Post Mortem for the World’s Reserve Currency

ilene's picture

This is a thoughtful analysis by Mike Whitney showing what a financial mess we're in - the proverbial rock and a hard place scenario. - Ilene 

Post Mortem for the World’s Reserve Currency

Courtesy of MIKE WHITNEY, originally published at CounterPunch and Global Research

money printingPaul Volcker is worried about the future of the dollar and for good reason. The Fed has initiated a program (Quantitative Easing) that presages an end to Bretton Woods 2 and replaces it with different system altogether. Naturally, that's made trading partners pretty nervous. Despite the unfairness of the present system--where export-dependent countries recycle capital to US markets to sustain demand---most nations would rather stick with the "devil they know", then venture into the unknown.  But US allies weren't consulted on the matter.  The Fed unilaterally decided that the only way to fight deflation and high unemployment in the US, was by weakening the dollar and making US exports more competitive. Hence QE2.

But that means that the US will be battling for the same export market as everyone else, which will inevitably shrink global demand for goods and services.  This is a major change in the Fed's policy and there's a good chance it will backfire. Here's the deal: If US markets no longer provide sufficient demand for foreign exports, then there will be less incentive to trade in dollars. Thus, QE poses a real threat to the dollar's position as the world's reserve currency.   

Here's what Volcker said:  “The growing sense around much of the world is that we have lost both relative economic strength and more important, we have lost a coherent successful governing model to be emulated by the rest of the world. Instead, we’re faced with broken financial markets, underperformance of our economy and a fractious political climate.....The  question is whether the exceptional role of the dollar can be maintained." 

This is a good summary of the problems facing the dollar. Notice that Volcker did not invoke the doomsday scenario that one hears so often on the Internet, that China, which has more than $1 trillion in US Treasuries and dollar-backed assets, will one day pull the plug on the USA and send the dollar plunging.  While that's technically possible, it's not going to happen. China has no intention of crashing the dollar and thrusting its own economy into a long-term slump.  In fact, China has been adding to its cache of US Treasury Bills because it wants to keep its own currency weak and maintain its hefty share of the global export market.  Besides, China didn't become the second biggest economy in the world by carrying out counterproductive vendettas against its rivals.  It's going to stick with the strategy that got it where it is today. 

Still, as Volcker points out, there are real threats to the dollar, and they're getting more serious all the time. For example, if the deficits continue to balloon as they have recently ($1.3 trillion in 2010) or if Fed chairman Ben Bernanke follows QE2 with QE3, QE4, QE5 ad infinitum, then foreign investors and central banks will begin to lose confidence in the US's ability to manage its finances and they will begin to ditch the dollar. That will increase the cost of funding government operations by many orders of magnitude. In fact, it looked like something like that was happening just last week when President  Obama announced his approval for extending the Bush tax cuts. The markets figured that extending the cuts would swell the deficits which would force the Treasury to issue more debt. That triggered a flight out of US Treasury Bills that sent yields up sharply.  The bond market suffered its biggest 2-day selloff since 2009. The incident provided a snapshot of what's in store when the economy begins to recover and the government has to pay higher rates to service the debt.

In any event, the one-two punch of bigger deficits and QE cannot help but push the dollar lower, but that does not necessarily imply that the dollar will lose its top-spot as reserve currency. It's more complicated than that.

Here's how  economist Menzie Chinn summed it up when he was asked how it would effect the US economy if the dollar lost its position as the world's reserve currency:

"If the dollar does indeed lose its role as leading international currency, the cost to the United States would probably extend beyond the simple loss of seigniorage, narrowly defined. We would lose the privilege of playing banker to the world, accepting short-term deposits at low interest rates in return for long-term investments at high average rates of return. When combined with other political developments, it might even spell the end of economic and political hegemony."

Maintaining reserve status is the great imperative, because reserve status is the cornerstone upon which the empire rests. Lose that, and the whole superpower phenom begins to teeter. So, quirky, untested policies, like QE, are not initiated without a great deal of thought. (and apprehension) The Fed tries to anticipate what could go wrong and work out an exit strategy. Kevin Warsh, who is a member of the Board of Governors at the Fed, gave a good rundown of the potential problems with QE in an article in the Wall Street Journal. Here's an excerpt:

"The Fed's increased presence in the market for long-term Treasury securities also poses nontrivial risks. The Treasury market is special. It plays a unique role in the global financial system. It is a corollary to the dollar's role as the world's reserve currency. The prices assigned to Treasury securities--the risk-free rate--are the foundation from which the price of virtually every asset in the world is calculated. As the Fed's balance sheet expands, it becomes more of a price maker than a price taker in the Treasury market. And if market participants come to doubt these prices -- or their reliance on these prices proves fleeting -- risk premiums across asset classes and geographies could move unexpectedly. The shock that hit the financial markets in 2008 upon the imminent failures of Fannie Mae and Freddie Mac gives some indication of the harm that can be done when assets perceived to be relatively riskless turn out not to be." ("The New Malaise", Kevin Warsh, Wall Street Journal)

This is an astonishing admission for an acting member of the Fed. Warsh is basically conceding that the Fed is price-fixing on a global scale ("more of a price maker than a price taker") and he worries that this could undermine confidence in the bond market.  The danger, as he sees it, is that investors will see through the ruse of government guarantees (like those for Fannie and Freddie) and exit the asset class altogether, sinking the dollar on their way out. This is the grimmest scenario I've seen yet, but it seems much more plausible than the "China will dump its Treasuries all at once" theory.

The administration's support for Bernanke's "weak dollar" policy  is evident in the way that Obama keeps reiterating his promise to double exports in 5 years. This simply can't be done without ripping the dollar to shreds, which appears to be Obama's intention. QE will lower the dollar's value against a basket of currencies which will make US exports cheaper than the competition. Bernanke sees it as a way to narrow the output gap and lower unemployment by cranking up the printing presses.

Foreign trading partners see it as beggar-thy-neighbor monetary policy at its worst, and they are deeply resentful. They'd rather see Congress do what it's done in the past, and push through a second round of fiscal stimulus to boost  demand. They don't care about how big the US deficits are as long as they are used for a good purpose. And pulling the world out of a global slump is a good purpose. But that's not going to happen because the new GOP majority wants to implement their madcap "austerity" scheme which will bankrupt the states and dismantle popular social programs. They're as committed to  "starve the beast" as ever, and they're convinced it's a winning strategy for retaking the White House in 2012.  But belt-tightening reduces demand which makes American markets less attractive for foreign products. If the US economy continues to underperform, there will be less reason for foreign investors and central banks to stockpile dollars. The Fed's QE, Obama's export strategy, and the GOP's plan for debt consolidation are creating ideal conditions for an unexpected plunge in the dollar.

But there are other problems facing the dollar besides falling value and droopy demand. As Volcker says, "We have lost a coherent successful governing model to be emulated by the rest of the world. Instead, we’re faced with broken financial markets, underperformance of our economy and a fractious political climate."

Indeed. Public confidence in US markets has steadily eroded as one scandal follows the other and the people involved are never held accountable. So far, not one CEO or CFO of a major investment bank or financial institution has been charged, arrested, prosecuted, or convicted in what amounts to the largest incidence of securities fraud in history. In the much-smaller Savings and Loan investigation, more than 1,000 people were charged and convicted. As Volcker points out, the system is broken and the old rules no longer apply. The small gains that were  recently made in Dodd-Frank financial regulation, are now under attack by the new majority in congress. The GOP has pledged to either roll back entire provisions of the bill or do what they can to make the law unenforceable. Here's a quick look at two of the Republican leaders who will be leading the effort to "defang" Fin-Reg:

"A heated battle is underway between Rep. Spencer Bachus, R-Ala., who is in line to become the next chairman of the House Financial Services Committee, and Rep. Ed Royce, R-Calif., who is challenging him for the post currently held by Democrat Barney Frank of Massachusetts....More than half the $1.25 million donated to Royce’s Road to Freedom political action committee (PAC) over the last two election cycles came from banks, auditors and insurance companies, according to the Center for Public Integrity.

“Bachus... too, has deep financial ties to the industry, which contributed more than half the $2.7 million in PAC money he received in the past four years.   ("Defang and Delay—Wall Street Plans to Neuter FinReg", Merrill Goozner, The Fiscal Times)

There's no doubt that Royce and Bachus are in Wall Street's pocket and are ready to do their bidding.  Whatever inroads were made on the main issues-- Too Big To Fail, resolution authority, central clearinghouses and capital standards for derivatives, securitization, funding for the Consumers Financial Protection Agency (CFPA) etc.---will either be  sabotaged or challenged by financial industry agents working from within the congress and senate.

Here's a quote from a post by Zach Carter who hangs some big numbers on congressional influence peddling:

"A full 90 members of Congress who voted to bailout Wall Street in 2008 failed to support financial reform reining in the banks that drove our economy off a cliff. But when you examine campaign contribution data, it's really no surprise that these particular lawmakers voted to mortgage our economic future to Big Finance: This election cycle, they've raked in over $48.8 million from the financial establishment. Over the course of their Congressional careers, the figure swells to a massive $176.9 million.... When it comes to dealing out economic damage, no special interest group has been able to wreak more havoc that Big Finance...("Crony Capitalism: Wall Street's Favorite Politicians", Zach Carter,

Wall Street is the epicenter of global corruption; the world's biggest sewer. Its multi-trillion dollar Ponzi-mortgage scheme brought down the global financial system which was hastily resurrected by blanket Fed guarantees on fraudulent bonds and securities generated by undercapitalized financial institutions. But as bad as the bailout was, the Fed's ongoing meddling in the equities markets is even worse because  it shows to what extent the markets are being juiced. Consider this excerpt from an article on Bloomberg on Monday that shows the connection between the Fed's purchases of US Treasuries (QE) and the predictable surge in stock prices:

"Nine of the S&P 500’s 10 main industry groups, led by shares of financial companies, rose more on days when the Fed opened its checkbook for, or announced results of what it calls Permanent Open Market Operations. The group of 81 banks, insurers and investment firms, including New York-based JPMorgan Chase & Co. and Wells Fargo & Co. of San Francisco, climbed an average 0.32 percent, compared with a 0.04 percent drop on non- POMO days....

“FX Concepts LLC, the world’s largest currency hedge fund, buys higher-yielding assets such as stocks and the Australian dollar when the Fed is purchasing bonds, said John R. Taylor, who manages about $8 billion as chairman of the New York-based firm. The days have become “incredibly important for the market,” Taylor said." ("Stocks Rally With Bernanke Bond Purchases as QE Buoys S&P 500", Bloomberg)

This phenomenon has long been a topic of debate on economics blogs, but now that it's in the mainstream,  people are likely to sit up and take notice.  Bernanke's money is going in one end and coming out the other in the form of "frothy" stocks.  Just like high-frequency trading, dark pools, off-balance sheets operations, shadow banking, securitization, and the billions in unreported mark-to-fantasy toxic assets; this latest discovery by Bloomberg will further confirm that Wall Street is a murky underworld of insider trading, criminal activity and Fed-sanctioned grand larceny.  


The dollar's days as reserve currency may be coming to an end, but it won't be because China decided to jettison its pile of US Treasuries. Oh, no. It will be because austerity measures in the US reduced demand for imports making it less necessary to trade in dollars. And, it will be because Obama's "weak dollar" policy led to the demise of Bretton Woods 2 which kept interest rates low by recycling capital into the US. And, it will be because Congress and the White House were incapable of fixing the financial system, reigning in Wall Street, or restoring credibility to the markets. These are the real reasons the greenback is toast.

As Volcker opines, "We’re faced with broken financial markets, underperformance of our economy and a fractious political climate" because we no longer have "a successful governing model" that the rest of the world admires.  Absent radical restructuring and a new regulatory regime, the dollar will be unable to maintain its "exceptional role" as the world's reserve currency.  It's only a matter of time. 

Artwork by William Banzai7

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alexwest's picture

as long as stupid idiots like you keep on repeating that nonsense,,

nothing is gonna change...

##he Fed unilaterally decided that the only way to fight deflation and high unemployment in the US, was by weakening the dollar and making US exports more competitive. Hence QE2.

no no no .. ONLY REASON FOR QE2  is balance 1.7 trln $$$$$$$ budget deficit..

period... there will be  qe3, qe4 qe5 etc... I GuARANTEE YOU there will be no

QEnnn less than 1.5 trln $ ever..

how long is it gonna last ?? 2,3 years 3 years US national   debt gonna be 20

trln $ and at some point rates will spike up., US gov wont be able to finance budget as

revenues won be able to service even cost of debt,, thus PRINTING WEIMAR WAY


you can laugh but its true... see you in 2015 yy



delivered's picture

The information provided is useful, and in general I agree with the assessment, but it does not address the root of the problem. The massive indebtedness of the USA. The twin deficits (trade and government/mainly federal) have been building for decades so to think that the US can continue to issue more and more debt (which the rest of the world will buy) is just not realistic as one day, the shear volume of just too many USD's, T-Bills, T-Bonds, agency debt, etc. would eventually kill the USD. Just like a company that continues to fund losses with issuing debt (thus driving the value of its equity to nothing), the same principal will hold for the USD but just take a little longer. And just a couple of other thoughts to consider:

1.) When Volcker was in charge about 30 years ago, the US comprised roughly 50% of the world's GDP (with Western Europe and Japan being the other major players). Today, roughly 22% and continuing to decrease. Also, the economies of China, Russia, India, Brazil, and the rest of the emerging markets were limited. Today, a completely different story. The global rules have changed so those who think the USD will retain its reserve currency for an extended period are not watching the fundamental trends.

2.) As for China, if they eventually have to take a haircut on their US debt holdings of say 25 to 40%, then I believe they are prepared to do this as long as the "hair cut" helps them achieve economic strength, independence, and influence. Or looking at it another way, when a company invests capital which is "expensed" in the financial statements but generates significant future growth/economic returns, this decision is rewarded (e.g., Google offering Android OS for free). So for China to realize an "expense" to build its economy into a world power, then taking a hit of $250 to $300 billion on a trillion of holdings could be peanuts in the long-run. Also, the holdings are just sitting there doing nothing but earning low returns paid in USD's. I believe they know a significant hair cut is coming but they'll hold off on taking the hit until they've achieved specific economic goals.

3.) Finally and to all the speak of fiscal austerity in the USA, just don't see it happening as what are you going to cut? Defense, I don't think so as you would have to cut very deep to make a difference. Welfare programs such as unemployment insurance, Food Stamps, welfare, medicare/medi-cade, etc., very challenging and would hit the poor/lower middle class very hard and be very politically challenging. Also, federal borrowing costs can't go any lower and will only go up so any cuts will be offset by increases in debt carrying costs (as an average of a 1% increase on soon to be $15 trillion of debt would amount to $150 billion alone). So the Fed may not have any other choices than to do everything possible to keep interest rates low as increases will kill interest rate sensitive industries including financials, the government, real estate, etc.

Again, the thoughts provided in the article are sound but really, when one looks at the risks with the USD, the problems started decades ago and have finally reached a breaking point (most likely to be realized over the next ten years). When the deficit exceeds the annual GDP (most likely by the end of 2012), the US economy drops to less than 15% of the world's GDP, and the US is finalize forced to realize the massive losses on garbage paper held throughout the financial industry, the final results of the game will be realized. But as the old saying goes, every battle is won or lost before it is fought. The battle over the USD has already been fought. It is just up to you to determine if it has been won or lost.

greenewave's picture


Then Watch the YouTube Video “AMERICAN DREAM DEAD ~ DENIAL, THEN PANIC” at (


It’s time you STOPPED getting SCREWED by the BIG RED WHITE and BLUE !!

honestann's picture

As revolting as it seems, at this late date, the best thing to do is act ultra-irresponsible to hasten the day of the total collapse of the USSA.  The sooner the collapse comes, the sooner we can hang the predators-that-be (and predator class) for treason and crimes against humanity... and attempt to return to a system of honesty, ethics, justice, liberty and individualism.

Sadly, there's already a good chance that americans are so utterly braindamaged that this is totally impossible.  But at least the fall of the USSA would leave some other locations on this globe as potential homes for honesty, ethics, justice, liberty and individualism... unless the current scam continues on for too long.  Crash the system.

Green Leader's picture

There will be a few pockets of liberty in the globe, but life won't be what it is now for their inhabitants. Head for the hills...

As for the banksters, I think it's part of the big plan to dispose of them. The masses would be fooled to think they 'won'.

CulturalEngineer's picture

"A full 90 members of Congress who voted to bailout Wall Street in 2008 failed to support financial reform reining in the banks that drove our economy off a cliff. But when you examine campaign contribution data, it's really no surprise that these particular lawmakers voted to mortgage our economic future to Big Finance: This election cycle, they've raked in over $48.8 million from the financial establishment."

I don't like the way money is controlling politics either. Sometimes you have to fight fire with fire...

$48.8 million? It's disgusting how these special interests can network their money!

$48.8 million is less than 35 cents per registered voter...

It's just a matter of implementing the technologies to harvest other sides of the debate..

Most people NEVER give to a cause or campaign. It's a hassle and unless you're giving substantial bucks you feel pretty impotent anyway.

It doesn't need to be that way. Its just a matter of catalyzing the network.

Fixing the Political Relationship

Gloomy's picture

As I predicted (and Tyler scoffed at me) the yield curve is now starting to steepen. This move in bond yields has nothing to do with anything except feeding money to the banks and was entirely predictatble.

Gloomy's picture

PSLV now at 15% above NAV-not enough real silver to go around, NAV premium will go to the moon!!

MrBoompi's picture

if the deficits continue to balloon as they have recently ($1.3 trillion in 2010) or if Fed chairman Ben Bernanke follows QE2 with QE3, QE4, QE5 ad infinitum, then foreign investors and central banks will begin to lose confidence in the US's ability to manage its finances and they will begin to ditch the dollar.


--   Are you trying to tell us foreign investors and central banks HAVE confidence we can manage our finances?  That's a f-ing joke.


Look, the major capital pools around the globe know the state of the US finances.  They will invest in our markets until they've exhausted our supply of wealth, then they'll pull out leaving us with the debt.  Then it will be on to the next victim.

onlooker's picture

China could be a larger threat than stated here. I think Drudge today had a story about Russia going to Chinese money for trade. Russia plus China equals the demise of the USA as the dominate World super power. The toxic and fatal ponzi schemes using  housing/mortgage/leverage has not only prove fatal to us but the rest of the economies of the World. The save attempt has made it worse. We know what, who, when, and where. Now the impact.


The cost of a US take down by China is much cheaper by financial methods than by military. The impact on China is reduced to a controllable event compared with military action. The US will be safe as long as it is useful to the China/Russia pact. I guess World peace keeper, source of raw materials, technology, and consumers are assets to China. The reserve currency appears to be less asset and more liability.


The cost of the decision by the US to keep Mother Russia on her knees after the collapse of the USSR is back to haunt us. The Iraq and Afghanistan wars appear to be more costly than expected. The near collapse of the US economy and the sickness spreading to other countries has done unspeakable damage to the idea of the American dream as a World model.


We are upside down and in desperate need of a solution. The 200 year uptrend of the US may be over unless drastic action is taken to get us right side up. I hope to see some light no matter how faint at the end of the tunnel.

Green Leader's picture

The bear and the dragon are not afraid of the eagle and will defeat it.

The bear has 3rd generation scalar weaponry, the eagle only first generation.

Clycntct's picture

I'm with you Onlooker, but I believe the light is the oncoming train. Even though our hopee is intact it is impossible to ignore the rumble of the approaching train. It is our wreak not the trains that is imminent.

Mark Medinnus's picture

A lengthy ZH rehash - am I the only one who feels this way? 

MeTarzanUjane's picture

No you're not the only one. It's ilene's stock in trade any the only way she knows how to make it onto the radar. Rehash and sensationalize for maximum effect and exposure. Kind of like Reggie but her style is flatter for a sensationalist. I usually can only read a few sentences before I have to excuse myself and puke.

Funny the shill commenter that show up here never show up anywhere else.... Duh Phil....

RighteousRampage's picture

When you strip away the veneer, the Federal Reserve Notes on which the world today so relies are backed neither by our Taxation Authority, nor by our Gold, nor by our Legal System or Land or by our Resources, but by the ~5000 nuclear warheads and 700 or so military bases we maintain in 150 some-odd countries around the world.  We may be an empire in decline, but we are still very much an empire. The USD will not go quietly into that that goodnight, mark my words.

AnAnonymous's picture

That is that. Alas, duplicity being what it is now, nobody will speak about the way the USD is backed. Because the US is good, the US can not live out of a extortion/farming scheme.

Therefore the endless speech on the decline of the USD as a reserve currency.

Would someone have developped guts over the topic and the topic could be settled for decades as all these professional debaters only makes a living by failing to address the core issue.

It would be so easy to shut up Volcker type people.

Bubbles...bubbles everywhere's picture

I think what RR meant is that the US will look like Pakistan in 20 years.

Mr Poopra's picture

Unfortunately, you are quite correct.  The American people are blind and asleep to these evil machinations and it will take something considerable to wake them up to how completely infiltrated this government is by Zionists and secret societies.  As our rulers watch it all come down, their desperation is would surprise me to see it go out with a fizzle instead of one or several "booms". 

Mark Medinnus's picture

In content and economy, this comment eclipses the post.  And it closes with a DT allusion!  RighteousRampage, thou art my hero (with little hearts rising from my keyboard).

Frenchroast's picture

You couldn't be more on point RR. Seems the US financial elite and the American Empire rulers are hand-in-hand the best global manipulators ever imagined, and still have plenty up their sleeves. Even if every other sovereign power on earth unites against us, we hold the trump card(s) to defeat them. The end of the USD is far from certain.

Mr Lennon Hendrix's picture

Peak oil begs to differ.  How will the army march on $500 per barrel?

Rogue Economist's picture

Armies don't buy Oil, they get it the Old Fashioned Way.  They STEAL it.


Kyron95131's picture

exactly, lol

why do you think were in iraq?

he who has the biggest gun wins, america's trump card.

TradingJoe's picture

We have less then 2 years to cash in and LEAVE! There is no staying here, once this shit comes down it'll be like  a brick wall coming down on you!

honestann's picture

Sorry... less than 1 year now.

Kyron95131's picture

theres no place to go dude

all the shit thats happening now are the same reasons a lot of our great grandparents left the countries they came from and left it all behind to come here.

theres no place left on the globe thats untouched and not independent.

johny2's picture

This looks like a profit taking in bonds to me. If it was a real break down in USA treasury market, dollar would not be getting stronger, right? 

Which means robotrader will probabbly be proven right and the stocks will go up.

Dow Jones has already reached its all time highs if valued in euro or gbp

this makes wrestling look real.





midtowng's picture

The drop in the 10-year bond started pretty much the day the Republicans won the election. It looks like the markets were responding to the expectation of continuing tax cuts.

apberusdisvet's picture


And they laughed when some mentioned that gold could go to $50,000.

Simon Endean's picture

Interesting post, but isn't it based on the presumption that Bernanke isn't solving the problem perfectly?  I mean, c'mon - two different presidents of different political parties have appointed him.  Obviously, he has the Midas Touch.

Lost My Shorts's picture

For a man with a losing hand, Bernanke has stayed in the game longer than anyone thought he could.  Maybe he is smarter than he looks.  All this reserve currency nattering always strikes me as somewhat disconnected from reality.

The requirements for a reserve currency are:

-- big supply.  AUS$ can't be a leading reserve currency because not enough exist.

-- relative stability.  Central banks don't view their hard currency reserves as speculative investments.  They want cocktails at 4:00 and a good night's sleep.

So what is the alternative to the US$ in terms of supply?  Only EUR (gasp -- good luck sleeping with your reserves there), CNY (manuiplated currencey which doesn't even float, and based on an opaque economy with fake numbers and loose policy in a totalitarian state whose stability is not totally given -- forget the cocktail, better chug from the bottle) or JPY (bigger debt than even the US.)

Even if central banks try to hedge their bets by holding many reserve currencies in proportion to supply (what better strategy if the US$ is no longer bedrock?), the US$ would still be number one.

The US$ had (up to recently) and odd habit of declining in good times and spiking in bad.  Not the worst form of instability from a foreign central bank perspective.  QE2,3,4,5 might change everything, but where to run?  Gold is extremely inconvenient as a reserve "currency" and would only be adopted in desperation (i.e after the global trading system has already largely broken down, and nothing left to lose).

The US$ has been overvalued for a long time, creating the imbalances that have hollowed out the US economy and brought the country the edge of debt-addicted collapse.  If that is the "benefit" of reserve currency status, thanks a lot, let someone else have it.


Violetta's picture
Violetta (not verified) Simon Endean Dec 15, 2010 5:48 PM

ha ha ha the midas touch. i'm going to enjoy seeing all you guys cash in on the gold even though i am not getting any myself.

Gringo Viejo's picture

Metals takedown/Faux $ Rally right on schedule. Asians reportedly state..."such actions cartoonish." Real wealth resides in Asia. All the Feds horses and devious men, couldn't put the ponzi together again. This is so fucking sad to watch............


covert's picture

forgetting the golden rule? he who owns the gold makes the rules.


JW n FL's picture

American dollars bought and paid for the financial freedoms in china... and most of the start up monies where as well U.S. dollars...

Just like in Brazil... India... Russia would be a closer mirror image...

So you can say what you like... but the facts remain.