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G-7 Abandons The Dollar
Forbes ^ | 10/5/2009 | Carl Gutierrez,

Posted on 10/05/2009 11:54:51 PM PDT by bruinbirdman

Greenback fell further after the G-7 would not come to the rescue.

The Group of Seven will let the dollar fall.

The heated climate before the Istanbul meeting led some to expect global policymakers to take a stand, but despite the strong tone, Andrew Wilkinson, senior market analyst at Interactive Brokers, said it was short on action. "It invites investors to test the dollar's lines of resistance in order to see what response, if any, might be forthcoming in the event of a further fall in the value of the dollar," Wilkinson said.

The dollar's loss of value over the past six months has been a cause for concern for the world's financial chief's, Wilkinson said, and reasonably so because the greenback's instability threatens financial markets and economies.

"Many currency traders were braced for some hint of intervention to prevail from this meeting," Wilkinson said, "especially given several verbal warnings or complaints from central bankers and politicians who had warned against dollar weakness."

The problem with intervention is that it would only be partially effective, especially if the U.S. isn't on board. The Treasury Department would never admit this, but for the time being it's in the country's interest to keep its currency low because it stimulates exports for the economy's manufacturing base and lowers the value of the debt that the Treasury is piling up.

The Australian dollar saw gains as the global economic outlook warms and speculation mounts that its central bank will raise rates this week. (See "Aussie ETF Spread Tastier Than Vegemite.") The Aussie wasn't alone though. As Wilkinson pointed out, the G-7 stance appeared to provide a green light for investors waiting to buy the dip in on commodity currencies.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: abandondollar; currency; dollar; g7; globaleconomy; globalisteconomy; meercat; obamadojtroll; obamatroll
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1 posted on 10/05/2009 11:54:52 PM PDT by bruinbirdman
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To: bruinbirdman
Well let's cut them off, too! Screw them all. With our coal and our industry, we can make it alone, though it is not the best way.
2 posted on 10/05/2009 11:57:46 PM PDT by jws3sticks (Sarah Palin forever!)
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To: bruinbirdman

Soros’ finger prints all over it...


3 posted on 10/06/2009 12:00:10 AM PDT by Crim
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To: jws3sticks
"Well let's cut them off, too!"

"The problem with intervention is that it would only be partially effective, especially if the U.S. isn't on board."

If The Obammunist and his Commissars are not interested in the almighty greenback, we're doomed. Doomed, I tell ya.

yitbos

4 posted on 10/06/2009 12:01:16 AM PDT by bruinbirdman
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To: bruinbirdman

A second stimulus bill will take care of all this.


5 posted on 10/06/2009 12:03:49 AM PDT by proud_yank (Socialism - An Answer In Search Of A Question For Over 100 Years)
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To: bruinbirdman

Where is everybody?

6 posted on 10/06/2009 12:07:00 AM PDT by underthestreetlite
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To: Crim

Soros may be rich, but he is not that rich.


7 posted on 10/06/2009 12:09:07 AM PDT by trumandogz (The Democrats are driving us to Socialism at 100 MPH -The GOP is driving us to Socialism at 97.5 MPH)
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Comment #8 Removed by Moderator

To: jws3sticks

It is the Fed and the US government that is destroying the dollar. You can’t blame others for not wanting to use the dollar and be stuck with them.


9 posted on 10/06/2009 12:14:58 AM PDT by DB
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To: Crim

Globalist Illuminati private banking cartel elite crime scene.


10 posted on 10/06/2009 12:15:54 AM PDT by myknowledge (F-22 Raptor: World's Largest Distributor of Sukhoi parts!)
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To: meercat

Palin is a traitor for doing what exact?


11 posted on 10/06/2009 12:16:49 AM PDT by DB
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Comment #12 Removed by Moderator

Comment #13 Removed by Moderator

Comment #14 Removed by Moderator

To: bruinbirdman

15 posted on 10/06/2009 12:31:59 AM PDT by Anti-Bubba182
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To: bruinbirdman

Obama and his Zimbabwee Economics is the real problem.


16 posted on 10/06/2009 12:34:42 AM PDT by OldArmy52 (The German High Command sent Lenin to destabilize Russia. Who sent Obama?)
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To: meercat
Sorry for my reply .I can disagree in a lot more civil manner. I’m just like everyone else very frustrated .

A lot of us, myself included, have been popping off lately because what is happening to our country, so fast, and so unbelievable scares the cr@p out of us.

Every day, another piece of our country seems to be chipped away. Some days the chips are bigger than others.

17 posted on 10/06/2009 12:37:48 AM PDT by uncitizen
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To: bruinbirdman

A second stimulus is on the way and this one will put us in a decade long recession. Obama will blame Bush, as he continues to steer us down the road third world status with his every move.


18 posted on 10/06/2009 12:44:33 AM PDT by A. Morgan (The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. Lawrence)
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To: bruinbirdman

This is good for the dollar, in the long run.


19 posted on 10/06/2009 12:46:27 AM PDT by nickcarraway
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To: uncitizen
"Every day, another piece of our country seems to be chipped away."

A Poisonous Cocktail: Expanding the Community Reinvestment Act

"For all the talk of unsold condos in Miami and foreclosed McMansions in California, the epicenters of the mortgage crisis are inner-city urban areas--precisely those areas where the CRA was most applicable. As the Boston Federal Reserve put it in a massive 2008 study, "In the current housing crisis foreclosures are highly concentrated in [urban] minority neighborhoods." The study found that borrowers in these areas were seven times more likely to be foreclosed on than the general population. Analysis by the Pew Research Center and another by The New York Times found that mortgage holders in these areas had foreclosure rates four times higher than the national average."

yitbos

20 posted on 10/06/2009 12:52:46 AM PDT by bruinbirdman
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