LOL LOL LOL !
Posted on 03/12/2011 12:12:53 PM PST by ex-Texan
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.
The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.
“The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation,” he said.
Mr Geithner later qualified his remarks, insisting that the dollar would remain the “world’s dominant reserve currency … for a long period of time” but the seeds of doubt have been sown.
The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.
“I don’t believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world,” he said.
Is the RAD count really that high?
What independent verifications can we look for?
Japan’s must be censoring all news related to nuke leaks. I tried googling radiation leaks and got nothing but bovine squat. Very disturbing events are unfolding right now on our planet and governments are probably blocking real news reports. CNN is still ‘on scene’ in Tokyo blabbing platitudes and praising the Japanese.
Have you checked ATS?
I haven’t gotten over there yet.
http://www.abovetopsecret.com/forum/thread673393/pg1
This may well affect you.
The main stream media and authorities are playing this down. The article states that the radio active clouds may well be carried to the coast of the USA and Canada. It has the potential to be 1000 greater than the Chernobyl disaster.
There are many conspiracy theories abounding as to the cause of this present disaster - HAARP and weather manipulation being one.
I am not here to discuss what or who or why but simply feel it is important to inform - Be prepared - Even if this disaster is down scaled by the main stream media and authorities.
If someone in the U.S. had worked with the Japanese to ensure the success on their attack on Pearl Harbor, would such action have constituted treason, given that we were not at war with Japan at the time? I would think that it should, since the attack itself was clearly intended as an act of war. Not sure exactly how "waging war" should be defined, though.
LOL LOL LOL !
Thanks for the article.
Scary stuff: Ex-Texan, you said,
ATS says thus citing a non-permitted source:
http://www.abovetopsecret.com/forum/thread673393/pg1
This may well affect you. The main stream media and authorities are playing this down.
The article states that the radioactive clouds may well be carried to the coast of the USA and Canada.
It has the potential to be 1000 greater than the Chernobyl disaster.
Do you have potassium iodide or potassium iodate onhand?
If so, when do you plan on taking it?
Quite frankly, I am not sure what I think about what the proper role of the dollar in the international economy should be. It never attained this role because of the intentions of the the US government or people which is somewhat problematic in itself.
It attained that status by virtue of the fact that the Allies won WWII and the US was the only industrial base left standing and the only power with the ability to finance the return of international trade. Had the choice been left to the American people I have little doubt they would not have voted to allow it. But it really wasn’t allowed that choice.
Of course, you also know that economics is a matter of choices and there are negative and positive results for each choice. If the decision has been made to depreciate the dollar (and there have been numerous statements by authorities to that effect over the years), it will mean that imports will become less competitive and exports will become more so which will help the economy wrt the trade balance. Thus, employment and production will pick up.
Unfortunately, it will also spur inflationary pressures and interest rate increases. But the need for such a move (exchange rate depreciation) goes back about a decade and is related to financing the costs of the wars we have had to fight in the Middle East. Since our currency has been the reserve currency it has been relatively simple to force the rest of the world to share in the costs of financing wars in Iraq and Afghanistan through manipulation of the value of the dollar.
My problem with the fixed exchange rate regime is that it is based upon political decisions arrived at at a particular moment in time and a status quo which never (and can never) remain the same so that the political decision continues to justify the power relations going forward. Establishing the fixed exchange rates at Bretton-Woods allowed the European economies to get back on their feet because the dollar was overvalued. This made the ROW exports highly competitive and restricted our exports.
But that need only lasted for about a decade.
As always it was war which knocked the fixed rates for a loop and forced the US off the Gold Standard under Nixon. In this case the Vietnam War.
As to Geithner, I have no interest in defending him or his actions and can’t help but state he would never even be in the office had he been appointed by a Republican because of his tax fraud. However, I have to ask those who are against depreciation what moves they would support to defend it. If the dollar is depreciating when the economy is in the toilet it will only continue to do so IF the economy improves since that will mean more imports and higher prices domestically.
In order to obtain a higher exchange rate the monetary authorities would have to raise interest rates significantly. And/or the fiscal authority would have to restrict gov. expenditures dramatically (which NO one is proposing or able to do), raise tariffs. There is no political understanding within the People to support such moves.
Given all that I see no real alternative to allowing the markets to continue to set the value of the dollar and will continue to point out to those romanticizing gold that the value of the dollar will always be based upon the American economy not some arbitrary value of that beautiful, shiny metal we all love to possess.
Unfortunately, there is a psychological component in the equation through which successful policy makes a positive impact on the exchange rate and unsuccessful ones make a negative impact. Since Urkel is totally clueless there are not going to be any of the former and will continue to be MANY of the latter. Just think what a negative impact Obamacare has on the exchange rate with the reality of huge increases in government spending and deficits.
Still can’t answer my question (which would put this in perspective) I see. Or is it that you won’t answer it since you are busy fanning the flames of hysteria about something of which you know nothing?
The total radiation released so far is not going to affect the US. That could change I suppose though so far the worst case scenario being painted by anyone sane is that it could be another TMI which was a nothing burger.
Almost all the radiation has been contained within the reactor building. These reactors will be scrapped but not because of radiation.
Other than some steam radiation has been confined to the reactor buildings. Our friend is getting hysterical for no reason.
There is little doubt that those to which you refer would have been charged with treason. Had someone been picked up providing military assistance to Japan to attack us that would have constituted and act of war against us. That would have been “waging war”.
Would FBI have qualified as “two witnesses” the acts require to constitute treason? Read the Marshall discussion of what constitutes treason if you want to get deep into this issue. If you do, let me know your conclusions. I can’t go that deep at this point and don’t recall all the fine points from when I did. But the Burr trial and his decision are VERY interesting stuff. Shows TJ in a horrible light. Tyrannical in fact.
That was posted on the LookWhatIJustPulledOutofMyButt News Service wasn’t it?
Fine with me.
I don’t know how to assess the reliability of any of the reports yet.
I certainly do NOT trust the MSM whatsoever.
It is very important to prevent hysteria. The Left here will seize on anything it can to shut down our economy and energy industries particularly. I expect an all out assault on nuclear power from these people.
Some folks live in hysteria/ anxiety attacks/ anxiety disorders 24/7/365 more or less regardless . . .
How does one balance the legitimate need to avoid undue hysteria
and the need to have people prepare as much as they can for highly probable disasters/traumas?
Toad are you a card carrying member of the Federal Reserve, or just a low life paid shill spreading disinformation?, frigging schmuck!
You seem to know at lot about the Federal Reserve. Those at the top are very nice people, right?
Only those with self-inflicted ignorance, living a bloody cave for the last 10 years, are stunned by this currency move :) Bye bye U$D. And in closing we told you so repeatedly, but so many turn a deaf ear.
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