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The Dollar Is Now The Laughing Stock Of The World
We are currently combing for Youtube clips of Weimar Republic pundits (or even Robert Mugabe's finance minister) ridiculing the dollar and the Fed's "strong currency" posturing (heaven forbid Ron Paul succeeds and the Fed's threat that the dollar may actually turn weaker transpires: what shall we ever do then?). And while it would appear video recordings, let along internet access, were a little problematic in the 1920's, we present the following obeservations on the dollar courtesy of our German colleagues at Berninger.
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Has anyone seen any interviews where Bernanke was directly asked what he thought about Gold?
Hope that counts:
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
i'm glad to buy buy buy the dollar, now that is contraian and whatcha gonna buy when Iran lets the missles fly?
Gold?
Potassium iodide... booze... nudie playing cards.
In that order of course.
http://anonymousmonetarist.blogspot.com/2009/11/our-top-story-tonight-yippee-ki-yay-mr.html
I hereby proclaim my intention to seek a constitutional convention whereby we the people will move to implement the Garrett Morris amendment.
This amendment will seek to codify the following:
All terrestrial broadcasts of Bubblevision and Hee Haw will hereby include captioning for the learning impaired....
The Garrett Morris amendment would gapfill about half of Bankfiend's '2%' fat tail.
The other half seems to be rising of its' own volition.
When Timmy G recently mumbled that CDS was not the raison d'etre for the AIG bailout and 'Mad Dog' Feinberg said 'I'm looking at you Goldie' even the most anesthetized folks got their pencils out.
Coincidentally, Jaime (shine on you crazy) Dimon was immediately wheeled out as a possible successor given Geithner's opprobrium, proclaiming that he would love to serve his country beyond taking out the Spooz offer.
Your blog rocks AnonMoney
Man, I really like that "Hee-Haw"... and I'm partially literate.
I know there is a quote somwhere of Mugabe saying that he agreed with what the U.S. Doing the first bailout, but I don't remember where I read it
Pretty sure that was Gono, and he said that Bernanke & Paulson's actions had vindicated him.
+1
I think Gono was saying how he had lead the way, and Bernanke was following. BTW, there are a interviews with him circulating (search Gideon Gono) and he is truly like Bernanke meets Baghdad Bob.
http://anonymousmonetarist.blogspot.com/2008/11/zirpmeister-ben-has-friend-in-zimbabwe.html
Love the post, but there was no references at all. "Hand to God this is true" doesn't go to far some someone like me who stopped believing in santa claus a long time ago =\
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Paul Krugman would like to sling some mud your way. (http://krugman.blogs.nytimes.com/2009/11/16/proposed-extensions-of-godwins-law/) Clearly you should run and hide, because his credentials alone are scary. And with that beard too... man, lookout.
Not Princeton professor, Nobel Prize winning, New York Times columnist Paul Krugman! Paul really isn't out there shoulding all over himself again today, is he, this time about Godwin's Law? And I'd so hoped he'd confine himself to a discussion of at least one of the eight recessions he'd predicted in the last decade. Such a schmendrik, Krugman. Looks like they give the Nobel Prize to just about anyone these days. They gave one to Obama, a peace prize I believe it was, and its said that on December 1st he'll be announcing the escalation of the Afghan atrocity by authorizing 34,000 more poor white southerners to teach the Afghans to say "Eye-Rack". What should they have done, given him the "war prize" maybe? Maybe we should ask Paul Krugman.
Paul Krugman's Beard + Essays = Least Interesting Man in the World.
He may not always drink beer, but I wonder which kind he does when he so chooses.
A hot tall Shlitz Gay.
That guy has diarrhea of the mouth and might as well be Uncle Ben's batty boy.
"in-wester"
lol
Wait it's just now that the dollar is a laughing stock?!? Boy did I show up to the party early!
I think this is a twist on the old adage "I can call my brother a slime ball scumbag but you can't". Because the USD is the worlds reserve currency, every country is somewhat related to the USD in one form or another.
So while it's common knowledge among the "family" countries at the Thanksgiving table that Joe belongs in jail (or worse) we all will defend Joe if someone outside the family says what we'll know to be true.
Now that the outsiders are becoming braver in their denouncements of Joe and are ignoring our clenched fists and red faces, we're actually a bit relieved we no longer must defend the indefensible scumbag brother Joe.
Interestingly, I believe this will lead to a bit of a short term rally in the USD (3-6 months) leading inevitably towards the deeper (final?) plunge later in 2010.
You be right about that. After all it wouldn't do for the world to realize we have been floating bad checks all these years and I would hardly bad mouth the dollar to a foreigner I was trying to pass it too. I wish I had a better insight into how the world sees us and the dollar, like in Asia for example. We get the English version which is doubtlessly sugar coated, and my growing knowledge of Mandarin is not quite up to the challenge of reading news sources in Mandarin.
I agree with the possibility of a dollar rally, and have been expecting it for a few weeks now. The whole ICE scandal last week has me thinking it might not occur though, or maybe it was just to early for them who knows. Though I still expect the dollar to steadily lose purchasing power and likely to hit a crash sometime in the next 1.5-2.5 years.
anyone got a chart of the dollar slide with correspondence dates and various 'strong dollar policy' quotes from various Fed members and government spin merchants?
The have been saying that for a pretty long time now
In 2007 the Zimbabwe delegate was chosen as the head of the United Nations “Commission on Sustainable Economic Development” (seriously).
One wonders if the next head of that Commission will be the US delegate?
it will be a great job for Geithner.
as long as it keeps him out of a position of responsibility, fine with me.
So Perfectly Oxymoronic
the Zeitgeist of It ALL
Must be.........God's Work
Sustainable Economic Development
Perfection in a Twisted World
This strong dollar policy is really hitting the Nikkei!
The Nikkei used to be over a 1000 points higher than the dow a few months ago..
Nikkei now 9402!
I've been wondering if the Nikkei is the canary in the coal mine with regard to world equities. It has disconnected from the risk assets versus $ trade in the last few weeks. The Topix, which is a market cap weighted index that is more representative of the Japanese equity market, is down YTD.
Shanghai Composite fell 3.5%
Shenzhen Composite Index fell 4.3%.
Hang Seng fell 1.53%
Nikkei fell 1.01%
Sydney fell 0.65%
in the last traded sessions but on go the US indices merrily on its dollar fall induced euphoric every trundling higher ramp
just have to ask, who is this? and what is the difference between negative inflation and deflation?
He forgot a third choice:what if the treasury dept has bought huge amount of spy through the fed in the Mar lows,and they sell small amounts every period?this way they can roll over the debt with ease and with little printing with little help from GS who would keep the market above the 1000 threshhold.
I've donned my tinfoil hat of late and have been wondering the same thing.
Did anyone notice Monday's opening? Tons of early trade activity-virtually all of my holdings started the trading sessions up by a very noticable amount, from Friday's close.
I'm very new to this game, but it seems to me that levels are being maintained in favored cos.
Or is it the waves penetrating the foil?
negative deflation? seriously? but i hope he enjoyed his coffee break!
Yes uhm. It's becoming apparent that that other guy in the comments a few stories ago was correct that we're being set up as an asset backed currency that will then be forced into hyper inflation mode when they have to raise interest rates.
Funny thing is I didn't see why they would have to raise interest rates until the issue of the government debt rollover came to the fore.
So there we have it.
The set up and the trigger.
He's saying that when we see the short killing rally in the dollar, it's because they've raised interest rates causing a short burst of dollar happitude but that that will be the last hurrah for a dollar going hyperinflationary.
Makes perfect sense.
Course the thing is that 'they' (meaning the shadowy overlords of unspecified origin) are exceptional at pulling another rabbit from the hat.
Wouldn't surprise me a bit if instead of printing cash the government decides to default, just declares martial law and suspends the dollar as a form of currency period.
Anything is possible when you're writing history, as Dick Cheney would tell you at shotgun point.
We'll still be hearing about the "strong dollar policy" as we pass through parity with the Mexican Peso.
War out!
So acording to MR. Krugman,zh is now considered a moral equivalent of Nazi propaganda?. One has to question why such a well known "economist"descend to that level of garbage hate mongering. He will make his money either way. But then again,may be there is something bigger at stake,if the dollar become strong and the country stops its debt from skyrocketing. And since when economist started advocating that it is fatal to have a balanced budget and a strong currency for a country?. It seems that I took a nap since my eco 101,and woke up with such garbage economist dominating the scene.
I hear too much chatter about the dollar collapsing. It may be a contrarian indicator, at least for the short term.
admin
http://invetrics.com
good luck timing the spike.
whatever you do, don't share this video too much because he's showing us his proprietary chart there, that he usually sells.
lol
Jawohl! Mein chart ist sehr gut!
Can we swap him into the California gubenetorial slot like a Goldman CDO?
SNL Obama Press Conference in Beijing - Fred Armisen - 21 Nov 2009.mp4
This Saturday Night Live's second critical satire of President Barack Obama - air date, 21 November 2009, starring Fred Armisen and posted by David Kusumoto (winstonsnow), San Diego, is one of the funniest ridicules of the dollar around (a little Saturday Night raunch thrown in, of course)…
http://www.youtube.com/watch?v=01vjlJZRw5Q
The same 5-star video, with more than 300,000 views, was removed about an hour ago in this country “due to copyright restrictions.” View it while you can….
You hang around here and need to mention the raunch? Sensitive, sensitive!
Actually, I don’t hang around here for the raunch.
I'm pretty sure you can see it on HULU.com (it was up there last night). While on the subject of SNL, this Saturday included the hilarious music videos "Reba Mcentire" & "What's Up With That" -- must watch, but def see the Obama Press Conference in Beijing first!
Superb! Thanks for the link. Laughed 'till I cried.
It should be as they get printed to pay for this:
Plundering California: How Public-Sector Unions Brought The State To Its Knees
The economy is struggling, the unemployment rate is high, and many Americans are struggling to pay the bills, but one class of Americans is doing quite well: government workers. Their pay levels are soaring, they enjoy unmatched benefits, and they remain largely immune from layoffs, except for some overly publicized cutbacks around the margins. To make matters worse, government employees—thanks largely to the power of their unions—have carved out special protections that exempt them from many of the rules that other working Americans must live by. California has been on the cutting edge of this dangerous trend, which has essentially turned government employees into a special class of citizens.
http://tinyurl.com/ylbtkrf
Hmmmm sounds familiar? Oh right! The UAW story!
Fortify your job security until there is no more job for you to fortify your security in.
Pure fucking genius
And every swinging government dick in Cali is on furlough. The elected critters are absolutely, positively terrified to recommend layoffs. Public Sector unions run this government. Bennies are up 40 % in 9 years.
Well, with a $21B deficit looking them in the face ...... again.....we Californicators can look forward to more IOUs. And I've made sure I owe them at tax time, not the other way around.
Cali = GM ( gubmint style )
The way I see it, Rainman, for California it becomes the law of diminishing return. And the Democrat-controlled legislature is well aware of its problem. The larger the government programs grow, the greater the pressure for higher and higher fees; but flight from these taxes begins to reduce the tax base. In other words, the higher the tax burden the greater the chance of smaller return.
Even the most liberal legislators are forced to tell the public employee unions the truth. Push too much and the businesses move to Nevada and more and more professionals leave the state.
An additional problem for Democrats facing their lobbying groups is that climbing tax rates hurt their re-election chances.
There’ll come a day when California is going to have to cut down below the fat and into these heavy unions, and the biggest chunk of the budget is education.
The number one political donor in 2008 in the U.S. was the National Education Association at $56.3 million. Four of California’s Indian gaming interests made the top ten donors in the United States.
The new national anthem to the US dollar ($) http://www.youtube.com/user/DcxDog
Can anyone explain how the Fed is going to unload the 997 billion dollars worth of MBSs it has acquired? Whereas previously a boatload of treasuires could be sold on one of the biggest markets in the world, what is going to happen to these securities?
I am stunned by this and am wondering what the end game will be. What if the MBSs lose 50% of it's value? Would this essentially mean that the Fed took half of our money and handed it over to Wall St. or whoever the hell originated these worthless securities? We are talking MAJOR theft here...
I am also curious, if these MBSs and Agency paper was already paid for in reserve notes, then did our currency circulation rise as of that moment? According to the data it does not appear to be so, but they must have been paid with something.
This of course begs the question of why the rates will EVER be raised now that Ben has a seriously vested interest in propping up the housing markets. This looks like a Japanese style malaise, but worse...
In all sincerity, that crap will just sit there, pretty much forever.
And it will zoom far north of a tril......that's for sure.
They'll fire sale it back to the bankstas .....and the cycle will begin again.
They aren't. These securities will be locked in the attic like the crazy first wife and nobody will even mention the topic again.
Fed buys MBS paper with newly printed FRNs, which then are used to purchase nice shiny Treasury bonds.
Everyone's a winner and all problems are resolved, apart from the ones that aren't.
What is the price for holding these securities forever? I mean forever is a loose term...they will mature..eventually.
So these newly printed FRNs should be going to Wall St. or whoever the hell is selling these MBSs in the first place and that money would then technically be circulated - yet the circulation of currency does not correspond at all to the influx of mbs/agency paper.
In my simple understanding buying MBSs with printed FRNs should have resulted in massive circulation increases and price inflation, but it has not...
As others have astutely pointed out, these MBSs will never see the light of day.
The Fed will raise rates when it's the member banks interest to do so, vis a vis, they've got all the toxic assets off their books and they're net short equities, so it becomes profitable to crash the market.
While the market declines, rates will be rising and the public will be goaded into selling, the same way they're being pushed into the market, now, with interests rates so low.
Agree 100% on the interest rate/market correlation, I think its a more reasonable outlook than new highs on the back of a useless dollar.
However that does not quite account for the fact that raising rates along with a market collapse will drag down real estate and cause another foreclosure spike destroying the value of the MBSs further...what is the price to pay for this? Or has the price already been paid in freshly minted notes?
I definetly like the pig
Wear their scorn as a badge of honor!
Could Maiden Lane been the equalivalent of a 'bad bank' and the paper offloaded there, then swapped with treasuries, then the paper swapped with REITs for $$ at a much lower face value? So the velocity didn't show up at the higher amount?
I really don't understand all of this and never knew what a derivative WAS until fall 2008. Any clarification appreciated, thx.
Surely there are at least two sets of books?
It seems like eveyone is talking about the dollar, and when everyone has something to say about it, it might be time for the direction to change. I discuss a possible connection between the dollar and silver. http://www.graspthemarket.com/articles/20091123a.php
A trendline is constantly being hit since the lows. We'll see when the dollar turns how this will turn out.