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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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You may want to ask yourself what you are going to do when the local supermarket shelves are empty.
For a preview, watch this:
http://www.youtube.com/watch?v=7ubJp6rmUYM
next time, come to my store.
You just spelled your nickname wrong or Mauser was taken??
For years they said I will kill my donkey! Every year I put a bit more on it and it was going like swiss clock. Last year I put only 2 straws on his back and the guy could not take it anymore, broken back, I thought I will make it the SUPER DONKEY but I ended up very disappointed. Would you explain to me where I made mistake, please!
In most ravished war zones they said people would have done anything for toilet paper.
Don't worry, Douchinger, the TF acolytes, and the entire fiatbug crowd will have PLENTY to sell to them in the form of FRNs
The wolf can't apply here.
And even if someday US dollar implode.
What are they going to do. switch to euro ?
You guys are to bearish.
USA is the strongest country. Their ability to fight a crisis is unreacheble anyware in the world.
Look how fast GM, CIT went from public listed to banckrupcy, restructed and new company.
How long do you think a process like this is happening in Europe.
3x ? 4x ? THey move way fast than european. (I'm from Europe)
I don't even like US. But this are facts.
You will rather see imploding the EUR, the YEN, the CHF, before seeing the dollar implode.
From 1980 i hear the dollar going out of b. Well this is just. talking nonsense.
Its not a matter of "if" the dollar implodes, its a matter of when. If you cant see the writing on the wall now, you never will. People have been saying it since the 80s because its been inevitable since the 80s. As for the rest of the currency, youre right - nothing can replace the USD as reserve. When the USD goes, the entire system collapses...again, its not if, its when. The end game is a giant overhall of the entire system. This monetary system has ceased to function. Paper over the cracks in the short term, good luck papering over the canyons.
That might be the first good argument that I read.
Well but then would come the issue
Who has any interest of killing the dollar now ?
When we have no replace ?
No one. As history is telling us.
Like I said. Worthless comments. STFU.
relax. breath in, breath out.
put some music. chill dude.
you might get a stroke or somethin'
Your comment history has pathetic.
Exactly. Per the article above, I'm not expecting a year long rally in the USD. Another few months? That's another story.
I am not sure that stupidity justifies a "flag as junk". I need clarification from Marla on that.
what a full colection of arguments I see in here.
You must be proud of yourself.
Just a different opionion than yours. That's all.
Oh wait you forget to tell me yours.
I guess. you couldn't provide one so you just made someone stupid.
his comments are pure stupid....let him prattle
on...
And your's mr anonymous are a full prof of wise man ?
LOL
Main Entry: 2prattle Function: noun/verb Date: 1555 1 : trifling or empty talk 2 : a sound that is meaningless, repetitive, and suggestive of the chatter of children
Etymology: Low German pratelen; akin to Middle Dutch praten to prate
+1
PHYSICAL GOLD. ?
well only one problem ? If something goes wrong I can bet there is no bank in the world capable of providing gold for you.
They might just issue a Bank Holiday and. Bye bye gold
comments that rate as dumb as a stump..lol
so you bought gold at 400,, say ten oz,, kept it hidden in a shoe box.. dollar falls in value 50% gold goes up 5 times . you have 20,000 worth of gold .
only some one with an iq of 10,, would not know to walk on down to a coin store .. even the local metals fab rication place ,, turn in one coin.. they give you 2000 less some handling fee,
you take the cash ,, run on down to the food store buy your shit, , now get along ,,, try to learn
http://tinyurl.com/ye4soxq
What does a bank have to do with physical gold? You hold it yourself.
Oh yeah. so I can just dig a hole in my garden, hide it there, and wait for MAD MAX.
Boy I might need some guns and bodyguards to protect it.
Right .... ?!
Why not just put your gold in your pocket, like you do with your FRN's?
One thing that I see over and over again when it comes to Fiatbugs is a complete lack of imagination.
Butch up and buy some weapons and quit relying on bullys to protect things for you.
If you've got real coin, you already have an account with an unleveraged smallish swiss bank (the old-fashioned kind) that stores your gold for you. If you don't have enough to justify that resource, you are safe to store it, any number of ways, without depositing it in a bank that the government here controls.
First, you'd be amazed how little space a few million in gold takes up. Second, gold is a store of real value, unlike the ever-devaluating FIAT currency US dollar. Lastly, as it appears that major moves for all FIAT currencies to devalue, your dollar will simply become near worthless and gold will gain in value.
i realize small minds can not think of where to store their physical gold, yet smart investors realize how very easy it is. Look at India and how much gold their citizens physically hold and the Chinese are now also taking up physical holdings. Surely if India and China citizens are smart enough to handle physical gold, Americans should at least be equally smart.
"Surely if India and China citizens are smart enough to handle physical gold, Americans should at least be equally smart."
India and China don't have the same guns-people ratio ;)
You might. Or you could be smart and not tell people you have gold. The choice is yours.
But they will know you have it once you try to buy groceries with it - and "they" will follow you home to get at it then. BTW, how will you pay for those groceries with your gold dubloons, think the store will give you your $4000 in change in gold dust or nuggets? The logistics of gold usage in frightfully bad times are complicated - and I think they have not been properly thought out by way too many gold fans, in my humble opinion...
Who will, the freaking grocer? You think HE's gonna tell?
Gosh, how do people buy drugs these days, they're illegal everywhere!!!!
Fine, hang onto your paper, dollarbugs.
Freakin gold was exchangeable in Argentina, Zimbabwe...everywhere. Somebody will step up to "adopt the risk" of transacting in it just like they do...oh, in heroin maybe?
"The logistics of gold usage in frightfully bad times are complicated"
The Zimbabweans managed.
http://www.youtube.com/watch?v=s3LdNxV0yPM (Gold For Bread - Zimbabwe)
But still:
Gold will likely be (at least in part) used to back currencies, and/or a new currency, if the USD goes down big time. More likely is not actual hyperinflation, but perhaps really bad inflation. But then you don't need to actually use the gold in a store, but can use it like any foreign currency you have: you exchange it before you purchase. Or if goldmoney.com gets its debit card out, then you can use that directly in shops (and they do the gold->usd exchange in real time, no different than using you American dollar based Amex in Europe.)
+100
:)
Eh, DMA Trader is going to be the next JUNK-fest. STFU, damn troll.
Relax dude.
Get some arguments in here.
How easy for you to say troll.
Grow up kid'
Well, you've been subscribed for a while, but your comments are either worthless or bullshit. STFU.
that's because i don't comment just a few comments from time to time.
Commeting an posting a lot of opinions would raise my IQ right ?
Maybe a should quit my job and post as much as I can so I can have my IQ over 120.
Maybe i would also see only bearish moves in USD and stock market.
Than i would be so popular
That is pure logic.
laugh all you want but the times of bad stock and bond markets (e.g. 1929-1932, 1965-1982) are good (great) times to hold gold/gold miners. mad max has nothing necessarily to do with it. it is asset allocation/portfolio management. the fundamental case for gold in the face of such epic currency debasement seems compelling. that the historical analogues to our times (the '30's) had such price movements, underlines the reasoning. if they seize gold, as they (fdr) in the '30's, hold gold miners or don't tell them (as was noted above). there were very few prosecutions. do keep the gold out of a bank (one of the few successful prosecutions was of an attempted withdrawal from a bank -- i think he might have even thought he could win in court).
everyone is a gold bug this days. I also like gold.
The fact that everyone else likes it scares me.
Anway, we are far away no from the subject.
The subject was the imminent implode of US dollar.
BTW, have you notice that USD index didn't make a new low ? I want to see if we get a higher high.
The EUR made a lower high from 1,6 to 1,5 So that should be enough evidence that we are far far away from a market that is going to kill the USD.
every one likes gold .. ya about 2% of the us population know what a kuggerand is.. or for that matter .. what an oz of gold sells for ,
every one likes gold .. ya about 2% of the us population know what a kuggerand is.. or for that matter .. what an oz of gold sells for ,
every one likes gold .. ya about 2% of the us population know what a kuggerand is.. or for that matter .. what an oz of gold sells for ,