies
    Reuters ^ | Wed Aug 12, 2015 | Anirban Nag
    The dollar fell 0.6 percent against a basket of currencies on Wednesday, coming under pressure as Treasury yields dropped on doubts over whether the U.S Federal Reserve will raise interest rates in the wake of China's devaluation of the yuan. The yuan extended its losses, dragging the growth-linked Australian and New Zealand dollars to six-year lows with it, while another set of disappointing Chinese data bolstered safe-haven currencies such as the yen. The euro, meanwhile, rose, helped by the unwinding of euro-funded carry trades in the yuan EURCNH=. The single currency hit a one-month high of $1.11385 EUR=EBS, up 0.8...
  • 10 Reasons to Love the Strong Dollar [The USD is Today, the World's Strongest Major Currency]

    08/12/2015 6:01:38 AM PDT · by SeekAndFind · 6 replies
    The Street ^ | 08/12/2015 | BySimon Constable
    The surge in the greenback has some stock investors screaming foul, but they shouldn't be. Instead, they should embrace the strength. It is true that the trade-weighted value of the U.S. dollar has climbed more than 21% in the last 13 months, according to recent data from the St. Louis Federal Reserve. It's also true that the rally is taking its toll on the earnings reports of some multinational companies -- their foreign revenues take a hit when translated back into dollars. Still, there is plenty to feel great about. Here are 10 reasons to smile. 1. It makes imports...
  • China's devaluation raises currency war fear as Greece strikes deal (WORLD WIDE STOCK MARKET CRASH)

    08/11/2015 4:06:44 AM PDT · by expat_panama · 95 replies
    Reuters ^ | Aug 11, 2015 | Nigel Stephenson
    China's shock 2 percent devaluation of the yuan on Tuesday pushed the dollar higher and raised the prospect of a new round of currency wars, just as Greece reached a new deal to contain its debt crisis. Stocks fell in Asia and Europe as investors worried about the implications of a move designed to support China's slowing economy and exports. The stronger dollar hit commodity prices, driving crude oil down after Monday's hefty gains. Weaker stocks lifted top-rated bonds, with yields on euro zone debt also falling on the Greek deal, struck nine days before Athens is due to repay...