London Stock Trader Urges Move to 'AMERO'

World Net Daily ^ | 11/28/06 | Jerome R. Corsi

[Kimberly GG]

In an interview with CNBC, a vice president for a prominent London investment firm yesterday urged a move away from the dollar to the "amero," a coming North American currency, he said, that "will have a big impact on everybody's life, in Canada, the U.S. and Mexico."

Steve Previs, a vice president at Jefferies International Ltd., explained the Amero "is the proposed new currency for the North American Community which is being developed right now between Canada, the U.S. and Mexico."

The aim, he said, according to a transcript provided by CNBC to WND, is to make a "borderless community, much like the European Union, with the U.S. dollar, the Canadian dollar and the Mexican peso being replaced by the amero."

Previs told the television audience many Canadians are "upset" about the amero. Most Americans outside of Texas largely are unaware of the amero or the plans to integrate North America, Previs observed, claiming many are just "putting their head in the sand" over the plans.

CNBC asked Previs whether he thought NAFTA was "working and doing enough."

He replied: "Until it created a lot of illegal immigrants coming across the border. I don't know. You get the pros and cons on NAFTA. For some people it is a good thing, and for other people it has been a disaster."

The speculation on the future of a new North American currency came amid a major U.S. dollar sell-off worldwide that began last week.

Yesterday, the dollar also reached new multi-month low against the euro, breaking through the $1.30 per euro technical high that had held since April 2005.

At the same time, the Chinese central bank set the yuan at 7.0402 per dollar, the highest level since Beijing established a new currency exchange system in 2005 that severed China's previous policy of tying the value of the yuan to the U.S. dollar.

Many analysts worldwide attributed the dramatic fall in the value of the U.S. dollar at least partially to China's announcement last week that it would seek to diversify its foreign exchange currency holdings away from the U.S. dollar. China recently has crossed the threshold of holding $1 trillion in U.S. dollar foreign-exchange reserves, surpassing Japan as the largest holder in the world.

Barry Ritholtz, chief market strategist for Ritholtz Research & Analytics in New York City, in a phone interview with WND, characterized today's downward move of the dollar as "wackage," a new word he coined to convey that the dollar is being "whacked" in this current market movement.

Ritholtz told WND that yesterday's downward move "was a major market correction that points to the risk of subsequent downside to the dollar."

Asked whether he would characterize the dollar's downside move as signaling a possible collapse, Mr Ritholtz told WND, "Not yet."

Ritholtz pointed out market professionals had long looked at a dollar collapse as a "low probability event," but the recent fall suggests "the probabilities have increased of a major dollar correction, or even of a collapse."

U.S. trade imbalances with China have hit a record $228 billion this year, largely reflecting a surging flow of containers from China with retail goods headed for the U.S. mass market.

Secretary of Commerce Carlos Gutierrez is in Bejing leading a trade delegation of more than two dozen U.S. business executives.

"The future should be focused on exporting to China," Guiterrez told reporters in Bejing, noting that this year, U.S. exports to China are up 34 percent on a year-to-year basis, surpassing last year's gain of 20 percent.

One way to improve the U.S. trade imbalance may be to ease up on restrictions of exporting high-tech products and allowing technology transfers to China, a move likely to be politically charged in the U.S.

The decline in value of the dollar will also make U.S. exports more attractive and Chinese exports to the U.S. more expensive.

In February 2007, a virtually unprecedented top-level U.S. economic mission is scheduled to travel to China. Included in the mission are Treasury Secretary Henry Paulson, Jr., Secretary of Commerce Carlos Gutierrez and Federal Reserve Chairman Ben Bernanke.

Previs declined to be interviewed for this article, telling WND in an e-mail he did not want to be quoted directly in any article that may express a political point of view.

[Paul Ross]

It's that they know it's true, support the OBL agenda, and don't want it discussed. Attacking any legitimate article or proof is SOP.

Bump.

[hedgetrimmer]

You said you couldn't find Steve Previs on the internet.

Why are you calling me a kook? Because you were wrong?

[AmishDude]

I don't know if you've noticed, but Fox is a true lame duck, his successor just waiting for the term of office to begin and Bush only has a couple of busy years left.

I guess they'd better get this thing moving, huh? It's so hard to run the conspiracy, though, what with all of you meddling kids!

[woodbutcher]

It's rubbish. See post 37.

Regards, Ivan

---

It is my belief that the instability of the Mexican government, its corruption, the craziness displayed in their last election, the Canadian governments latest idea of partitioning itself so there is a French nation within Canada, will make the Amero idea too dangerous and idea and it will die a natural death.

However, that said, it is a very serious matter that our president would even attend a meeting at which such a discussion would be on the agenda.

He should have told them to scratch it or he would go ride his horse at the ranch.

So the question again is why did he even discuss it? The Amero, open borders and the super highway from Mexico to Canada; three ideas in combination that are worrisome.

They may never happen, but the question again is why do we have people in high places even considering it? Do we have the right people? You expect this from nutty university professors, not the president

[MadIvan]

I told you exactly what parameters I used. I didn't find Steve Previs that way.

Secondly, you are by reputation (and my experience) an anti-free trade kook who probably believes in this Amero nonsense.

Ivan

[MadIvan]

The single currency idea for NAFTA had its heyday, so far as I can tell, around 1999 - 2000, when a series of discussion papers were passed around. This was, remember, when people thought the Euro was going to be a benefit to Europe's economies. Given what a disaster the Euro has been for countries like Italy, that view has since been revisited. I think what the Bank of Canada said (dated Winter 2005 / 2006) is correct - that America has no interest in re-cooking a failed recipe.

Regards, Ivan

[Kozak]

GREAT IDEA. We switch to the "Amero", and leave all the chumps holding " US Dollar Securities" holding the bag! Buy did we play those foreigners as chumps or what? /sarc

[beyond the sea]

I'll vote for "move to chat"

LOL ........... your VOTE doesn't matter at all, this is The North American Community.

;-)

[brownsfan]

"Yeah, the US is just going to up and drop the world's most prominent brand for something that no one's ever heard of."

I think the Germans and the French felt very much the same about the Mark and the Franc, respectively. What currency are they using these days?

The only thing constant is change. If the "leaders" decide we're going to be an American union, we're powerless to stop them.

[texastoo]

" I vote cuckoo for Cocoa Puffs."

There you go again. You don't understand the good ol USA. The younguns at google prefer to emphasize Steve Previs the sports player. Sports before politics here in the US. Rather than fight, I just switched search engines to Yahoo.

Try this page for Jefferies International

http://search.yahoo.com/search?ei=utf-8&fr=slv1-adbe&p=jefferies+international

This dude is no slouch and neither is his company.

Try this page for Steve Previs and Jefferies International

http://search.yahoo.com/search;_ylt=A0geurKKW2xFKlcB2d9XNyoA?p=jefferies+international+steve+previs&prssweb=Search&ei=UTF-8&fr=slv1-adbe&x=wrt

Now, back to your cocoa puffs.

[Toddsterpatriot]

This dude is no slouch and neither is his company.

This company is small potatoes.

Jefferies International Limited has in excess of $2 billion of investment assets under management.

[janetgreen]

And 75 percent of people in the United States and Canada, and two-thirds of Mexicans, support the development of a North American security perimeter. The U.S., Mexican, and Canadian governments remain zealous defenders of an outdated conception of sovereignty even though their citizens are ready for a new approach.

Propaganda for the masses, nothing but lies. I would guess that the ONLY nation who want a "new approach" with open borders is Mexico. The people who spread this crap think that if they say it often enough, people will believe it.

No one does, and everyone should be calling the guy in the White House, who wants this, and their Senators and Reps who hopefully will fight against this insanity.

[texastoo]

This company is small potatoes.

So, is this a crime or is it a reputable company?

[AmishDude]

Hello, my name is AmishDude and I'm here to talk to you about the NORTH AMERICAN UNION or NAU. You may be familiar with some of our previous work: the moon landing, Area 51 and, of course, the Kennedy assassination. Our shining moment.

We here at the NAU want to change the way you look at international conspiracies. We want to be your kind of cabal.

We are a diverse group. So many of you perceive us as being a bunch of Jewish bankers. But that's not true. Some of us are Swiss bankers and others are Jewish lawyers.

Not only that, we are looking to make sure that you, the little people, are involved in your conspiracies. For example, the NAU wants your input on our new AMEROs. While those of us who run the conspiracy can't afford to have our faces seen, we want to know whose faces should be on the currency: Santa Ana? Jefferson Davis? The Maple Leaf?

We want to address the concerns of our subjects, uh, citizens. Think of us as YOUR overlords. We aren't just a nameless, faceless cabal.

...

Well, we are, but we're YOUR nameless, faceless cabal and we want you to think of us in the same warm and fuzzy way that you think of mom.

Who secretly works for us.

[AmishDude]

If this guy is an executive, their potatoes will get even smaller.

[Toddsterpatriot]

It's a reputable company that's been around for 40+ years.
Just because one trader says something silly, doesn't give it any more credence than if Willie Green said it. I could walk down the hall and get 10 traders to say this guy is an idiot.

[MikefromOhio]

Kooky Corsi and World Nut Daily - Damn if we could ONLY have Joe Farah and Tom Tancredo weigh in on this issue it would be a NAU circle jerk!!!

Woohoo!!!

[MadIvan]

Read post 37 and what the Bank of Canada had to say about it. Then, go away.

I understand banking and monetary policy pretty well, which you do not. I repeat, anyone who thinks there will be an Amero in the near future is a barking loon.

Ivan

[MadIvan]

I think we should give the academics who discussed this idea back in 1999 and 2000 a call; we should tell them that apparently some people consider them all powerful and are indeed going to determine monetary policy in the future.

Regards, Ivan

[rottndog]

"...will have a big impact on everybody's life, in Canada, the U.S. and Mexico."

That's the understatement of the year. A common currency won't raise Mexico up--it will only bring the living standards in the U.S. down. We don't even have a common currency now, and parts of America are sinking into third world status.