London Stock Trader Urges Move to 'AMERO'

World Net Daily ^ | 11/28/06 | Jerome R. Corsi

[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.

[MadIvan]

That's the understatement of the year. A common currency won't raise Mexico up--it will only bring the living standards in the U.S. down. We don't even have a common currency now, and parts of America are sinking into third world status.

It is not going to happen. Read the Bank of Canada's statement in post 37. Thank you.

Regards, Ivan

[woodbutcher]

Ivan:

You are probably right that it will never happen, but I think the larger question is how this topic ever got to the point that Bush wasted time attending a discussion on the subject.

His advisors should have shut the door on the idea long before it got to a meeting with Mexico and Canada.

A war in Iraq, crazies all over the world that want to kill us, borders that anyone can cross and bring whatever he wants into the country and this is the topic of conversation?

Come to think of it, what are we doing talking about it.

Except that we should find out who in our government let it get to Bush's desk and kick his butt.

[MadIvan]

You are probably right that it will never happen, but I think the larger question is how this topic ever got to the point that Bush wasted time attending a discussion on the subject.

I think we're forgetting that "Bullshit, thy name is government". How many summits can you name that actually discussed anything relevant, achieved anything, or did anything that one remembered? I dare say the last time that happened was when Reagan was in the White House and he was talking to the Soviets about nuclear weapons.

It's a silly, pointless idea, which the brains at the Bank of Canada say is going nowhere particularly because America won't wear it.

Except that we should find out who in our government let it get to Bush's desk and kick his butt.

By all means.

Regards, Ivan

[rottndog]

I didn't say it was going to happen. My only point was that there is nothing good in it for us if it did.

[AmishDude]

Sorry, I didn't ping you to the official statement at #54. I didn't get a chance to ask for your approval.

[RightWhale]

I used to think that this was tin foil hat stuff

On Coast we learned that twenty years ago the military had an airplane that could go from Hawaii to Californian in 15 minutes. When the airplane didn't appear after 20 minutes they began to worry but a call came in, "It's down in Texas--mechanical malfunction."

[MadIvan]

I wouldn't worry about it. What is more likely is that Mexico will dollarise - namely, they'll start using the dollar as their currency. This has happened in other Latin American countries like Ecuador; it means that they'll surrender monetary policy to the Federal Reserve, rather than America surrendering anything to them.

Of course, if your country's currency is an international joke, using the dollar does make you look better instantly.

I don't see Canada giving up their currency any time soon.

Regards, Ivan

[tmp02]

Are you communist? Communism preaches that when ever a person says something that you don't want people to believe, you start saying things like 'kooks, idiots, they don't know what they are talking about, they use lies ie. google lists'. This is a part of communism. Also Evolution is the basis of there thought and pretend they are experts in Science when all their truth is empty. Man, you are really LOUD on this board. Do you have an agenda?

[rottndog]

The funny thing is that much of Mexico already uses the dollar. It may end up a common currency by default. This will be a good thing if it happens on its' own, the result of market forces rather than governmental interference. Of course at some point there will have to be official governmental action, but the more these things happen on there own, the better.

[MadIvan]

When I'm calling someone a kook, I'm accusing them of not living in the real world. An accusation that fits squarely on your shoulders.

Calling me a communist is the very same hyperbole, if not worse, that you accuse me of proliferating.

As for the rest of your vomitous post, do you actually think, or do you just read and recite pamphlets you get on the street?

Ivan

[Tench_Coxe]

Try Here:
Steve Previs
and here
Jefferies International Ltd
Both were top hits on Google

[Toddsterpatriot]

What do you call an idiot who says something idiotic?

[tmp02]

unintelligent or ignorant

[MadIvan]

Type in "Previs" into the search box on the Jeffries International page. No results.

Strange, that.

Ivan

[Toddsterpatriot]

Your post #68 was ignorant and makes you sound unintelligent.

[RightWhale]

Evolution is the basis of there thought

There? Their? They're? The Principle of Evolution has survived communism and it will survive all of us. Watch.

[William Terrell]

I'm glad you find comfort in a statement by an official of the Bank of Canada. I wish I could, and I certainly hope he is right. But, any number of European national banks would have said the same thing of the Euro some years ago.

There is without a doubt forces that have political and economic power wishing to move toward regionalization. The European Union was met with disbelief and resistance, but the pressure is steady and unrelenting.

I see some groundwork being laid for the same push in our part of the world, and there is no lack of statements by leaders, seemingly growing in numbers, that have outright proclaimed immanent globalization, for which regionalization is necessary.

I wouldn't just dismiss this as hot air, if I were you. You may just wake up one morning and find yourself a minor character in a science fiction story of a futuristic, abusive global government.

By the way, I hope you're right, but I put nothing pass the human need fro control, power, wealth and world domination. The latter having been tried a number of times in history.

[tmp02]

...also they try to DISTRACT with "these people are not living in the real world". It was a good thing that when the ride of Paul Revere occurred, there were people that did not think that they were 'kooks' so that they could prepare for the British.

[MadIvan]

I'll lay my cards on the table. My father is a retired banker and has worked in this area. I cannot emphasise strongly enough that this is utter bullshit.

It is not happening and the folks at the Bank of Canada are absolutely correct. Getting bent out of shape every time some academic or bureaucrat talks out the side of their mouth is a recipe for an ulcer or requiring medication.

Regards, Ivan

[tmp02]

See that. You picked up on my 'there' there. Good for you. You can read but I can not type. Youve one!