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Dollar Intraday Collapse
Somewhere, Ben Bernanke is cheering the collapse of the dollar: after all it bought the market another 1%. Of course, forget his sworn duty of protecting the US currency: who cares about hyperinflation when there is a great ponzi stock bubble to reflate.
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I love zerohedge to death, and I'm very thankful to the level of time and effort put in by TD, MS, and other contributors.
However, it's a little tiresome when the words used to describe a *day's* move in the dollar, bonds, or treasuries are extreme to absurd: "collapse", "liftoff", "tank", "rip", and so on. C'mon, let's be professional. This kind of hyperbole is the same junk we see from the pundits and mainstream talking heads -- zh doesn't do itself any favors by being so sensationalistic. Let's reserve those words for the real deal, not volatility. Agreed?
Again, I love zerohedge with a passion, so I'm just trying to offer some feedback to give it a better taste to newcomers.
When you have said "drop" as many times as I have, it gets tedious. It is more for personal amusement. But I get your point.
the ones that always get me are "surge" and "slash".
jobs are always "slashed". one would think that all those HR libs are Freddy Kruger wannabees.
the market, of course, always "surges". sounds like a penicillin resistant STD to me.
Having said that, I hope TD stops slashing GS....after all, Lloyd DID apologize
I gotta agree with this. If it's less than a 1% move, it's not cataclysmic in either direction.
And oil spot and future down... what the hell?
DOE inventory report.
In the last 100 years BACHWARDATION in commodities has been much more common than CONTANGO. If deflation takes hold, there might be pain in the con-tango camp, especially if one jumped in a little late. Just imagine, filling a tanker in the evening and realizing that GS went full reverse and future price is lower than spot in the morning. Ahh, good times are coming' unless sheep will buy in to oil 200 again.
Again the uncertainty of deflation/inflation will make yo or break yo. : )
i understand why most people hate the USD, but living in Europe I would chose the USD over the EUR of the CHF any time at these levels...life is just too expensive in Europe compared to the USA right now, especially with our amazing social model which will make sure the term "recovery" is absent from our vocabulary for a very long time...
80 usdx is sacrosanct....look for an intervention
to prop it back up...gold bounced back from
yesterday but i fear another slap in the face
in light of this dollar fall...
I'm buying /DX for the long weekend.
Well, we do need the collapse of dollar. While we have been giving the bail out funds to Banks, foreign countries were giving min interest funds to their exporters. How else could we reach the equilibrium in the balance of trade?
(there are other ways, but our government doesn't have balls to implement them. It seems they only have balls when it comes to screwing our next generation :( )
Yeah those squiggly lines on your bloomberg are better off with a dollar collapse. But the old folk on fixed incomes and people making minimum wage won't much like it. How about a little deflation to give the little guy a fighting chance?
Don't kid yourself, deflation puts the negative spin on wages. And as long as employers are forced to reduce their prices, they will not hier more people. In addition a dollar collapse will not necessary cause the inflation, but it might help the ever decreasing manufacturing sector.
Madoff's fraud was billions. Geither+Obammi+Ben+Summers+Paulson=trillons. And worst of all, each and EVERY tax payer is a victim though hyperinflation and loss of basic civil infastructures and institutions such as school, roads, and hospitals. Tax payer money isbeing used to bailout banks and to ensure that the economy recovers ASAP so that the wealth gap widens, more credit card debt, and the little people are gouged with surging food
prices, surging gas prices, lack of jobs, and inflation lagging wages. Only the upper eschelons of society will benefit from a 'speedy recovery' It's been that way since 2002.
The worst is yet to come
good finance articles http://www.bit.ly/12NCJR
The dollar and the twenty year are moving in sync again, exactly what drove the market up the first time.... this is going to be an evil bubble.
"Collapse"
In the last three months you have posted the dollars "collapse" a total of four times. Of course, the length of stay for your average poster is about a month so it's doubtful anyone notices.
At least you're doing your part by recycling.
Keep up the good work champ!
Ok, so speaking of sensationalizing, where exactly did you get that data from? Zero Hedge reader retention is 86%, the highest for any blog.
WOW! Thats unheard of. Id be interested to see a live stats page for this blog. Wont do anything useful other than satisfy my curiosity but would be pretty cool =)
Funny, I've seen the same posters here for months.
By the way, anyone who uses the words champ, sport, or bro immediately labels themself a grade a douche bag.
I think it is obvious that this particular article is an intraday market commentary. It is obvious unless you are ... let me guess, work for CNBC, any other major clueless outlet or a trust baby bored to the death and going into politics.
Please remember that Bernanke has more than one responsibility. He is supposed to protect the value of the US Currency but he is also pledged to prop up...uhhh...Stable Production. Stable currency AND Full employment!
Sorta like repaying debts in Silver rather than Gold.
All of this is beside the point. Hank Kimble Paulson, Little Timmy Geithner and Helicopter Ben engineered this Depression and when things got Out Of Control, managed to funnel Billions into favored groups of Banks and other supporters. This theft crossed Party Lines and Administrations.
It was an Economic Coup.
CW
In reality it is Turbo Tax Tim's responsibility at the Treasury not the FOMC's to maintain the $.
FOMC Minutes, August 8, 2006:
"At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the following domestic policy directive:
"The Federal Open Market Committee seeks monetary and financial conditions that will foster ***price stability*** and ***promote sustainable growth in output***...
"Votes for this action: Messrs. Bernanke and Geithner, Ms. Bies, Messrs. Guynn, Kohn, Kroszner, Ms. Pianalto, Mr. Warsh, and Ms.Yellen."
Not that it matters...
CW
Bernanke is a smart guy and I think his job is to take the fall for bursting Greenspan's bubble. Which he did intentionally.
Not sure what the final agenda is, but I think increasing the Fed's balance sheet to own most of this country is probably a decent starting point.
China has requested a Debate on Reserve Currency Change at next weeks G8 Summit in Italy, this is probably why the Dollar did "collapse" around Noon.
BTW- I love the words "Collapse", "Tank", "Lift", and "Rip"...keep up the good work ZH.
Have you thought it could be to bankrupt you on the coming trip?
Or perhaps that's only a bonus.
The UK is counting on a weak currency to bail them out of the downturn too. It's a race to increase exports and prop up GDP for the short term.
I'm not sure how every western currency can be down today in the DX bucket. The Yen's gain doesnt seem enough to compensate.
The primary move came in EUR crosses, Cable only up 10 pips or so on the day. (Cable = GBP/USD for non FX traders).
If the truth were being reported we'd be having riots in the streets. And meanwhile the top execs in banks and brokeragesa that caused such a mess are STILL employed and making millions while laying off THOUSANDS of people that actually do work.
god articles: http://bit.ly/12NCJR
If you know anyone in banking that's still employed, odds are they are doing the work of three people so the top execs can show 'savings' and contineu collecting mega-incomes.
it is mid summer; no move in the market means anything...
it is mid summer; no move in the market means anything...
The worst is yet to come
good finance articles http://www.bit.ly/12NCJR
Someone with a bit of cred over at Denninger's Market Ticker commented the other day "call me when the dollar breaks 76.
DXY at 79.623 when I just looked.
any mention of the PE Ratio on the S&P 500, now near the PE 130 Mark....if a decimal point was stuck in there, making it 13, that would be about average. i'm just surprised this record breaking, unbelievable, PE has been kept quiet.
and please keep in mind this includes Q1/09 and the highly fudged "E" for the Banks & Financials, thanks to retroactive accounting rule changes, and Mark-to-Whatever gimmickry. do the "few" know something re: Decimalization ?
>>>After the earnings result for the quarter ending March 31, 2009, the PE ratio is now even higher. The reason is the denominator E or earnings in the PE ratio is falling while ht price is rising. For these calculations the 919.14 closing price of the S&P 500 on May 29, 2009 is used.
With 99% of all S&P 500 companies reporting, the as reported earnings are for the March quarter is $7.61 according to Standard & Poor’s. As shown on the chart below the S&P 500 PE ratio has risen to 132 for the quarter ending March 2009.
===========
http://www.atimes.com/atimes/Global_Economy/KE28Dj01.html
>>>Insanity gone rampant
Indications of insanity abound and are increasing, such as with the ludicrously high level of the S&P 500 price-to-earnings ratio as share values soar even as earnings plunge. No wonder the Chinese yuan is looking a saner reserve currency than the US dollar. Sanest of all, of course, is gold!!!
Please wake me up when USD/EUR drops under 0.65.
Thankyoudrivethrough.