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More On The 2011 Edition Of US-Japan Open Currency Warfare: "This Is Just The Beginning"
According to Credit Suisse, this is just the beginning of Transpacific central banking warfare. Per Dow Jones: "The Japanese Ministry of Finance's JPY-selling operation Thursday may be the first in a series of interventions over the coming weeks to curb further rises in the unit, and may have come Thursday in part as the Swiss National Bank's move Wednesday to weaken its own currency made it easier for Japan also to step in, says Koji Fukaya, director of fixed income and global foreign exchange research at Credit Suisse. "This may be the start of a number of actions, depending on the yen moves in the weeks ahead," Fukaya says. The SNB's move Wednesday means Japan's own move "could be considered as a kind of coordinated action" in response to broad USD weakness, he says. As traders say the MOF has so far sold under Y500 billion, Fukaya says the total size ahead could rise as high as Y2 trillion, though the move Thursday should be enough to send USD/JPY above 79.00 later, where it should stabilize in coming sessions. The pair is now at 78.32, from 77.10 earlier." To anyone trading in these 100% correlated markets, which are now nothing but a battleground for those who yield the global electronic fiat printing presses, good luck.
One thing is certain: this latest attempt by the feeble BOJ to take on the Chairsatan is doomed to failure, as confirmed by the Bloomberg chart showing the "effect" of the last two such interventions:
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Never long enough, never short enough.
I smell Inflation3.
Time to fire up the ' Japanese lanterns'... I can't wait for the volatility to kick in on usd/jpy. I guess the exporters ( Real Money) are starting to get the clue
don't worry its just a transitory move. this also explains the little pop up gold just had
Buying dips in gold is for idiots. I have bought all time highs twice and made off good.
I have bought every short term peak since 1999.
Ya right! May of )(09?
Spitzer and Thomas are completely right! Just buy the gold when you have the money! I have bought mostly at peaks too, that then those peaks went on to recede into little bumps on the road to ever higher gold prices. It's OK to BTFS!
I have been buying gold in small amounts sionce the 1980s. It has ALWAYS seemed expensive. Maybe it is SUPPOSED to feel that way...
I believe that the ridicilous Debt Ceiling Agreement pretty much lock in a QED for much higher gold prices. It seems ludicrous to me to say that gold is in a Bubble at $1660 or so. It is CHEAP!
Oh the wailing and gnashing of teeth if we get FOFOA-like numbers in the price of gold among those who did not buy...
The one dip I bought was the big one, November 08 just below 800, the very last time premiums were actually cut.
But all the rest of my buying turned out to be short term 'peaks', always seemed 'expensive' but I bought anyway and always felt good to have it. Felt even better later.
And yes, gold is still cheap. We got a long way to go with this unfolding story for the ages. And consider this: if they really screw up with bad decisions, gold will be your only friend
I would buy a dip, but there aren't any, so....
So, you should buy gold anyway. Do it ASAP.
I have heard the following...
The Chineses are pushing the YEN higher and higher to make the Japanese companies not competitive and so to force them to delocalize their factories in China !
What do you think about it ?
Anti competitiveness is China's stock and trade, especially through currency manipulations.
That's the utter joke about free trade, there never is any nor will there be, as the big guys have stuffed so much investment into China that we'll never get the tariffs we need to try to bring any semblence of balance back to this game. We Americans are fighting this global war the wrong way, we're sending our youth and our resources to Iraq and Afghanistan to get chopped up and what we should have been doing was an open economic war on slave labor, polluters and tyrants who hypocritically cry global warming while destroying as much atmosphere as they could for this yankee buck. It would have required tremendous economic sacrafice and will to have waged this real war but in stead we tried to cheat and have our cake and eat it too, and we gave all of our enemies our money for cheaper crap that won't even last a few months of use.
Molodetz, Dostoevsky! And then there's funding the Sunnis against the Christian Serbs...for decades. That is particularly disgusting. We'll be caught with our pants down eventually....our youth on many front lines with dwindling supply lines. I want dual passports.
Well we slaughtered a Christian people and a new Islamic Republic was born in Europe of "our" efforts. I guess "we" have to occupy our efforts these days to wiping out any remaining Christians in Iraq and Syria.
Here we go beotchez!....currency war followed by trade war followed by war war.....those aztecs may have nailed it for 2012.
Outside of aliens intervening or the return of Hay-zoose, I think that about sums it up.
SO IF THE WORLD ENDS IN 2012.. LETS ASSUME A WORLD WAR iii FOLLOWED BY A FALLING ASTROID AND A TRANSCONTINENTAL OCCEAN WAVE ALL START IN 2012... THE QUESTION REMAIN.. SHOULD I THEN BE LOONG GOLD, OR SILVER. :(
Don't care, but you should be short your CAPSLOCK KEY!
Love the ZH comments.
PS I was tempted to write this in ALL CAPS to see if you would double junk the caps.
Man the choppers.
Instead of buying dollars to bury their currency, the Japanese should use their money to buy cement to bury Fukushima.
http://www.youtube.com/watch?v=0Wd1qPUjHxQ
michio kaku's view exactly.
Black hole currency vortex bitchez!
let the games begin. japan can print as much fiat as anyone; . earn nothing and watch your "safe" and you'd think "scarce", (given the price trajectory) "prudent" investment wither under the waterfall of freshly printed nippon ginkos... why not as much as it takes ? ditto that for the land of alpenhorns and chocolate. did someone say "competitive devaluations". what to do with all that paper.. there's too much, and there's nothing can be done about it other than to watch the market face off against the central bankers. no prize for guessing the winnner.
JGB's? Good post though!
I thought all those Goldman Traders get big fat end of year prizes for picking ... ahem... pardon, guessing who wins.
I keep hearing about the Japanese suffering from the dreaded defaltion... can please someone explain to me why they don't just QE like crazy?
Race. To. The. Bottom.
First one to the bottom, reach out, grab the brass ring and .... pull the plug!
Did we, (US), not already win this event. LOL Round "?" has begun in this 10 round event. Is overtime allowed?
This is going to be fun!
Well, that intervention was the easiest money I've made in a hell of a long time. Thanks Japan...can take profits, put it into gold since that is what will ultimately benefit from these market interventions.
'Chairsatan' haha that's a good one.
Funny thing though, this time, this money printing FX war about to go mental. Equities won't rally hard. It's all China, the USD, EUR, CHF, YEN all weaken - money will flow into oil and gold...and food commodities. China will love that since the are a c-hair away from a major collpase. They go, chairsatan won't be able to do anything. The world crashes.
Noda is a [ Silver back " Wookie" in Disguise.]
hahahahhhaahaahaha..thanks for laugh YC
Japan has become wimpy. Their crappy politicians are weak and despicable, lying a-holes. Love to see some old school samurai dude come out of retirement and cut their f******* heads off
I'd watch that movie.
Plus Shirakawa was a Chicago boy.
To much TP thrown into the porclain god has turd busters written all over it.....this paper fiasco has everyone doing double time with the plunger.
That is one area I never tread in "currencies". Will not touch them but always pay attention to major currencies each day.
The key to playing currencies is to remember that fundamentals are completely irrelevant, the exchange rates go where the currency gods will them to go. Therefore it is a complete crap shoot whether you are right or wrong, much like red vs. black in roulette. (meant to be sarcasm but sadly not). Go against the common wisdom because the currency gods feed off of the positions of the crowd. I just put a small wager on the euro to devalue 6% against the dollar in the next two weeks. Everyone thinks the dollar is going to die so the gods smell their cash. It's kind of like putting a small wager on 00, most likely it just feeds the gods. More power to the ones who can do more than gamble it those waters.
That was an interesting post
Radioactive air, radioactive water, radioactive government paper.
Hadn't heard much myself about the progress of the clean up, so I did a bit of a search...
http://www.pacificfreepress.com/news/1-/9393-contamination-spreads-nelles-fukushima-update-aug-2-2011.html
.. and it's not good.
Isn't Japan bringing a knife to a gun fight on this one? If I remember correctly there's some kind of saying about how that type of thing tends to go...
What is really frightening about nuclear power is; That on a scale from how safe it is proclaimed to be by the industry and government, and how it
is depicted on the Simpsons, reality puts it much closer to the Simpsons.
Whoops, posted this on wrong article.
An factually wrong comment on the wrong article. You sir are on a roll.
Good call. No one ever died a slow death from radiation poisoning on the Simpsons.
And furthermore, tangentially relevant points tied coincidentally by georgraphy will not be tolerated here, sir.
Huh? What's Georgraphy have to do with it?
An? An/ refers{ to to} post tense phrases... A factually , wrong comment comes to mind.. Verb/Adjective and Prepositional phrase ideas , come to immediate mind.
An grammatical error if you want go tampon on people.
Hey it's all good. APPs. Trade on
I think you meant 'DOH!' not 'whoops.'
I think you have some common sense and skills!
Getting back to the subject at hand, Japan and U.S. having a currency war is like Charmin and Cottonelle having a price war.
There... is that better?
I would like to see Bruce Lee round house kick Bernanke right in the fucking face and give him a permanent quiver for life!
can those maniacs get the YEN to 80? c'mon mrs wantabes sell those USD's
85 by Labor Day and then right back to where it started. I've seen this movie before.
FIAT FIGHT!!!
http://s8.urbantitan.com:8080/wp-content/uploads/2011/01/food-fight-www.edubuzz.org_.jpg
The " JELLO WARS". Comedy central.
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shit hire a writer at least...or what's better...an editor...
this is what skynet looks like, when it logs in to zerohedge.
If anyone is interested, here's a headline quote:
THAILAND BUYS 17.7 T OF GOLD IN JUNE - CENTRAL BANK
FastMarkets
The newly elected government takes power this month and I doubt these gold buys will continue. If they were smart, they would buy all the physical gold they could get and store it on a mililtary base like Fort Knox. It would be a good base for the Baht when fiat money collapses. But the new government has to fund their campaign promises of raising the minimum wage to 300 Baht a day (about $10 from $7) . Then a promise to give every student an iPad? And almost free health care for everyone? I wonder how they'll pay for this....no I don't wonder, I know...they will print money and devalue the Baht with the rest of the fiat money countries. The gold purchases will probably not continue which is about the stupidest thing they could do. They could even do someting stupider like selling gold...
Majoritarian Democracy strikes again.
.... Yen just gobbled up 10 daily candles in 10 minutes, Euro poised for the same.
10 second candles? I'm confused? eur? Are you really long EUR?
Well I see this as coordinated alright, but I do not believe that it is adversarial at all. I think that America prints a bunch of money, so a dollar goes down in value in Yen terms (supply and demand). So the BOJ prints Yen to equilibrate the price by adding their own supply. A strong Yen would be good for Japan, but they are owned by the Fed. So they print. In this way US inflation is immediately offloaded onto the Japanese economy.
The Chairsatan wants this, so it will be so.
This is why it's taking so long for the USD to implode, because there are a lot of economies that all this inflation can be transferred to.
If we didn't have the reserve currency status, this would have blown up a long time ago.
And the RBA in Australia is behind the curve: " .. Roy Morgan’s July survey shows that employment in July fell by 418,000 to 10,802,000, with the falls consistent across both the full-time employed, at 7,421,000 (down 219,000), and part-time employed, at 3,381,000 (down 199,000). This is the biggest monthly fall in Australian employment ever recorded by the Roy Morgan employment measure.
http://www.businessspectator.com.au/bs.nsf/Article/jobs-mining-employmen...
It looks like the more black people the more wothless a country is.
I could be a racist. I could be a realist.
What say you?
Fuck yourself. And learn how to spell.
any thng els to sy abt my splling?
If not....FUCK YOURSELF......BITCH
Spell that
You're the type that gets upset about blacks being on foodstamps. Hold a' job (if possible)
Your a delusional cracker with a small penis. But enough about what your girlfriend thinks about you.
That was solid. I wish I could come up with a sophomoric ad hominem attack like that.
Next time I think of a girlfirend joke like that I'll be sure to hit ya up.
Oh...by the way, I've probably fucked your wife (I have enough money that I could buy her if I haven't fucked her already) Judging by your comments the girl would have given it to me for free.
Here's a comment from earlier:
10Vote down! -10
I'm getting tired of working so blacks can sit on their asses.
Why can't blacks do something productive?
Has anyone ever heard of a black based charity helping white children? Just curious, can anyone name one?
Someone name 1 charity run by blacks to help white children. I will drop $25,000 (to the chairty of choice) if someone can find me a charity run by blacks for underprivlaged white children.
TWENTY FIVE THOUSAND DOLLARS
$25,000
Anyone want to call a bottom on the Aud/Usd? Why the beat down?
As I said about the Yen, coordinated efforts to prop up the dollar is just a method to offload inflation into other economies. That's why the US won't blow up without first pressing the whole damned world into an inflationary spiral.
When China falls over we will see 1AUD = USD0.65 again. Australia's debt problem sits with the private sector (not the government - the Howard government left huge surplusses all of which have now been wasted by Labor). The private sector borrowed more than $1 trillion from overseas. Payback pain is on the way.
parity is there say sept 2011, maybe. the central bank there will cut soon on liquidity squeeze and economic meltdown from China.
will be one of the best FX trades once it starts selling, they will short sell the AUD into olblivion. bottom? If it knocks out the partity handle, looking at a flash crash. Could go to 0.70 somthing.
Japan did just beat the USA in the World Cup, so you never know
Heh.
The annual cost of regulation—$1.75 trillion by one frequently cited estimate—represents twice the amount of individual income taxes collected last year. Overall, from the beginning of the Obama Administration to mid-fiscal year (FY) 2011, regulators have imposed $38 billion in new costs on the American people, more than any comparable period on record. Consider Washington’s red tape to be a hidden tax.
The mountain of regulations didn’t begin under the Obama Administration. Under the Administration of George W. Bush, for example, $60 billion in additional annual regulatory costs were imposed on Americans. But as Katz and Gattuso write, the rate at which burdens are growing has accelerated under the Obama Administration:
http://blog.heritage.org/2011/07/27/morning-bell-tangled-up-in-washingtons-red-tape/
Regulations are actually worse in the EU, but I'm sure we will catch up as Obama has made it his goal to
be more socialist like EU>
“If the world economy gets better, I earn money on commodities. If the global economy gets worse then they will print more money and I will make money in commodities.” -Jim Rogers
Go gold. It is going to be interesting/horrifying to watch the Global Bank Cartel run around in the hopeless circle they have created.
"Bring it on!"
Now ... Now... Volatility can cause " Hissy Fits"
George Carlin's words ring truer today
http://lonerangersilver.wordpress.com/2011/08/02/george-carlin-they-dont...
so we incentivize debt... and now we are gonna race to the bottom with the nukklear wasteland?
sounds about right.
fucking shit
absolutely hilarious, BoJ/MoF butnuts created a bear trap about 10mins ago. Then started buying USD again. how long can they keep this up?
there is a war on right now with the YEN and everybody else...amazing to watch. the art of war says, "The smaller stubbon force becomes a captive of the larger force..." something like that. anyways they aint going to win this.
If yen has the guts to test ( 80 ) ?
And soon we will be involved in a fourth war when Israel attacks Iran, probably before the end of September.
So currency wars won't mean much then. P.S. It's a secret, so nobody tell Iran, O.K.
What BOJ should do is to buy Gold and Silver not USD
Unfortunately, yesterday's model was export, export, export and so everyone wanted a weaker currency. Now with global trade rolling over and war mongering on the rise the guys in charge of reserve banks are as usual going to be the last to grasp the benefits of a strong currency.
La Guillotine
The more cynical among us believe "the guys in charge of reserve banks" are fully cognizant of the intricacies of currency manipulations... and whose "benefits" are being looked out for.
The ""guys in charge" are hardly the "last to grasp" what they are doing and to whom they are doing it.
This is from the UK, July 21, 2011, 3 stooges that set the stage for collapse, egged it on, ignored lessons learned. As riots continue, lives, ruined, domestic problems, homelessness, hunger, lost dreams, and loss of respect all roll out, these stooges yuk it up and congratulate themselves. they don't even look evil, like our guys, they just look ignorant of reality.
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/865357...
dupe.
my bad.
Japan and America are eerily alike.
Deflation. Zombie banks. Never ending real-estate crisis.
Why doesn't a currency war surprise me?
http://geraldcelente.proboards.com
the "developed" world is eerily alike, no?
Maybe they will win out and nuke us with their printing presses in retaliation for hiroshima/nagasaki...besides I bet their printing presses are built better and last longer, they have already been printing for 20 years and no sign of stopping yet, Ben has only been at it a fraction of that time but wins out on sheer volume over a shorter time span, hey debt brotha admin can create jobs by hiring people to build printing presses and maintain them so they don't break down (it may be a lot of fucking jobs, too and I am sure debt brotha will take full 'credit' pun intended), after all Ben just got an order for $2.5 trillion to fill, use a standard money multiplier and he is on for $25 trillion, a trillion here, a trillion there soon we are talking real toilet paper! Hell debt brotha can help Ben find some helicopter pilots do drop his money stacks as well (more job creation for the debt brotha to tout), after all he can't drop $25 Trillion by himself...(heavy sarc)
You have to wonder if Hugh Hendry can hang on to his bet on changes in the rate regime in Japan after seeing these interventions several times now. Rates in Japan should start to rise very slowly in response to end of its deflation. Even a small increase in rates will probably set off the Yen. If Japan really wanted the Yen to decline precipitously, they would start aggressively buying gold in quantity. Note that they do nothing of the kind.
Action Forex
One day we'd wake up to the announcement of few central banks saying they are closing fx and equity trading for few weeks. the consequences of these actions will be disastrous but i guess its all just transitory
as JP Morgan suggests
Yen is going to 73
Traders love volatility. Intervention and market manipulation is trader's bread and butter.
Meanwhile we have confirmed reports of radiation nine miles from the Vermont Yankee Nuclear Power Plant.
Economy, troop movements, and radiation all at once!
http://theintelhub.com/2011/08/04/radioactive-strontium-found-in-fish-sa...
ftse is selling hard, means commods are tanking.
Ahhhhh. Christmas time came early
http://www.youtube.com/watch?v=oMlqn_Hjyi8
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