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Saudi Central Banker Confirms that US Dollar is on its Deathbed
In Hong Kong, Mohammed al-Jasser, the head of the Saudi Arabian Monetary Authority affirmed that the US dollar’s role as the world’s reserve currency is coming to an end when he stated, “The dollar is still preeminent in its role as a reserve currency.” We should recall former US Federal Reserve Chairman Alan Blinder’s statement, “The last duty of a central banker is to tell the public the truth” (PBS’s Nightly Business Report, 1994) and thus be astute enough to realize that the often hollow words of Central Bankers serve as a contrary indicator of the truth.
When listening to a Central Banker speak, one should recall the infamous balcony scene from the classic Woody Allen film, Annie Hall (1977), as a case study for how to interpret “Central Banker speak”. In that infamous scene, though both Annie Hall (Diane Keaton) and Alvy Singer (Woody Allen) converse in English, subtitles appear in the film as they speak that reveal the true thoughts behind their hollow words. The subtitles comically reveal that Annie is insecure about her conversational skills while Woody is thinking about sex throughout the whole conversation, thoughts that betray the very words they speak. As history very frequently reveals Central Bankers’ words to be the exact opposite of their thoughts, all Central Banker’s public declarations should be accompanied with subtitles as well.
So here's my subtitled version of Mohammed al-Jasser's words:
Saudi Central Banker Mohammed al-Jasser: “The dollar is still preeminent in its role as a reserve currency.”
Subtitle: “Since we still predominantly accept US dollars for the sale of our oil and we know the US dollar is doomed, I will publicly tell the world that we support the dollar. Perhaps my words as an authoritative Central Banker can fool people into believing the dollar is a safe haven and perpetuate this already faltering US dollar bear market rally to provide us with adequate time to execute an exit strategy to dump our remaining petrodollars before the US dollar implodes.”
Those that are looking towards this latest US dollar bear rally as confirmation of a year-long uptrend for the US dollar in 2010 are likely to be hugely disappointed.
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Bingo! It's like the US Govt. saying "We're in favor of a strong dollar". ROTFL!
GG- where the heck have ya been? Haven't seen ya here much. I missed you! Have you seen Chumba?
anyway, carry on!
Have you seen Cheeky Bastard?
I have heard the imminent colapse of US dollar 15 years ago.
Every year they say the same thing. US dollar is going to implode.
Yeah, right.
And what do you want to put instead ?
EUR ? YEN ? CHF ? GBP ? or what ? some exotic currency ?
A big joke.
They were just about to replace the dollar at eur/usd 1,51. and wha... what happend ?
Oh I know. Retail investors were shorting the dollar like crazy.
Now they are buying it again.
oh ok, I guess on the 6th day, God created the USD.
I am sure there was many people like you around that said the same thing about the pound just as it lost reserve currency status.
An implosion in purchasing power, not relative value...
Every year they say the same thing. US dollar is going to implode".
Allow me to do my Marc Faber impersonation: Every year for 15 years, the dollar has gone down. So basically, every year 'they' have been right. And one day the dollar will very far down, and that will be the end. Is today the day? I don't know, but I do know the dollar is doomed.
Devalue ? maybee, going down ? sure.
But don't all currency's went down in gold calculated ? since 2000 ?
This is just a simple law because of the Super Ponzi Finance that we are living everywhere
But from going down to implode. I think there is a big difference
Yea yea, Ive been hearing for years how real estate was going to implode......oh wait.....nevermind
No there isn't, the dollar is finding its true value which is utlimtately ZERO.
100% correct.
Physical gold as a replacement for any fiat currency is a joke - what are you going to do, take a wheel barrel with you when you want to go and replace the 'fridge. God forbid you want to buy your home in cash - err gold. What do you do? buy a brinx armored car to drive you around? How about going out for dinner - what are you going to do with your big dumb gold coins? Carry some stupid robin hood era bag7 to carry that garbage?
Fiat currency doesn't work, but the days of buying thing with bags of gold are long gone.
Look, the U$D is in trouble, but at least we aren't some currency union that will break apart come the first test of the parties financial will.
All gold bugs are f*cktards. Remember that.
here s a person with an iq of 25.. probably stone dead broke . throw him a piece of meat,, these guys love to push their face into something cold and free .
http://tinyurl.com/ye4soxq
You need the wheelbarrow for the new fridge? Bc you can get a fridge today for less than 1oz.
WTF do you do with all the rest of the valuables in your house, idiot? Is your TV missing every time you come home and all the wife's jewelry?
Fiatbugs are really idiotic. You wanna buy from me with gold, let's hook it up
Like I said, a complete lack of imagination.
don't know what kind of house you live in but to buy a $240,000 house in gold would take about 12-13 pounds of gold, which even for a girly-man, wouldn't require a wheelbarrow.
Your an idiot. If you knew anything about history no one actually bought things with gold they bought things with gold receipts. The point to owning gold is not to go to the store to buy things it is to make sure the dollars you put into gold today maintains its same buying power tomorrow, ah duh. That means as the dollar sinks, which you admit to, the price of gold increases. Correct me if I am wrong, but when the price of gold increases, and you won it, you benefit because as the dollar sinks you can buy the same amount of goods and services, perhaps even more. Not to mention silver was real money until 1964 as it was used in coins, try to find a pre-1964 dime or quarter, good luck!
In short, sir or madam, you are a moron and do not understand why people buy gold and silver. Let's not even mention the fact that gold has crushed the stock markets returns over the last 10 years, hmm. Finally, a the irony is you admit that the dollar is fucked, but you would not buy gold?? That proves you are a complete idiot.
thats a big 10-4 the anti gold crew wear a friggen tin foil hat ,, are as clueless as they are broke ,
read nothing , see nothing , hear nothing
http://tinyurl.com/ye4soxq
copyand past this ding bats.. the world gets it,, but a few usa born dimwits are clueless ,,
DMA Trader is the new Master Bates. More like MB and Andrei had a love child, with a bottle full of drano.
Me thinks Master Bates's parents took his internet away from him today. Nice to have a fill in to trash...
hey wise ss. You won'.
I will not post again so you can be king of posts.
Pretty curios what country are you from.
So much arrogance.
Hey dumpster.
Warrenn Buffett also think gold is useless.
Boy I wish I was as broke as Buffett is.
"take a wheel barrel with you when you want to go and replace the fridge
What kind of Fridge are you buying???
One made of gold?
"All gold bugs are f*cktards. Remember that."
LOL, thats my response to that. What a moron....
By any chance are you one of the folks who refused Mark Dice's man-on-the-street offer of a 1 ounce gold coin in exchange for USD50 (fifty)?
Just asking...
F*cktards? That is a bit harsh.
Any commodity play includes end conversion into currency. If you have a large net worth with a high percentage in commodities, the managers will have conversion strategies in place. This includes multiple currencies usually through multiple countries.
A simple way to do this, although usually only a 15% backstop, is to hold physical gold (or platinum or diamonds) at foreign banks, and of course your domestic bank, with the plan for conversion to match monthly expenses. You do not carry your gold. You do not trade your gold (yet). You still use the local currency (debit card), but only enough to scrub inflation relative to the asset (gold), and per month seems to be about the norm.
I personnaly recommend to hold physical gold in the form that can be easily assayed per the country in question. For example, gold in Canada = Maple Leaves, US = Eagle, Suisse = Pamp bars (I really like the 4 nines 10 troy ounce), South American = Krugerrand, you get the idea.
So the type pf physical gold held, is in the form that virtually gaurentees conversion in one assay session (one meeting), at a bank or broker (easy conversion). Also, just to let you know the clients do not do this themselves it is done by their estate representative, so the process for this "emergency stuff" is transparent. Just another part of the portfolio service. The goal is minimum stress on the estate regardless of world events.
Mark Beck
Mr. Anon,
You wouldn't buy a meal with gold, more likely silver. Secondly a one ounce gold coin is roughly 1200 dollars so it packs a huge punch in purchasing power. Who needs a coin bag when most people don't even carry 1200 dollars on them all the time. More than likely they would just have pocket change like some dollar coins quarters and dimes made of silver and had some gold coins at home to save for big purchases like cars, houses, etc.
+1
Not to mention certificates, redeemable in gold, silver, whatever, often become more liquid than the metal itself. The certificate issued by the assayer is as good as the reputation for evaluation of weight and purity.
We first need to repeal legal tender laws that force us to use dollars in order to allow competing currencies first, however - but the current gov't will never cede the power they have already taken from the people.
is there a volume control on ignorance? Todays degenerate generation generates a huge harvest of ignorance .
So those of us who know history and value, we are the fucktards. I accept that title.
History will prove the fucktards were correct.
....hmmmm. Not bad, "I'll see you fucktards later" ( it does have a certain ring too it ).
Or, "I'll see ya fucks (folks) later."
Here's to you Mister Anonymous man. You aren't afraid to speak your mind, and bring down the thunder.
Oh, you might say contradictory things like "Fiat currency doesn't work, but the days of buying thing with bags of gold are long gone" but you say it with panache. That's the sort of bullheaded disregard for logic and common sense that made this great country what it is today.
So throw another drink on the barbie, Mr Anonymous Man. We salute you!
Indian rupee looks great and yields 8 % in a Fixed Deposit account.
I see DMA; OK, here's what an imploding currency looks like. I presume you can understand this:
http://tinyurl.com/yfzvbst
Inflation ? Do you see inflation ?
I don't
I see higher prices. Some of it is obvious (monthly bills going up), most of it isn't so obvious (package weights being reduced while prices remain the same, lower quality goods and services being sold for the same price, things being bundled in a way which requires you to spend more in order to get what you used to get for less, etc). I also see lower prices on some things, particularly "luxury" items. It all boils down to what one's consumption patterns are. Relative to a year ago, my living expenses (excluding taxes, some of which have gone up) have increased approximately 5% and it would be higher than that if I were to include an adjustment for the non-obvious price increases mentioned above.
And if i dont see inflation it must not be there!
Yep. The stock market is immune to inflation.
oh. I can finaly see an opinion.
bad one. but hey. It's a start.
http://en.wikipedia.org/wiki/Inflation
Here you go man.
Me either. In fact prices at the Home Depot's of the world are coming down. And fast.
bullshit, OSB went up a dollar, in the last few months @ home depot
Agreed, currently deflationary, but hyperinflation
can come quick:
Ralph T. Foster, in his "Fiat Paper Money" closes his book’s preface with a particularly poignant quote from a 1993 interview of Friedrich Kessler, a law professor at Harvard and University of California Berkeley, who experienced the Weimar Republic hyperinflation: "It was horrible. Horrible! Like lightning it struck. No one was prepared. You cannot imagine the rapidity with which the whole thing happened. The shelves in the grocery stores were empty. You could buy nothing with your paper money."
Kessler than goes on to recommend buying gold and silverOne ounce of silver would last about a month for one person
deflation?
PHYSICAL GOLD.
Did they cry "wolf" a one too many times? Well, this time he's coming to get ya!
I went down to my local supermarket the other day to pick up a couple of things and handed them a one ounce gold coin for payment. They told me that they don't take gold for payment. I told them that there are several people On Zero Hedge that insist that gold is real money. They told me to leave the store.
Do you consider Euros "real money"?
idiot - they would not have taken euros or loonies or pounds either - it has nothing to do with gold. you deserve to get stuck with your fiat paper notes.
moron. I'm not even from fiat country.
Hahaha
Funny. :)
Well you couldn't buy stuff to eat. but who needs that when you have gold.
flag as a stupid remark.. a guy with an IQ of 25,, stop first at the coin shop.. .duh.
Come holler at me next, I'll give you 20% over the face value of the coin, whereas the store would only give you the legal tender value (which they are required to by law). Yes, you really can use your 1 oz Eagle as $50
plank