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...Promptly Followed By Brazil
The first global currency wars are now delcared fully open. Participation for all non-gold standard backed countries is mandatory.
BN 11:47 *BRAZIL CENTRAL BANK TO BUY DOLLARS IN SPOT CURRENCY MARKET
BN 11:47 *BRAZIL CENTRAL BANK TO BUY DOLLARS 3:46-3:51 P.M. LOCAL TIME
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The currency markets should be a complete shambles by october 7th.
ashes, ashes, all fall down
ping
Perfect timing:
United States Mint to Issue 2010 American Eagle Gold Proof Coins October 7
http://media-newswire.com/release_1127825.html
Uh ya. Wouldn't count on that. LOL
Maybe the plan is to issue, sell and then confiscate.
Sounds like a good Birthday present -- for me! Buy me some, I'll send ya that shipping address.
I already linked to this in another comment but because I think it is one of best analysis I have read in a long time and gives a global context for the currency wars, I am relinking:
http://ampedstatus.com/the-road-to-world-war-iii-the-global-banking-cartel-has-one-card-left-to-play
Long read but worth it. Came across it on http://jessescrossroadscafe.blogspot.com/
good link !
Caralho!
Fudeu!
Ha ha!
ping
Sweet. I can buy more gold and silver using the sweat of some brown person's back.
True, they willingly give up their unique position to be the next World dominators, and instead fly like a moth into the fire, stupid is as stupid does, no mercy !
The next world dominators will be the ones who have the highest (population / the lowest government spending as a percent of GDP).
China gets a 6.6 billion by that measure. USA gets a 820 million. India gets 4 billion.
For reference, the USA had a score of 3.8 billion in 1900.
China wants to implement universal health care, they are a totalitarian state after all, they cant allow the popluation to get too disgruntled, they will spend, their world domination will last even shorter than the USA, as soon as the technology/innovation transfer ends and competition(USA) goes awy they will immidieatly go into decline. I am guessing that in 50-100 years a new 'USA' will emerge(and not necessarily on the American continent) and it wont be China, after WW3 which will surely happen in the next few decades all the smart refugees will flock to 1 place(hard to say where) and youll get the New America
If they do such things, their score will go down, and they will ruin their chances. The same way that the Brazilians are ruining theirs with currency interventions (which is by definition spending).
Smaller nations can become great powers, like England, and even like the US, but only if they have very low spending proportional to the size of their economy.
ALL fiat currencies eventually collapse. They MUST, as ALL currencies are inflated by political leaders in an effort to keep the masses from denying the rulers the MANDATE OF HEAVEN. The Chinese leadership know this, they know that their reign is finite under current conditions, and they will change the conditions IN ANY WAY NECESSARY in order to maintain the Mandate of Heaven. Hmmmmm....war with Japan will work.
No, the next world dominators will clearly be rap musicians due to the sheer weight of their gold bling and grills.
Where the word "bitchez" will become mandatory in every sentence.
As if this is not already the case, bitchez.
Does this count as a Brazilian wax job?
I'll be on the lookout for Brazilian bottoms!
Ouch!
Well its not really significant until Zimbabwe joins in
How much clout are these countries putting behind the buys? Are they capable of bidding up the dollar for more than a short term pop? I read earlier that Brazil says it has unlimited ability to buy dollars through debt sells can this turn the tide against the bastard that's insistent on destroying American buying power?
Bernanke infinte printing vs Brazil infinite buying. The irresistable force meets the immovable object.
ping
STUXNET TRADING WAR ROOM
http://williambanzai7.blogspot.com/2010/09/stuxnet-commandtrading-center...
Brilliant as always WB. Thx.
Brasil action is a bit more weighty than Peru...
http://finviz.com/futures_charts.ashx?t=DX&p=m5
not much to see
Instead of this currency war being about who has the strongest currency, who is buying the most gold, this is about devaluing each's own currency by buying a more worthless currency. FULL RETARD.
You never go FULL RETARD
You ever see "Digging to China"?
Can somebody explain to me how currency manipulations are any different than tariffs? Or why tariffs are bad, but currency manipulation is good.
Thanks!
Don't look at it from your perspective it won't make any sense. Look at it from a Banker/Multinationals perspective and it will all be crystal clear.
The coalition of the willing........to debase.
Oh oh, somebody woke up Cheeky. :>)
Hey Cheeky, Velobabe aka Kathy has been calling out your name for weeks. Please, do something with her. She likes it when you talk all manly and dirty.
Double glove.
The 'ol Jersey Meat Hook comes to mind.
I like Kathy - why are you guys always picking on her?
Velobabe....er...Kathy, is that you? :>)
I'd like to nominate this for funniest post of the week.
(be sure to get some video)
Is that Kathy Chamberlain CD? The ultimate irritant? Yes, please Cheeky--do something with her.
i think cheeky gonna be busy this weekend watching fernando alonso win the singapore grand prix.
Huh? Ferrari's found a new way to cheat?
got pole position for f e r r a r i
let velobabe be, she makes some of you guys look smart. Be thankful she drinks. No telling what she might say if sober.
i only drink at night, mere. i tell all ,,, mostly during the day.
WHERE IS CHUMBAWAMBA ???... damn
Chumba was removed. Got that from the horse's mouth.
What did he do?
Chumba was never told. One day he couldn't log in. Period.
<speculation alert on>
Chumba had recently been involved in some Zero Hedge Israel article knife fights with other posters, a sand box Chumba seemed to enjoy immensely. So the assumption was that he said something that wasn't liked. But ultimately the reason was never given. But I have no idea what the whole story is.
<speculation alert off>
Sometimes I wish they could just ban people from articles with a given tag. Some people turn into major trolls on one issue or another, while they have fairly reasonable opinions in others. This is why I try (but usually fail) to stay away from Arab/Israel articles, as it pains me to see some smart economics commentators make jackasses out of themselves by supporting socialist race states.
Now why would you suppose this is the case? And some of these people go troll on a few very specific subjects. Very specific subjects. Then they are back to normal with no further mention.
I wonder why?
Banishment , bitchez.
I am miss Chumbawamba.
his ideas are immortal:
http://www.zerohedge.com/search/node/chumbawamba
It reads like "The Greatest Hits of Chumbawamba".
That is freedom of speech and justice.
The Internet is such an eye opener.
Where was the government? Where were the elites?
He was Chumbawamba. That's what he did.
Good to see you CB. How ya been doing?
:^) on the poster, sir.
glad to see you out and about.
cheers and health to you.
To all: CB prefers twitter these days :)
Less facetiously, hi man. Look, everyones getting excited from your 'non-descript' post!
He's back...
cheeks, how nice of you to show up on the 24th day of september. just, when i forgot all about you, last night actually. oh well. hey, ya got any porn pictures you would want to share with others on ZH? oh, maybe a birthday suit s k i n stuffed into suede chaps†
C H A P S , bitches
Happy Birthday Kathy !
SO that is how cheeky got his name ...
you have to own hard assets in some form, whether it be precious metals or even real estate (newly purchased)
Hard pointy assets I own, lots of military ammunition. With that, all else is obtainable.
Right. When armed people meet, everybody wins!
I barely grasp the concept of an FX market so someone help me out here. Wouldn't buying dollars now be bad since in 6 months you'll only be able to sell them for half of what you bought them for?
Please stop apply logic and common sense to your deliberations. It only confuses the issue.
Think like a fiat manic or someone under the influence of fiat maniacs.
I gotcha, I just wanted to make sure there wasn't some reasonable reason to do it, as I said I am about as illiterate as they come when we are talking FX. Of course in today's state of affairs in the banana republic that means I should open up my own currency trading consulting group, bilk someone out of millions then slink away to the bahama's. I'll be setting up my Delaware LLC if anyone needs me.
During Weimar a lot of youngsters did OK in FX. 21 year olds were heading "new" banks and high schoolers were keeping their families alive with stock tips. It was the old and sensible who were driven to destitution, poverty, starvation... suicide.
It was the old and sensible who were driven to destitution, poverty, starvation... suicide.-- Sort of like what's going to happen this time?
The innocent shall suffer...big time.
http://video.adultswim.com/aqua-teen-hunger-force/the-innocent-shall-suf...
This time...SHALL BE DIFFERENT!
http://video.adultswim.com/aqua-teen-hunger-force/gentlemen-more-corn.html
I sometimes think ATHF is a metaphor for our government.
It would be really hard to explain something as complex as the currency market briefly. It's pretty relevant, so it might be worth some independent study on your part.
Suffice it to say that most countries/politicians believe exporting to another country is the ticket to economic prosperity. This allows you to manufacture goods, but not consume them (creating manufacturing jobs). This might also lead to a balance of payments surplus, which can be used for various purposes...
To export, you want your currency to be weak. It's called competitive devaluations. But if everyone wants their currency to be weak, that means means another currency has to be strong. But no one wants their currency to be strong.
So they print money (for free) in order to buy another currency (which strengths the purchased currency and weakens yours). They end up owning the new currency, but who cares if it goes down in value if it you cost you nothing to produce yours (a couple clicks on a central bankers keyboard).
The trouble is that you are printing more of your money, i.e. debasing your currency. Which typically leads to inflation, which effectively robs the middle class.
But that is the paradigm of the Central Banker...
Thanks for explaining this. If these foreign countries are able to get lots of dollars would it be smart of them to acquire physical US resources? And more importantly pay for lobbyist to shape the way the policies go? Sounds like a great way to play both sides the long game. If you spend your dollars you get policy decisions that are sticky.
Like sugar can tarrifs eliminated so america does all the engineering and tooling for ethanol production, which we will give away in a temple of some kind.
As you alluded to, the rush to invest the newly purchased dollars is the hot potato aspect of it all. Generally, it is not politically acceptable for foreign countries to purchase domestic physical assets. China tried to buy a US oil company awhile back and was denied. That is why China does business with the BRIC countries, Africa, and some of the rogue nations like Iran and Libya - because oftentimes they can use the 'hard' currency. I would contend that is why Saudi Arabia just placed a large defense order - a chance for them to recycle their weakening petrodollars into something at least a little 'productive'.
But no one wants to own a depreciating currency, especially when the CB has so clearly telegraphed its intentions to continue to weaken it. That's a part of what can create inflation (or even hyper-inflation) as people lose their confidence in a currency, they can either pull their goods from the market (B9K9's hyperinflation model), or consumers rush to get rid of their fiat currency. And of course, as material prices rise in a stagnating economy, that does nothing for corporate profit margins, and consumer's purchasing power. Why is oil at these prices given the over-supply in the market? Copper, base metals, softs, cotton, coffee, etc.?
It's a dangerous game with no long run winners...
Can the US win in the long run by losing? Debasing our currency allows us to shrug off our very expensive responsibilities around the world that we never get any credit for (even in the cases we do it "right"). It also gives us the way to implement austerity without hard breaking any contracts with Americans. (entitlements, pensions,etc)
Kinda like switching primary custody of the kids back to your ex's (China, Brazil, Europe)for a while to not be the bad person all the time?
Then we don't need as much of the commodities so hyperinflation is less painful? And we end up with fewer loses in a well orchestrated retreat from the death match of the emerging world?
I am not a pro like you folks. I appreaciate the site. I am just in analysis paralysis of how to navigate the changing economic world we live in. I can not see default.B9K9's model of hyperinflation makes the most sense. But everytime I follow what seems like the wisest and most intelligent path I get left behind everyone else in quality of life.
Thanks again.
You are asking all the right questions. Just to wrap it up:
1. Economics is NOT a science. All of the 'things' we are doing are nothing more than experiments with unknown consequences.
2. All fiat currencies have collapsed at some point in history. Eventually politicians dilute the money until it means nothing to the people. Some historians believe the Romans welcomed the invaders because they were tired of being taxed and because the farmers stopped planting crops because it no longer made financial sense. The PM content of the coins in the end was miniscule.
3. Inflation robs the middle class of purchasing power and devalues their stores of wealth.
4. Read up on the origins of the Federal Reserve, and how a private banking cartel was given the monopoly right to issue money in contravention of our constitution.
5. Watch a video of the collapse of WTC 7.
6. It is unfortunate that our government has robbed the 'responsible' throughout this process...
your clear & clean explanations are a pleasure to read traderjoe.
this was a good, simple exchange, to which I would only add:
reconsider, re-define your "quality of life" - not measured against others, but only as to your own values & needs - you'll find dropping the mind chatter that you've been trained to "think" allows for better choices overall.
best to you both, and thanks for the discussion.
Pure gold, that.
Even when "Economics" was more appropriately called "Political Economy," it was not a science and therein lies the trouble. What we are witness to is the end of an empire and as the US falls from grace, other countries will certainly join together to deal the final blows, including the loss by the USD of its reserve currency status. It's politics.
Perhaps China will join with (or indeed lead) its fellow BRICs in this currency war now in progress. While the CNY is not fully convertible, there are certainly ways for these emerging nations to challenge Ben in this race to the bottom. Direct FX swap lines between any two countries--bypassing the USD--is a critical one and we have already seen such facilities put into place between and among BRICs.
For me the question is: which country's citizens are best prepared for this competitive devaluation? We the people--after being lied to for so many years--are unlikely to be the winners.
Like...real estate?
I guess. But the only reason I could see them wanting housing is to expatriate excess populous. But it is discussed here that china is over built. I don't know about Brazil or Russia. The wealthy parts of Europe are in population decline, so I doubt many people want to expatriate from there. Land-lording is generally a crappy job, even in a good economy. I can't think these foreign nationals want to be openly subject to carpet bagger type situations. ("I can't pay the rent")
I was thinking more along the lines of acquiring major interest/ownership in things like shipyards, mining/agriculture operations, university endowments, indirect Real Estate through smart R.E.I.Ts, etc.
And then protect those investments from re-patriation/nationalization by spending the remaining dollars as fast as possible on lobbying (not just government but also media concerns).
But like Traderjoe said, some of this investment has been blocked in the past. And I don't think that they are going to back GSE's again. Even if that is the "price of doing business".
I am not a pro so I'll be quiet and learn some more before I say too much.
I was joking, I think.
But more seriously--the real problem is that peasants can't buy stuff.
Look at the exchange of real goods and services, on both national and international stages, and you see the problem. For-profit industry leveraged itself very heavily over the past 20 years on the assumption that consumption would continue to grow at a rate ONLY made possible by issuing credit to the poor.
But that's over. The poor don't get any more credit, thus the consumption-level can no longer provide the revenue for anyone to service their debt.
It's all over. The writing's been on the wall for years, and the market has thus far managed to maintain some kind of equilibrium, but every country cannot devalue its currency at the same time.
Interesting times ahead, for certain. No better intuitive illustration of our madness than the fact that more and more Americans are being foreclosed at the same time the banking industry is sitting on an enormous inventory of houses that cannot be sold.
This has happened before. In the '30s farmers dumped their crops into pits and sprayed them with poison while other folks starved.
Go long whiskey and cigarettes.
Very much appreciated. I am an accountant by trade specializing in state and local taxes and I am quickly learning that I am pretty much qualified to do nothing but fight with local authorities, I am working on expanding my knowledge base.
You might want to learn some carpentry or plumbing skills to barter withdown the road. Hyperinflation (or serious deflation) can be a bitch.
Seriously!
I'm a decent mechanic in a pinch and a hack welder, I am also loaded on PM's, guns, ammo and food. Right now I'd love to get my hands on some farm land but can't finance that without a bank loan and I'm not going down that road. I really was referring to my uselessness in a financial way, the last 2 years have opened my eyes to how much more infinitely complex our economy and the financial markets are.
I live on the Oregon coast. Never enuf sun here, but my garden did good just the same. My lot is 300 by 75. Drive way gets the most sun, so i yanked it, now its more garden all around the house.
@CD: I'm an accountant too. I was hoping to barter my ability to perform attest services or do tax returns for a few cans of Spam if things get really bad.
I'll keep the light on, as well as a can or two of spam ready, if you show up. :>)
My question would be, as an FX trader, how do you make money out of it? Is it an arbitrage play? So for example buying the Yen in Canadian dollars but then selling it in US dollars (and that is just a made up example - I really don't know how any currency pairs are doing except the CDN/USD)?
Six months. Hoo boy.
In six months it's all going to be steaming ashes.
It ain't like your daddy's global monetary system anymore. No long in long-term around here.
The old fart in me just sighs and remembers when "long term" meant 10 years or longer.
Now it's 10 milliseconds.
Steaming "ashes" or steaming pile?
"It maketh the flowers grow, and thus we call it good."
I grew up in New England and this was a regular sight a few times a year. Great big piles of cow s**t were first trucked out onto the fields and then loaded onto spreaders that literally flung the s**t all over the place. The entire county stunk from the odorific emanations for weeks, even though it was quickly plowed under to decompose and make the crops grow.
Ah, the memories of an old fart from farm country.
That cow pie must be right out of the oven.
Sorry. Couldn't help myself. Didn't realize Mikla was watching.
hahahahhh!
just please stay away from the fans for now, y'all.
I believe this Sept 10% market pop insanity was simply a directive to save Obama and govt in general crashing poll numbers. When they see it isnt helping and simply pissing off the peasantry even more around mid October at the latest, THEN they go to fear and panic plan B time! Just be ready for it, all Im sayin.
U really think they can't keep it up until November? Not that I'm suggesting a happy market would save them.
If the market erection lasts for more than 4 months, please see your central banker immediately.
Zing!
Take two tabs of "Defaulta", all will become clear! :>D
It's like a giant game of poker. Everyone has nothing. Everyone knows that everyone else has nothing. Everyone keeps raising into everyone's bet. Everyone has unlimited play money.
Everyone thinks they are the smartest player in the room.
that's a great image for what seems to be going on out there... excellent.
don't mind if i borrow it?
however, i'm not sure if they're feeling smart or terrified. i don't think anyone really wants to be in the game.
What, one correction to your analogy. The deck is stacked to one player, the US gubimint.
Hmm, where have I see that before...
http://www.amazon.co.uk/Enron-Smartest-Guys-Room-DVD/dp/B000GJ0NT8
I see a double top in SPX this week. Double top as in tits up.
BN 11:47 *BRAZIL CENTRAL BANK TO BUY DOLLARS IN SPOT CURRENCY MARKET
BN 11:48 *PERU CENTRAL BANK TO BUY DOLLARS IN SPOT CURRENCY MARKET
BN 11:49 *JAPAN CENTRAL BANK TO BUY DOLLARS IN SPOT CURRENCY MARKET
BN 11:47 *US CENTRAL BANK TO BUY DOLLARS IN SPOT CURRENCY MARKET
BN 11:52 *CHINA CENTRAL BANK CALLED CURRENCY MANIPULATOR BY GEITHNER
for realz?
Well sure 4 realz ... but not actual headlines would be my guess.
There's real and then there's news. They seldom line up properly.
They make up their headlines. I make up mine.
I see you use a double glove when handling "their" news. Good job. Sanitation before sanity. :>)
PS. I always find it interesting that sanity and sanitation have the same root.
Clean mind, clean body, clean house, clean society. Interesting.
That was funny
So for how many years now have Latin Americans been learning Mandarin? Look for Veneuzela next and soon ASEAN countries like Malaysia and Indonesia. All together now..."Ni Hau."
http://www.cbc.ca/money/story/2010/09/24/carney-rates-fed-cnbc.html
Add Canada to the list. Our central bank lapdog basically said "we're standing by, ready to follow the USD down the toilet."
http://www.collegehumor.com/video:1939802
And surprise! Yet another Goldman Suchs alumnus:
http://www.bankofcanada.ca/en/bios/carney.html
Yes indeud. Oh, Canada...
Regards
Buy corn!!! Buy, buy, buy. Everything! LOL.
Any problems in getting delivery of all those US$? Anybody know?
nah, shouldn't be... it's all just waiting "on the sidelines".
:^/
Considering delivery in FX involves an electronic transfer, problems arising here are quite doubtful.
all out currency debasement, congress talking about trade war with china, this could turn my short position into a money maker much sooner than i thought.
Just think. Pretty soon your Monopoly money will be worth more than the official kind. After all there can't be quadrillions of Monopoly money chits. Can there? I say your best investment bet is to buy a Monopoly box wherever you can find one. And hold on to them all till the end game. Gold, shmold.
and Gold will close over $1300
JPM boys have got be be shitting their pants... they're gonna get roughed up real good with silver. It's not good to be playing at the big table when you're the sucker.
Nodoby want's to learn how nut butters are made when the first time you see it they use your own nuts.
I believe Brazil & China bypassed the USD this pasy year. You might recall this, and keep in mind that much of Asia, likely ASEAN 3+10, I call the BRICETS, will move with the renmimbi not the USD:
http://www.china.org.cn/business/2010-02/25/content_19472399.htm
Exchange rate no obstacle to Brazil-China tradeThe past decade has witnessed increasingly close trade links between Brazil and China, and the Chinese yuan exchange rate was by no means a hindrance to the rapid growth in commerce between the two countries, a Brazilian scholar said Tuesday.
China is now Brazil's biggest export market and trading partner, said Dr. Alberto Sanyuan Suen, a finance professor at the University of Sao Paulo, told Xinhua.
Meanwhile, China's trade with other emerging and developing nations has also increased remarkably, proof that the exchange rate is by no means a decisive factor in trade relations, Suen said.
What are more important as to a sound trade development are the trade structures and the complementarity of the trading partners' economies, the professor said.
It's a sovereign right for any country to freely choose among the fixed exchange rate, managed floating exchange rate and floating rate, Suen said.
For instance, he said, the Brazilian government adopted a managed floating exchange rate to curb inflation in 1994 and shifted to a floating rate when things changed five years later.
No small number of scholars and politicians have now urged the government to run a managed floating exchange rate again in a bid to cool down the rapid appreciation of the Brazilian real, he said.
One could never deny the fact that as a vital part of a country's long-term economic policy, its currency exchange policy should be conducive to its economic and social development, Suen said.
In principle, one must be very careful in analyzing foreign calls on changes in exchange rates that could pose potential harm to a country's national economy, he said.
Floating exchange rates and currency appreciation have dealt hard blows to Brazil's industrial sectors and eroded their competitiveness, which in turn influenced exports, Suen said.
Therefore, there are increasing calls for depreciation of the Brazilian real to safeguard the country's long-term interests, he said.
The West made the calls for the yuan appreciation to make up for their insufficient competitiveness, Suen said.
"I believe it's a guiding principle for any nation to protect its people's interest and national economic wholesome in determining its currency exchange policy," he said.
http://www.marketwatch.com/story/china-brazil-plan-currency-trade-deal-reports
China, Brazil reported planning currency trade dealJune 28, 2009
LOS ANGELES (MarketWatch) -- The central bank governors of China and Brazil have agreed in principle to allow trade between the two countries to be settled in their respective currencies, reports said Sunday.
People's Bank of China Gov. Zhou Xiaochuan and Banco Central do Brazil President Henrique Meirelles met on the sidelines of the Bank for International Settlement's annual general meeting in Basel and said they would study how to implement the plan, the reports said.
The move would bypass the U.S. dollar, to settle trade invoices in Chinese yuan and Brazilian reals.
The reports follow China's central bank's repeated assertion Friday that a new global reserve currency is needed. See full story on China's latest call for new global reserve currency.
"We agreed to start studies on implementing trade in the local currency. We will gradually move away from the dollar as trade between the two countries," Dow Jones Newswires quoted Meirelles as saying, citing reported remarks in the Estado de Sao Paulo newspaper.
Reuters quoted Zhou as saying a further step was for Brazilian President Luiz Inacio Lula da Silva and Chinese President Hu Jintao to discuss the arrangement, which he said would not necessarily involve a currency swap like those China has in place with other countries.
The PBOC has already arranged six bilateral currency swaps since December with countries including Malaysia, Argentina and Hong Kong, the Reuters report said, allowing those countries' central banks to lend yuan to their domestic importers to pay for Chinese shipments.
China and Russia said earlier this month they would seek to increase bilateral trade settlements in their national currencies, although some analysts have said such talk may amount to little in terms of immediate change. See full story on China and Russia currency trade plans.
It's likely those FX swap lines providing Brazil with lots of ammunition. And when ASEAN countries follow suit, well, you decide. Thanks for the reminder that Basel III is in the cards...and probably sooner than Ben is really prepared for.
Bah, our Central Bank always did it... This is not new. Our soybean and iron ore exporters want a weak Real. And the soybean and iron ore exporters own this country, alongside with the banksters.
What is the inflation rate down there? Food cost push?
Ain't our international trade regime grand?
It gives you the choice of being a currency-debasing, wage suppressing, predatory mercantilist state or a bankrupt, job-shedding, formerly middle class nation. Helluva choice!
Surprise, surprise... everyone wants to be the former and no one can afford to be the latter. This whole damn thing is gonna end in a shooting war...
And yet, people still defend this globalist system!
I aint a defendin it!
Brazilian elections coming up in two weeks. Brand new presidente on the way.
Presidenta, she's a woman.
+1000!
the brazilians, chinese and anyone else who wants to devalue their currency should just copy the US:
Talk and talk and talk like you actually believe in a strong currency but at the same time take every possible action to devalue it.
What Is The “Debasement Of The Vehicle Of Monetary Exchange”?
http://www.enterprisecorruption.com/?page_id=45
Holy crap. Great site.
So Brazil devalues their currency immediately after their semi-state owned petroleum company finishes the largest IPO ever recorded?
Wow. It's not just the US that's turning Fascist apparently.
The Brazilian Central Bank actually buys USD daily. It has simply increased the amount purchased lately with all the inflow from Petrobras share-sale, corporate bonds issued by local companies, etc.
The "new" thing is the chatter of the Brazilian SWF algo being present in the USDBRL market.
If there is such an algo, it's gotta be controlled from BCB's Meireles' room. LOL
Are they really buying dollars or are they just going to use them for bikini waxing because they are cheaper than cloth strips.
WTF, 19 * ?=-819! (Thats an exclamation mark, not factorial, although the way things are going with these captcha's...anybody got a spare copy of Matlab ffs?)