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Tuesday, October 13, 2009

Dollar loses reserve status to Yen and Euro

No surprise here.

From the article:
Over the last three months, banks put 63 percent of their new cash into euros and yen

Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund
When you consider what our fearless leaders have been doing recently this is not a surprise.

This pretty well sums it up:
After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy -- ravenous inflation on one hand, and a perilous recession on the other.
Peter Schiff is quoted as saying:
"The stimulus is what's toxic -- we're poisoning ourselves and the global economy with it."
No kidding. There is always a bright side to every bit of bad news. In this case it is the following bit from the article:
Bernanke could go down in economic history as the man who killed the greenback on the operating table.
That gave me a sort of sick little chuckle.

1 comment:

The Other Mike S. said...

It's paper worthy of keester cleaning. Everyone seems to understand this except the American press. Strange, no? No.


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