Tag Archives: DOLLAR COLLAPSE

DOLLAR DEMISE

GREETINGS,

EVERYONE BUT AMERICA SEEMS TO KNOW THAT HER DOLLAR IS DONE.I SHOULD SAY EVERYONE KNOWS BUT THE AVERAGE AMERICAN PUBLIC…BUT THE TRUMPET IS BLOWING TOOTING THE DEMISE;”Will the Dollar still be the World’s Reserve Currency in 5 Years?”
Interview with Menzie Chinn

By Mike Whitney

October 29, 2009 “Information Clearing House” — 1-Mike Whitney: What is the present composition of reserve holdings in central banks–and has there been a substantial falloff in US dollar reserves in recent years? (Are central banks ditching the dollar?)

Prof. Menzie Chin: I’ve found it puzzling that there’s all this talk about the prospects for the dollar, in the wake of the G-20 meetings, and more recently World Bank President Zoellick’s comments about the primacy of the dollar as a reserve currency. My puzzlement arises from the fact that many of the concerns now being voiced have been voiced before. Continue reading

DOLLAR DECOUPLING SPEEDS UP ACROSS THE GLOBE

 

Iran to completely drop dollar from foreign exchange

Sat, 17 Oct 2009 01:31:04 GMT

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Iran’s Trade Promotion Organization has announced a near future plan to completely exclude the US dollar from the country’s foreign revenues and reserves.

Iran has recently asked Japan to replace the US dollar with the yen in oil deals it has with the Islamic Republic, Mehr News quoted the organization as saying on Friday. Continue reading

RUSSIA TO DUMP DOLLAR IN GAS/OIL TRADE

Russia ready to abandon dollar in oil, gas trade with China

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Global Research, October 16, 2009
RIA Novosti – 2009-10-14

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BEIJING, October 14 (RIA Novosti) – Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.

The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis. Continue reading

FROM YOUR TRUST WORTHY GOVERNMENT:THINGS ARE GETTING BETTER…I PROMISE

GREETINGS,

THE AMERICAN GOVERNMENT IS LYING ABOUT NEARLY EVERYTHING.JOBS ARE CONTINUING TO DISAPPEAR.BUSINESSES ARE CLOSING AT THE SPEED OF LIGHT. UNEMPLOYMENT CONTINUES TO MOUNT.AMERICAN DEFICITS ARE BURSTING THE SEAMS OF AMERICA.THE NATIONAL DEBT IS SO HIGH(AN CONTINUES CLIMBING BY THE SECOND) THAT EVEN CRACKHEADS WANT TO COME DOWN…WITH ALL THIS GOING ON THE GOVERNMENT TELLS US TO LOOK AT THE DOW,IT IS FINALLY ABOVE 10,000. HOW IN THE WORLD CAN THIS EVEN BE POSSIBLE WITHOUT SECRET GOVERNMENT INTERVENTION.
EVEN A BLIND CAMEL CAN SEE THAT.AND NOW ON TOP OF ALL THIS GOOD NEWS.THE GOVERNMENT SAYS THAT THEY ARE REBOUNDING OUT OF A RECESSION WITHOUT JOB GROWTH AND WITH BMASSIVE HOMELESSNESS GROWING AND THE LARGEST QUARTER OF FORECLOSURES IN HISTORY Continue reading

DOLLAR FALLS FROM WORLD'S GRACE

GREETINGS,

DIDN’T ELIJAH SAY THIS….”

Dollar loses reserve status to yen & euro

By PAUL THARP

Last Updated: 3:16 AM, October 13, 2009

Posted: 1:44 AM, October 13, 2009

Ben Bernanke’s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.<p> </p><br> Over the last three months, banks put 63 percent of their new cash into euros and yen — not the greenbacks — a nearly complete reversal of the dollar’s onetime dominance for reserves, according to Barclays Capital. The dollar’s share of new cash in the central banks was down to 37 percent — compared with two-thirds a decade ago.<p> </p><br> Currently, dollars account for about 62 percent of the currency reserve at central banks — the lowest on record, said the International Monetary Fund.<p> </p><br> Bernanke could go down in economic history as the man who killed the greenback on the operating table.<p> </p><br> After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy — ravenous inflation on one hand, and a perilous recession on the other.<p> </p><br> “He’s in a crisis worse than the meltdown ever was,” said Peter Schiff, president of Euro Pacific Capital. “I fear that he could be the Fed chairman who brought down the whole thing.”<p> </p><br> Investors and central banks are snubbing dollars because the greenback is kept too weak by zero interest rates and a flood of greenbacks in the global economy.<p> </p><br> They grumble that they’ve loaned the US record amounts to cover its mounting debt, but are getting paid back by a currency that’s worth 10 percent less in the past three months alone. In a decade, it’s down nearly one-third. Continue reading

CONTEMPLATING THE ONCE UNTHINKABLE

GREETINGS,

SINCE THE 1930’S ONE MAN STOOD ON A SURE FOUNDATION TRUMPETING THE COMING STORMS NOW PLAGUING AMERICA SPECIFICALLY AND THE ANGLO WORLD IN GENERAL.
LET US LOOK AT THE TIME.IN THE 1930’S THEY WERE KILLING BLACKS OUTRIGHT FOR SPEAKING ABOVE THEIR BREATH.THEY WOULD BOLDLY TELL YOU THIS.BUT ONE MAN AFTER MEETING WITH A SILK PEDDLER STOOD UP AND CHALLENGED THE WHOLE WORLD ON THE TRUTH OF WHAT WAS GIVEN TO HIM(HE ONLY HAD A 3RD GRADE EDUCATION).HE DECLARE OPENLY THEN AND OPENLY NOW THAT THE WORLD OF THE WHITE MAN WOULD BE TAKEN AND DESTROYED.
HE TOLD US A DEEP SCIENCE OF THE PAST AND A DEEP SCIENCE OF THE THINGS THAT ARE NOW UNFOLDING.THIS LITTLE 5’3” MAN SPOKE AS ONE BACKED BY THE AUTHORITY OF THE SUPREME BEING.HE TAUGHT US THAT THE ORIGINAL MAN IS THE ASIATIC BLACKMAN…THE MAKER,THE OWNER,THE CREAM OF THE PLANET EARTH,GOD OF THE UNIVERSE….SCIENCE IS NOW BEARING HIM WITNESS THAT ALL LIFE CAME FROM THE BLACKMAN. Continue reading

THE AMERICAN HOUSE'S CRUMBLING FOUNDATION

GREETINGS,

Confidential Memos Indicate Oil SDR Pricing Shift Would Be “Most Damaging” To United States And Precipitate “Serious Market Reaction”

Tyler Durden's picture

Submitted by Tyler Durden on 10/06/2009 10:29 -0500

    A recently declassified, formerly Confidential, 30 year old memo prepared by Henry Owen for President Jimmy Carter’s eyes only, highlights the perils facing the United States if oil were to be priced in SDRs instead of dollars, a topic which is all the rage today as rumors are swirling that this is an imminent transition to be “put” upon the United States.

    In response to your request, we have considered, and discussed with other agencies, whether the US should favor use of SDRs instead of dollars, to pay for cure oil… I have concluded that dollar pricing should be maintained — a view that is shared by State, Treasury and CEA. 

    The reasons:

    1. An announcement that dollars were no longer being used as the unit of account in paying for oil would trigger selling of dollars on the foreign exchange markets. So we would suffer.

    2. I don’t see any offsetting gain, since OPEC would probably raise prices in SDR terms, as necessary to recover revenue losses if the SDR appreciated relative to the dollar.

    And the conclusion:

    We might be able to persuade the OPEC countries to make the shift if the dollar weakened but that’s precisely when the move would be most damaging to us.

    Poor Mr. Owen- little did he realize that a mere 3 decades after this memo was penned, the administration would be consumed by a bunch of Wall Street pandering, middle class extortionists, who seek nothing else than to inflate the trillions of toxic “asset” loans that make up the broken backbone of the American financial system. It would come as no surprise if the move is now in fact spearheaded by the same administration which has no other purpose in life than to destroy what little savings Americans have and to throw all their cash to prop up artificially inflated equity prices so that insiders can sell their stock at agreeable levels, and so the toxic companies can use the run up to issue follow on offerings, moderating their untenable debt holdings.

     

     

    Even more troubling, in another declassified memo, former Undersecretary of the Treasury and President of the New York Fed, Anthony Solomon, reaches this damning conclusion:

    The choice of the unit of account for oil pricing is basically under the producing countries’ control. There is no particular economic reason why a shift from the dollar would be contrary to U.S. interest — unless the dollar were to depreciate significant in relation to the currencies in the pricing basket. But there could be major psychological effects. Given the unsettled conditions in the foreign exchange market [TD: so true today, 30 years later], such a step at this time could be interpreted as a lack of confidence in the dollar and as presaging a shift in OPEC investment policy away from the dollar. It could precipitate a serious market reaction.

     

    Alas, even President Carter, seen by many as one of the worst American president in American history was smart enough to not bury his own middle class at the expense of landed Wall Street interests. It is a pity that his current incarnation, advised by the Bernanke-Summers-Geithner think tank, has such diametrically opposing motivations.

    h/t Geoffrey Batt for document procurement

EVERYDAY MORE AND MORE INFORMATION IS BEING REVEALED TO EXPOSE THE WOBBLING WEAKENING FOUNDATION OF AMERICA(ECONOMICALLY,MILITARILY,AND SPIRITUALLY) WHICH WAS ONCE UNHEARD OF TO THINK SUCH….THE ONCE ROCK HARD(IN APPEARANCE) AMERICAN POWER PROJECTION IS NO MORE AND THE THREAD BY WHICH IT MAY HANG IS SPLITTING ITS LAST FIBERS.

Continue reading

THE LAWS OF CAUSE AND EFFECT…THE GIFT THAT JUST KEEPS ON GIVING

GREETINGS,

ELIJAH MUHAMMAD—-,”I want to tell you who think that you are inferior, who think that you are nothing, who think that the white race is superior and the wisest people there ever were — that you are mistaken.

5 I want to satisfy your minds, my friends, my brothers, my sisters, that you fear not that the white world will destroy us. They cannot do it. We have a Savior with us.

6 We have a Savior that is born. I do not think any white ruler is silly enough to destroy the Muslims. I do not think that the white government of America would try to force us to our knees by not giving us employment. If they do so, come to me. Continue reading

DOLLAR 4 YA THOUGHTS

GREETINGS,

TODAY WE ARE WITNESSING THE SCHOLARS OF THE ANGLO WORLD PROFESSING TO THE TRUTH TO WHICH ELIJAH MUHAMMAD REVEALED TO US.THIS IS THE DAY THAT YOUR BIBLE TEACHES YOU OF …THE DAY WHEN EVERY KNEE IS NOW BOWING AND EVERY TONGUE IS CONFESSING (DIRECTLY AND INDIRECTLY) TO THE TRUTH OF GOD IN PERSON AS TAUGHT BY HIS MESSENGER. Continue reading

OCTOBER MARKET CRASH EXPECTED IN U.S. & EUROPE

GREETINGS,

WHERE IS YOUR CNN,MSNBC,FOX,ABC,CBS,NBC…..?SHOULDN’T YOU BE HEARING THIS FROM THEM INSTEAD OF FOREIGN NEWS SOURCES?PLEASE VIEW THIS VIDEO.I TELL YOU THAT THIS SAYS ALOT.