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Did Treasury Secretary Lew Just Call Draghi A Currency Manipulator?
Having already put his foot in his mouth about the US oil production industry, it appears Treasury Secretary Lew has done it again:
- *LEW SAYS UNFAIR FX MOVES TO DRAW SCRUTINY FROM U.S.
His barbed comment can only be pointed at Draghi and his crush-the-Euro at all costs plan. But ironically, while he is 'scrutinizing' Europe's collapsing currency he opines that "a stronger dollar is good for America" - despite Europe proclaiming the exact opposite is good for them and seeming to miss the report after report blaming weak earnings on currency moves.
Sure enough, The ECB is taking a page out of the BoJ currency manipul;ation playbook:
- *COEURE SAYS EURO RATE IS A CONSEQUENCE, NOT TARGET, OF POLICY
WTF!
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But currency manipulation is the name of the game and always and ever an awesome move: http://www.zerohedge.com/news/2014-03-19/chinese-yuan-collapsing
As the EU's larget trading partner flirts with 6.23...
The yuan rose on its dollar peg. How can Europe afford any imports right now?
How does something "rise" when it's "pegged".
The gobbly-gook in this shitshow is mindboggling.
Good cop / bad cop routine.
All the major central banks are cooperating in sequential currency debasement but don't want that to be visible.
well said.
That’s kind of like the toilet calling the porta-potty a shithole.
Master criminals (thieves) don't like competition.
That was a while ago. They don't give two fucks if the world knows it's a race to the bottom.
Yes, more of a rhetorical question really, but still fucking amazing.
Your manipultion is screwing up our manipulation......
"Begun, The Currency Wars have"
to paraphrase Yodi from Star Wars
NoVa
We cant have good government but at least they are somewhat entertaining. Pot meet kettle.
Right now they just want to export.
Exactly!
And for anyone who doubts the stupidity of Jack Lew, the clown whose major achievements were ending collective bargaining rights among NYU grad students (the scumbag!) and fucking up royally, but receiving bonuses from those TARP bailout funds, while he was managing Citigroup's hedge fund, please read Erin Arvedlund's great new book, Open Secret.
http://www.amazon.com/Open-Secret-Conspiracy-Swindled-Investors-ebook/dp...
Damn. Was the Euro at 1.40 just a handfull of months ago? Feels like that was in a previous lifetime at this point.
Same with $100 oil.
There might be a correlation/trade in there somewhere...
It's that ugly reality thing rearing it's head again, this is gonna require a lot more paper.
Wonder how 'ol Tom Brady's wife is feeling about the recent Euro moves??? What goes up?
Same with AU in $CAD ~$200 oz in just a month or less
But you really wouldnt know it if looking at the pm mining shares in $CAD
Canacord must have been really really busy shorting the shit out of the sector the last month.
Just like record breaking world wide inequality is a 'consequence' not target of policy...
The Treasury wishes Yellen would do moar QE.
BUY EVERY CORN CONTRACT ON THE MARKET!
surprise!
"Russia is showing no signs of slowing gold purchases as the fifth-biggest holder boosted reserves for a ninth month.
The country’s gold reserves rose to about 38.8 million ounces as of Jan. 1 from 38.2 million ounces a month earlier, the central bank said today on its website. It’s the longest stretch of monthly increases since August 2013, data from the International Monetary Fund show.
Russia has more than tripled its gold hoard since 2005 and holds the most since at least 1993, even as it recently had to use its international reserves to defend the ruble. Sanctions imposed by the U.S., the European Union and their allies have compounded the effect of plunging energy prices and led Russia’s economy to the brink of recession. The ruble slid almost 50 percent in the past 12 months.
“For a central bank to change direction quickly is unlikely and Russia has been buying gold for a while,” David Jollie, an analyst at Mitsui & Co. Precious Metals Inc. in London, said by phone Thursday. “But it is a bit surprising to see them swapping foreign currency for gold in an environment where oil prices are falling.”
The latest purchase equals about 18.7 metric tons, similar to amounts bought in November and October, and compares with 37.3 tons added in September."
http://www.bloomberg.com/news/2015-01-22/russia-adds-to-world-s-fifth-bi...
Stawks lookin a bit shaky, down .01....QUICK shovel in moar QE!
Hello. My name is Steal Liesman and I approve this massage...errr...message.
As previously observed, Jack Lew is an idiot. Whatever he says is wrong at the time he says it. I can feel teh Qe coming on. But I have no idea what the Fed can buy enough of to make a difference anymore.
Student Loans! Wipe another trill under the rug who will notice? And imagine the children! It's for the children!
You don't think the 60 billion/mo. that Draghi was talking about was all gonna be printed by THEM do you?
Auto-backed securities too, as I can't imagine those things are doing too well with all of the ongoing/upcoming repos from people who never should've gotten a loan.
My credit-union parking lot looks like a freakin' "gently used" car lot.
"As previously observed, Jack Lew is a useful idiot." -- fixed.
no qe until next month. It's Euro's turn to grease the skids. Then the Feds, then the Japs, and then back to the Euros. It's a dizzying carousel trip to fiat hell. i want off.
In the past currency wars have lead to shooting wars.
Maybe the comment was pointed at SNB
In a sign the US economy is doomed.... skyMall has declared bankruptcy. WTF am I going to read on the airplane while the stewardess is telling me how to duck my ass just before splashdown?
Stall warning!
"WTF am I going to read on the airplane while the stewardess is telling me how to duck my ass just before splashdown"
If you have a nice pair of reading glasses, you could start by reading the tattoos on your ball sack.
You should at least be courteous enough to reply to the right post if you're gonna make nonsensical comments.
You got it!
https://www.youtube.com/watch?v=o9NUTgz-a8c
What's the vector Victor?
Where else can I buy a dog ramp or a tea butler? Anyone?
I am sure Jackass Ma can sell you one.
Scrutiny from the Obama cartel? So Eric Holder is going to sue them? Arrest them? Are we going to get into an economic war with the EU? The world has probably had enough of the U.S. at this point though we still retain lots of residual power.
Every G20 country is a currency manipulator
China Creates Yuan Trading Center in Los Angeles
US and China Central Banks Tighten in Unison
Canada Gets Yuan Trading-hub Status……Would Be Too Obvious If U.S. Got It First
Russia Helps Belarus Into WTO Through U.N. Fund
Lagarde Ponders IMF Headquarters in Beijing
I cant wait for my next 5 series, it will be cheaper than my silverado.
We have moved into the pure Madness phase.
we must drone Brussels STAT
Italy’s Northern League Calls For E.U. To Be ‘demolished’……Good Start
Lew worked for Sh(Citi) Bank right?
Just another fuckan liar in a long list of fuckan liars...
Jack the Ripper: ****SOMETHING MUST BE DONE ABOUT DOMESTIC ABUSE****
I suspect they view fiat as a religion. So long as we take the bread they can say or do as they wish. Like some kind of gods.
he really should defer to goldman sachs regarding such matters
this is so laughable
OK to screw others (with QE), but turn about not fair play?
Bernanke, on multiple occassions, said he cared not one wit what happened offshore re US monetary policy (ie: arab spring ... where QE $$s flowed into those countries assets creating inflation ... and civil unrest)
Good post. Took the words right out of my mouth... Look who's pointing fingers. lol.
i remember back around january 2009 Geithner - before confirmation - accused china of currency manipulation. Toute suite he pulled a 180 (as the man behind the curtain told him: wtf are doing? Go back out there and kiss up)
a funny re Geithner
washington post had this story years ago.
during the financial crisis and W still POTUS ... had a meeting discussing it ... geithner attended (as president of NYFRB) ... following the meeting -
President Bush: "Who's the intern?"
Hope that didn't dent his ego any.....
All is fair in love and currency war.
Peg that bitch Lew... Come on lew...
https://www.youtube.com/watch?v=6N8cF2moe2w
It seems like days ago the MSM was cursing the SNB for de-manipulating the Swissie.
LOL. as if the BiS isnt co ordinating all of this bs...
:-)
can the FED peg the dollar to the Swiss Franc, please.
more show boating for the sheep. They are one!
Jack Lew---super progressive of the Jon Corzine type. Maybe I should give Corzine some slack...bloody hands Hillary Clinton lost 6 billion while she was running the State Dept.....just evaporated into thin air.
I guess, at this point what progressive difference does it make?
Grimaldus
A strong dollar IS good for America, but they have had policies that have tried to achieve the exact opposite.