Posted on 10/08/2009 7:48:32 AM PDT by FromLori
AS of 7:09 AM ET CNBC and Marketwatch do not have anything on their front page about the Asian intervention in foreign currency markets to prop up the collapsing dollar.
FT has a general story on the weak dollar four stories down.
WSJ covers it, but only half way down, in the "Before the Bell" segment.
Let me make clear what MSM is obviously not getting. Panic out of the dollar is the great tsunami that could rock the financial system to its core. If this escalates. It means soaring--double digit-- U.S. inflation, a near impossible ability for the U.S. government to finance its debt, a complete restructuring of the international financial structure. Asian financed borrowing to support consumption in the United States will be over. International trade patterns will completely change, with the U.S. in the role as major exporter, but at real wages that will be lower as a result of the crashing dollar inspired inflation. Think you are working hard now? Wait. This won't be a double dip recession. It will be a heart attack for the U.S. economy, followed by a stroke. We'll never be the same.
This is not a page two story. This is a front page story deserving type the size of an assassination story. Indeed, it is not the death of a president, but something much more serious, the potential death of our currency.
ah, but reporting this would so complicate their efforts to pass Obamacare...
bump, very worrisome.
Elections and their consequences 101.
Of course other countries are gonna run stories like that. It's in vogue.
Once the crash happens ObamaCare is a wet rag on the forehead.
Looks like I’m gonna have to purchase more bullets today.
Dang. I thought I would have time to try and get some property in the country before this happened. I am in no position to even try.
I guess I’ll be one of the people who starves to death. I’ll be mentioned on page 11 of the local paper on a very long list of casualties. Page-1 will be full of praise for Obama and his handling of the economy and increasing bread slice rations from 4 to 3.
Watch the price of Gold and you will have an idea of the value of the dollar and will not need to find the drive by medias spin.
ping
Is it possible, or even feasible, to go back on the gold standard? Jack Kemp, RIP, was in favor of this for years.
Well, the decline of the dollar didn’t happen as quickly as they thought it would. Obviously this means that obama stopped it, the recession is over and green shoots are still all around. Rally on! /s
That is scary.
One world currency, here we come.
I guess the world is cutting down their dependance on the Dollar before we cut down our dependance on oil.
Refiners have kept up crude processing rates as they wait for an improving economy to demand more fuel, but the longer that rebound takes, the more likely steep cuts become.
That threat was set aside Thursday, however, amid fresh optimism that a vibrant economic recovery will come sooner rather than later. Investors sold out of the dollar, a traditional “safe haven” during a recession, and bought riskier assets, including commodities and equities. The dollar hit a two-week low against the euro earlier in the day, while European and Asian equities were generally higher.
http://online.wsj.com/article/SB125500768725873267.html
He is saying the reason for selling $$ is the world wide improving economy and the move by holders of $$ to other more promising investments. It seems to me they are running from the $$ as a haven of wealth protect plus perhaps the opportunity to make some money on the declining dollar. The bad part is the ultimate rise in the price of oil, if we see $100 oil for any extended period of time, then we are likely looking at a double dip recession.
In today's media environment I frankly have no idea who or what to believe.
schu
Yes I believe so we can END THE FED!
Obama’s fault the dollar is collapsing.
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