Posted on 11/28/2006 6:10:53 AM PST by Kimberly GG
In an interview with CNBC, a vice president for a prominent London investment firm yesterday urged a move away from the dollar to the "amero," a coming North American currency, he said, that "will have a big impact on everybody's life, in Canada, the U.S. and Mexico."
Steve Previs, a vice president at Jefferies International Ltd., explained the Amero "is the proposed new currency for the North American Community which is being developed right now between Canada, the U.S. and Mexico."
The aim, he said, according to a transcript provided by CNBC to WND, is to make a "borderless community, much like the European Union, with the U.S. dollar, the Canadian dollar and the Mexican peso being replaced by the amero."
Previs told the television audience many Canadians are "upset" about the amero. Most Americans outside of Texas largely are unaware of the amero or the plans to integrate North America, Previs observed, claiming many are just "putting their head in the sand" over the plans.
CNBC asked Previs whether he thought NAFTA was "working and doing enough."
He replied: "Until it created a lot of illegal immigrants coming across the border. I don't know. You get the pros and cons on NAFTA. For some people it is a good thing, and for other people it has been a disaster."
The speculation on the future of a new North American currency came amid a major U.S. dollar sell-off worldwide that began last week.
Yesterday, the dollar also reached new multi-month low against the euro, breaking through the $1.30 per euro technical high that had held since April 2005.
At the same time, the Chinese central bank set the yuan at 7.0402 per dollar, the highest level since Beijing established a new currency exchange system in 2005 that severed China's previous policy of tying the value of the yuan to the U.S. dollar.
Many analysts worldwide attributed the dramatic fall in the value of the U.S. dollar at least partially to China's announcement last week that it would seek to diversify its foreign exchange currency holdings away from the U.S. dollar. China recently has crossed the threshold of holding $1 trillion in U.S. dollar foreign-exchange reserves, surpassing Japan as the largest holder in the world.
Barry Ritholtz, chief market strategist for Ritholtz Research & Analytics in New York City, in a phone interview with WND, characterized today's downward move of the dollar as "wackage," a new word he coined to convey that the dollar is being "whacked" in this current market movement.
Ritholtz told WND that yesterday's downward move "was a major market correction that points to the risk of subsequent downside to the dollar."
Asked whether he would characterize the dollar's downside move as signaling a possible collapse, Mr Ritholtz told WND, "Not yet."
Ritholtz pointed out market professionals had long looked at a dollar collapse as a "low probability event," but the recent fall suggests "the probabilities have increased of a major dollar correction, or even of a collapse."
U.S. trade imbalances with China have hit a record $228 billion this year, largely reflecting a surging flow of containers from China with retail goods headed for the U.S. mass market.
Secretary of Commerce Carlos Gutierrez is in Bejing leading a trade delegation of more than two dozen U.S. business executives.
"The future should be focused on exporting to China," Guiterrez told reporters in Bejing, noting that this year, U.S. exports to China are up 34 percent on a year-to-year basis, surpassing last year's gain of 20 percent.
One way to improve the U.S. trade imbalance may be to ease up on restrictions of exporting high-tech products and allowing technology transfers to China, a move likely to be politically charged in the U.S.
The decline in value of the dollar will also make U.S. exports more attractive and Chinese exports to the U.S. more expensive.
In February 2007, a virtually unprecedented top-level U.S. economic mission is scheduled to travel to China. Included in the mission are Treasury Secretary Henry Paulson, Jr., Secretary of Commerce Carlos Gutierrez and Federal Reserve Chairman Ben Bernanke.
Previs declined to be interviewed for this article, telling WND in an e-mail he did not want to be quoted directly in any article that may express a political point of view.
I would have labeled you a kook a year ago ... but the climate in the country has shifted and I don't know when that actually happened. Are we all in the slowly boiling pot refusing to believe it's getting hotter?
lmao jveritas, common, try as you might to slam WND, you can't tell me you've NEVER heard of Jefferies International, Ltd.?
It's ok to talk about it, really it is.
Before you rant too much, you might google it.
There are some scary ideas out there.
I would be in favor of a North American currency (short of full monetary privatization but that’s a separate issue). But it wouldn’t be called the “amero”, both the US and Canada call their currency the Dollar and that’s based on a Spanish word already. 2nd, US money is already going multicolored, a new design for NAFTA isn’t that far fetched and like the Euro, each nation will print their own national symbols on their currency.
What’s most crucial is that NAFTA and the EU might very well be in competition for the UK. They’re looking for every reason under the sun not to adopt the Euro and if we can provide an even larger currency block then the EU, then we might be able to win them over.
Just to be clear, all I’m talking about is having a common currency, not any significant changes in the political structure other then what would be required to implement it.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Let me know when there is such thing called the Amero.
Great analogy....thank you. But while that may be true in some cases, as I said earlier, especially here, it really isn't about convincing the naysayers that it's true, the 'denial' is fake and the attacks are nothing but an attempt to prevent discussion on the topic. Many Republicans, just like the Dims, are 100% behind the bipartisan OBL agenda.
Any moron can dream up a scary idea that has nothing to do with reality.
... just like todays headline: There Is No Civil War In Iraq
You left the "u" out of WorldNutDaily.
Let me know when there is such thing called the Amero.
Regards, Ivan
Could've sworn I've already posted on this thread, twice - but the posts are not here and there are no deletion placemarkers. *cue kooky music*
Gotta run down and get all my free Kinky stuff, anyway. He's having a free garage sale and is one of the only ones who accept my Texas ameros.
The visionary Ditzy Chix had this all nailed - "what is with all this *love your country* junk, anywayz?" Now we know - national sovereignty is just so 1999.
Stocks set to ease, weighed by N. Korea fears
Jul 5, 2006 | Reuters
... are looking for a softer open but that will probably diminish as we get closer to the U.S. market open, said Steve Previs, senior vice president at Jefferies International, noting that the market typically eases after the July 4 holiday. "It does ...
Stocks seen rising; oil, retailers in focus
Feb 21, 2006 | Boston.com
... back up on what's happening in Nigeria and doesn't look like it's going to be coming down any time soon," said Steve Previs, a dealer at Jefferies International. U.S. light crude spiked more than 2 percent to reclaim $61 a barrel ...
Stocks seen rising; oil, retailers in focus
Feb 21, 2006 | Reuters
... back up on what's happening in Nigeria and doesn't look like it's going to be coming down any time soon," said Steve Previs, a dealer at Jefferies International. U.S. light crude spiked more than 2 percent to reclaim $61 a barrel ...
GE fourth-quarter earnings in line, sales soft
Jan 20, 2006 | Metro Toronto News Online
... solid quarter. "It looks all right other than the fact that their revenues were a big shortfall," said Steve Previs, a dealer at Jefferies International in London. "It appears to me that any time a huge company like GE can tell you 55 cents and then ...
GE Q4 earnings in line, sales soft
Jan 20, 2006 | Reuters
... solid quarter. "It looks all right other than the fact that their revenues were a big shortfall," said Steve Previs, a dealer at Jefferies International in London. "It appears to me that any time a huge company like GE can tell you 55 cents and then ...
GE Q4 earnings in line, sales soft
Jan 20, 2006 | Globeinvestor.com
... solid quarter. "It looks all right other than the fact that their revenues were a big shortfall," said Steve Previs, a dealer at Jefferies International in London. "It appears to me that any time a huge company like GE can tell you 55 cents and then ...
PG South: West Mifflin Titans basketball coach has numbers
Jan 11, 2006 | Pittsburgh Post-Gazette
... Brittany Matta, who is outscoring Grimm 20.2 to 16.3 per game this season, has 1,287 points. Trivia answer Steve Previs, 1,436 points. Previs, class of 1968, played for Dean Smith at North Carolina, and started on the Tar Heels' NCAA final-four team ...
US stock futures point to lower market open
Jan 4, 2006 | Reuters
... them to be down a little bit, probably a little profit-taking after the big run-up we had last night," said Steve Previs, a dealer at Jefferies International. By 1050 GMT, the Dow Jones industrial average futures were down 0.1 percent, the Nasdaq ...
"Let me know when there is such thing called the Amero."
yes, well, unlike you, some of us would prefer to PREVENT it from happening, and don't support the OBL. I'm sure you'd like it if ALL Americans felt the same way you do. Such complacency would facilitate things nicely, wouldn't it.
Jefferies International, remember? Heard of it? V.P. puts it on the line? yeah, try again.
Get real, this is not going to happen.
Though there are many other kinds of commodity convertibility, these are, as noted earlier (footnote 3) complicated and hence hard to explain to the public at large. That is one reason why all recent proposals for reforming Canada's monetary order that envisage replacing inflation targets with a system underpinned by convertibility rest, not on a commodity of any sort, but on either a brand new North American currency or the U.S. dollar. Given the Americans' total lack of interest in giving up a shred of control over their own currency, let alone abandoning it for something else, the only proposals among these that are practically possible are those involving either the outright unilateral adoption by Canada of the U.S. dollar as its currency, or the creation of a new Canadian currency linked to the U.S. dollar by way of a currency board.
Kooks like you can "talk to the hand".
Ivan
Regards, Ivan
Thanks Ivan.
Interesting how this is coming up from London...despite White House denials before the election. Now that W has his globalist-compliant RAT congress...I wonder if his agents will continue to deny it.
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