U.S. Backing for World Currency Stuns Markets

The Micro Effect ^ | 03/11/2011 | Staff Writers

[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.

[TruthConquers]

post # 12 from above post:

(With a chart) “Looks like we’re in for the massive inflation the doomers predicted.”

hahahahahahhaha!!!

[TruthConquers]

And here is post # 21

“People hear about the large notional amount of outstanding derivatives (most of which are interest rate swaps) and think a large number means we’re doomed. Even if the actual amount of money changing hands is much, much smaller. “

dated Oct 2008!!!!

[jda]

The markets appear baffled by the confused statements emanating from Washington.

Once again, O's lack of leadership makes things worse - he (and those in his royal family) would often be better off by not saying anything. As Benjamin Franklin paraphrased from the Bible: "It's better to keep your mouth shut and let those around you think you're a fool than to speak up and erase all doubt."

[TruthConquers]

What a gold mine this old 2008 thread is!

and post #25
“The CDS market is not liquid right now? How do you know?”

Here is Toady with palmer Post #29
“They can theoretically, but under credit contraction conditions they won’t (at least have not chosen to).” palmer

“They’d be stupid to, at this point.” toady

“and it will be even more unsustainable (50T on a 14T economy is unsustainable).”palmer

“Right, because the interest alone is whatever % of GDP that you think dooms us. LOL!”toady

palmer (good one) “The next step is the realization that the ratio of credit to economy cannot grow to infinity.”

[investigateworld]

You know yo have the toddster on the run when he/she/whatever goes potty mouth.

[Toddsterpatriot]

Look at that, another poster who lies about my old posts.
Any luck finding proof for your claims? It’s been months now.

[Toddsterpatriot]

What a gold mine this old 2008 thread is!

I'm glad you're enjoying the old thread. It's obvious you don't understand what we were discussing.

Make sure you let me know if you ever find any that prove your earlier claims about my statements. Thanks again, honey.

[TruthConquers]

Oh toady,

Reading is hard, reading comprehension is even harder!

[Toddsterpatriot]

Especially when your memory starts to fail you.

Be sure to let me know where I called Lori a commie and where I said I bought a house in 2008.

Assuming you remember making those claims. If you already forgot, it was on this thread. A few hours ago.

Let me know if you need more help.

I'm always happy to help the elderly.

[TruthConquers]

Oh, but Toddy dear, you haven’t answered my question, from yesterday, geezer.

Did your mom forget to fed you your lunch today?

tsk, tsk, Now, take your nap first and then you might remember what I posted to you on this thread and yesterday’s thread.

sleep well, toady!

[TruthConquers]

He is such a silly liar, isn’t he?

It must be compulsive.

[Mase]

OMG, it's all the idiots on parade at one time. I can't tell one from the other. It's more like an idiot convention. Not one shred of evidence to support their lies and even after repeated requests to prove their lies, they continue to lie. As Rush says about liberals, it's not what they can prove that matters, it's the seriousness of the charge.

I'll bet you've thoroughly spanked this collection of collectivist half-wits over the years and exposed them for the economic illiterates that they truly are. It appears they've grown weary of being exposed for the brain dead wannabe's that they are and have come together, like a pack of jackals, to project their self-loathing on you.

Even the normally testical-free investigateworld has joined the pack. I suppose being in a group increases his testosterone levels and makes him more brave. Still, with all these accusers, not one can come up with a post of yours that proves the original accusation.

Against stupidity the gods themselves contend in vain.

[arrogantsob]

So someone is predicting the future now. Was this from a psychic does she read palms, tarot cards or a crystal ball? I have to know how much credibility to put on this prediction of what her claim that the Pentagon Is “expected” to announce. At this point what has been ACTUALLY announced about the level of contamination does not come even close to this prediction. Plus, they are only evacuating forty miles out not sixty.

Let me know when the Pentagon actually announces such numbers. Since you are rooting for a real disaster I know you will.

[M. Espinola]

This is Toadester gold! LOL Excellent research! Where is Mr Toad now?

Quotes from the Toadster:

"Predictions are not data.

Toadster we shall view your comment from two separate perspectives. Your predictions (bankster shill disinformation/lies/economic lunacy) have and will continue to be re-posted. On the other hand, ex-Texan, who you stalked and abused at every opportunity -- his brilliant in-depth market research, economic forecasting & predictions have all been proven beyond correct and are now spot on domestic & international financial history. My commodity-related trending overviews, plus TruthConquers', coupled with others on here with keen financial insight whom you also targeted for abuse, clearly state obvious current conditions and factor in future price trending, and those predictions become factual data -- unlike the Fed rubbish you dribble out.

Another gem from the Toadster:

"Sorry for laughing, but my predictions for the last year seem to have worked out much better than Merrill's.

Wait until Little Timmy sees this....LOLOL!

Another from the Toad #34 posted on Wednesday, January 30, 2008 9:51:06 AM by Toddsterpatriot dated Wednesday, January 30, 2008 ... prior to the crooked bankster sub-prime scam triggering the "global financial collapse" (but today Toadster would say 'That never happened, there was no sub-prime crash of any kind, I never said any of this, it's all lies, I tell ya, lies... ahhhhhhhh!!(then goes off deep end...thud!!' :

"Given the performance of Merrill Lynch last year along with their need to go begging to sovereign wealth funds to stay afloat, it's no wonder they see nothing but doom. They're the last organization I'd be looking to for advice about the economy...unless of course you believe that a global financial collapse is upon us and 25% unemployment and soup lines are just around the corner.

Toadster come out and defend your record, or have you already been given the boot as a shill?

Toadster, if I ever discover you where involved, in any way, with sending damaging computer viruses to anyone on here who you viciously abused, hiding in the Federal Reserve Building may be your only option.

[TruthConquers]

There is more at posts with links at 280, 281, 282 and 284!!

I am continuing to make a file on Mr Toady with links and posts.

Oh, Mr Toad still says I haven’t proved anything. Typical Toady!

hehe

[M. Espinola]

The following snotty Toadster comments are to 'palmer' relating to commodities made on Wednesday, October 22, 2008 Toadster's shilling is in bold font. This is also for the Toad's other names on FR, plus for his brainless cohort shills defending the rodent.

=========================================

To: palmer

When you explain the CDS issue to the others here, you should add the fact that the CDS contracts (both sides) traded in a liquid market up until summer of 2007.

The CDS market is not liquid right now? How do you know?

It would be nice if the current monetary inflation could roughly balance the credit deflation to create a more or less neutral broad money supply.

How did the Fed spike the money supply?

Unfortunately what will happen instead is monetary inflation will spark another commodities boom

Because there is no risk when you throw a bunch of money into commodities. Gold down $44, oil down $5.61, gasoline down $0.12..........

=========================================

Notice how this worm defended the Fed with the shill text book script snide remark; How did the Fed spike the money supply?

"No risk in commodities... lolololol!!!!

We give enormous credit to 'palmer' on his fine forecasting on commodity boom which continues, plus his sensible foresight on the rise in inflation. Ex-Texan and I also saw serious problems with inflation the more the Fed operated the printing presses, along with the commodity boom, especially in the energies, puts on the U$D, calls on the Canadian dollar (the Loonie), the grains sector, precious metals, construction metals, coffee, sugar, rice, oj, cocoa beans and on and on. The Toadster went out of his way mocking and ridiculing anyone with this bullish commodity and declining U$D overview.

Now what do croak up Toadster?

Toadster your paper stocks are heading down the drain in stages, but you are already all the way down that drain, as you copy and paste your compounded shilling.

http://209.157.64.201/focus/f-news/2111754/posts

[M. Espinola]

Thanks a million for bagging the creeping abusing thing.

Each time he shills his own record will be dropped on him.

If his lies were gold plated on here he will still attempt to twist and toad his way out of being proven to be a certifiable serial lying subterranean subhuman scumsucker.

[TruthConquers]

Thanks.

It is about time he has to face his own record.
When I gather some more, I will ping you.

[ex-Texan]

Toad has been an obtuse, insipid shill for years on FR. His posts are always brief insults and make use ‘hit and run away’ tactics of disinformation agents.

[TruthConquers]

I have seen him around for some time.

How he posts is unconscionable, disingenuous, and obstructive.

I don’t expect he will change, but maybe less in people’s faces. Silly, perhaps, time will tell.