Make Way For The Amero
Freefall by Dale Allen Pfeiffer
"30/9/07 (www.mountainsentinel.com) Since Bernanke cut interest rates last Tuesday (Sept. 25th), the already weak dollar has gone into a tail spin. Bernanke's banker friends complained that they did not have enough money to cover their obligations and Bernanke responded by revving up the presses and printing up a slew of fresh funny money. In doing this he ignored the rest of the world, which was hoping that he would show some backbone and stand firm in support of the dollar. So now, everywhere you look, the dollar is losing its value against other currencies.
The Saudi's unpegged their currency from the dollar for the first time since the oil dollar was established. They had no choice; it would have been suicide for them to follow Bernanke's move. And elsewhere, other countries will have to follow suit or the US will drag them down. Japan is scrambling for shore.
Not long after the cut in interest rates, the dollar passed a key point against the Euro when it surpassed 1.41 dollars to one Euro. Since then the value of the dollar has continued to drop. The US dollar has been dropping against the Euro since January 2003. It now worth less than 59% of the value it had four years ago. At this point a dollar crash is nearly inevitable. US dollars may soon have as little value as confederate dollars."
"30/9/07 (www.mountainsentinel.com) Since Bernanke cut interest rates last Tuesday (Sept. 25th), the already weak dollar has gone into a tail spin. Bernanke's banker friends complained that they did not have enough money to cover their obligations and Bernanke responded by revving up the presses and printing up a slew of fresh funny money. In doing this he ignored the rest of the world, which was hoping that he would show some backbone and stand firm in support of the dollar. So now, everywhere you look, the dollar is losing its value against other currencies.
The Saudi's unpegged their currency from the dollar for the first time since the oil dollar was established. They had no choice; it would have been suicide for them to follow Bernanke's move. And elsewhere, other countries will have to follow suit or the US will drag them down. Japan is scrambling for shore.
Not long after the cut in interest rates, the dollar passed a key point against the Euro when it surpassed 1.41 dollars to one Euro. Since then the value of the dollar has continued to drop. The US dollar has been dropping against the Euro since January 2003. It now worth less than 59% of the value it had four years ago. At this point a dollar crash is nearly inevitable. US dollars may soon have as little value as confederate dollars."
posted by nolocontendere at 12:37 AM
2 Comments:
Wonderful... I know from the transfer rate that it doesn't make sense to transfer anymore money over, might as well keep it there to pay off anything that comes up in the US (we don't have a huge amount of money still in the states)
The thing that's a concern is that there are stories after stories explaining how this collapse is inevitable, and there are no more bandaids, Foreign countries aren't going to subsidize vast american debt any longer.
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