Posted on 10/12/2009 2:56:48 PM PDT by FromLori
Following the summit, US Treasury Secretary Timothy Geithner repeated Washington's commitment to a strong dollar.
But last week the finance chief was left to watch as traders used The Independent's report as an opportunity to push lower the troubled US unit.
The report "has helped concentrate the minds of traders and investors alike, and has given them another excuse to take the dollar lower," GFT Global Markets analyst David Morrison told AFP.
"Despite what the Fed and other central bankers say, a weaker dollar is desirable because it is necessary to rebalance the global economy.
"As long as the decline is gentle and orderly, then they're happy. But aggressive selling would spook the markets," he added.
Commerzbank currency analyst Antje Praefcke agreed that the market's reaction was significant because it showed that the dollar was on a downward trajectory.
"The questionable article in the Independent was of course disclaimed," Praefcke said.
"It is nonetheless an interesting study of the pscychological factors which are currently putting pressure on the dollar. Even if conspiracy theories turn out to be nonsense, the dollar is subsequently able to retrace only some of its losses."
(Excerpt) Read more at breitbart.com ...
....people on the money channels were talking about this today....they said Obama has no idea the seriousness of this....he’s way out of his depth
“Obama has no idea the seriousness of this....he’s way out of his depth...”
Bambi is not running the country. He’s a figurehead trotted out for show, sort of like a pony or prize Herford cow.
Yup bad out theere
"I get Nobels for nothing, and dollars devalued until worthless and free”
Americans Taking Action; what would the result be of Americans and any other person holding the USD burning off a $10 or a $20 reducing the amount in circulation?
Timmy the wunderkind lies - his job is to keep the little people in dollars til they’re wiped out
This is Bloomberg and I'm unable to post excerpts.
But suffice it to say the USD is in deep shi'ite, with the entire world selling greenbacks and buying Euros.
Jive@ss Zero is a paid Ho of the NWO. 'Nuff said by me here on FR.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.