Dollar in graver danger than the euro

Imagine a country that spends and prints trillions to patch up any problem.
Now imagine another country where there is no central Treasury, meaning that bail-outs are less easy, and which has a central bank that has mopped up liquidity over the past year, rather than engage in quantitative easing.

Why does it surprise anyone that the latter, the eurozone, has a stronger currency than the former, the US? Because of peripheral countries’ debt refinancing issues? And the potential for contagion? These are real and serious issues, but in our assessment, they should be primarily priced into the spreads of eurozone bonds, not the euro itself.

Think of it this way: in the US, Federal Reserve chairman Ben Bernanke has testified that going off the gold standard during the Great Depression helped the US recover faster than other countries. Fast-forward to today: we believe Bernanke embraces a weaker currency as a monetary policy tool to help address the current state of the US economy. What many overlook is that someone must be on the other side of that trade: today it is the eurozone, which is experiencing a strong currency, despite the many challenges in the 17-nation bloc.

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Dollar Loses More Ground

NEW YORK—The beleaguered dollar extended its broad decline after U.S. economic data pointed to a dismal employment picture and slowing growth, bearing out the Federal Reserve's reluctance to tighten monetary policy anytime soon.

The U.S. Dollar Index was lower for the day, but off the depths it reached overnight.

U.S. jobless claims unexpectedly jumped last week and the government reported the pace of economic growth in the country slowed sharply in the fourth quarter, further adding to the negative dollar sentiment permeating the market.

"There's no fundamental justification to be long dollar right now," said Paresh Upadhyaya, director of G10 FX Strategy at Bank of America-Merrill Lynch in New York.

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China Proposes To Cut Two Thirds Of Its $3 Trillion In USD Holdings | zero hedge

All those who were hoping global stock markets would surge tomorrow based on a ridiculous rumor that China would revalue the CNY by 10% will have to wait. Instead, China has decided to serve the world another surprise. Following last week's announcement by PBoC Governor Zhou (Where's Waldo) Xiaochuan that the country's excessive stockpile of USD reserves has to be urgently diversified, today we get a sense of just how big the upcoming Chinese defection from the "buy US debt" Nash equilibrium will be. Not surprisingly, China appears to be getting ready to cut its USD reserves by roughly the amount of dollars that was recently printed by the Fed, or $2 trilion or so. And to think that this comes just as news that the Japanese pension fund will soon be dumping who knows what. So, once again, how about that "end of QE" again?

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Don't Like a Weak Dollar? Might as Well Get Used to It - CNBC

Weakness in the US dollar, which is causing everything to go up—including gas prices, food and stocks—is unlikely to go away soon as a selling frenzy hits the currency market.

CNBC.com

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The greenback is approaching pre-financial crisis lows and threatening to smash through its all-time low when measured against the world's predominant national currencies.

A combination of factors accounts for the weakness, with the Federal Reserve's easy-money policies, huge national debts and deficits and the consequential possibility of a debt downgrade because of the financial mess in Washington leading the way.

In short, as trader Dennis Gartman noted Thursday, "the rout of the US dollar" is in full effect.

"Panic dollar selling is setting in," Gartman, a hedge fund manager and author of "The Gartman Letter," wrote in his daily commentary. "This may carry farther than any of us dream of or, worse, have nightmares of."

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Soros' Bretton Woods Conference Accelerates Push for New Global Economy

It’s been two weeks since George Soros bought himself a major economic conference designed to remake the entire global economy. Just because the event received little major news attention, it still had an impact Americans might be reeling from for years.

When the anti-American Soros spent $50 million creating the New York City-based Institute for New Economic Thinking(INET), he began a major move against the dollar. The billionaire who once crushed the British pound through currency trading openly declared his plans to “reform the currency system.” In the Machiavellian mind of Soros, the dollar needed to take a back seat and end its stint as the world reserve currency. “The dollar no longer enjoys the trust and confidence that it once did, yet no other currency can take its place,” he wrote in late 2009.

In 2011, he is already pushing aside the dollar.

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U.S. deficit clock 'now ticking loudly' after S&P downgrade

S&P hits U.S.
Standard & Poor`s dropped a bombshell into the U.S. budget debate today, downgrading the outlook for America`s debt to "negative" from "stable" and raising the stakes markedly.
 

``There have been rumblings about the U.S. credit rating for the past two years, and Moody`s warned earlier this year that the rating could be downgraded if progress is not soon made on the $1.5-trillion budget deficit,`` said Douglas Porter, deputy chief economist at BMO Nesbitt Burns.

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G20 agrees guidelines to measure economic imbalances - BBC News -

Finance ministers and central bankers from the G20 have agreed a set of "indicative guidelines" to measure potential risks to the global economy posed by national economic policies.

All members of the G20 will be monitored under the new system.

In addition, members who account for more than 5% of total G20 economic output will be subject to a deeper, second-stage analysis of imbalances.

They include the US, China, Japan, Germany and France.

This is to "reflect the greater potential for spillover effects from larger economies", the group said.

The G20 did not formally name the countries this would apply to but French Finance Minister Christine Lagarde said that France would be one of seven in total to face higher scrutiny.

The group was meeting in Washington, ahead of the spring meetings of the World Bank and the International Monetary Fund (IMF).

The G20 accounts for 85% of global output and is now the main forum for trying to reform the world's financial system.

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Stiglitz Calls for New Global Reserve Currency to Prevent Trade Imbalances

The world economy needs a new global reserve currency to help prevent trade imbalances that are reflected in the national debt of the U.S., said Nobel-prize winning economist Joseph Stiglitz.

A “global system” is needed to replace the dollar as a reserve currency and help avoid a weakening of U.S. credit quality, said Stiglitz, a professor at Columbia University in New York. The dollar fell to an almost 15-month low against the euro last week, and the U.S. trade deficit widened more than forecast in January to the highest level in seven months.

“By taking off the burden of any single country, we don’t have to have trade deficits,” Stiglitz said in an interview in Bretton Woods, New Hampshire. “Things would be much worse if it were not the case that Europe was having even more of a problem, but winning a negative beauty pageant is not the way to create a strong economy.”

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Emerging economies face watershed moment at summit

SANYA, China (AP) -- The leaders of the world's largest emerging economies gather this week in southern China for what could be a watershed moment in their quest for a bigger say in the global financial architecture.

Thursday's summit comes at a crucial moment for the expanded five-member bloc known as the BRICS, which groups Brazil, Russia, India, China, and, for the first time, South Africa.

Chinese President Hu Jintao, Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma will attend.

With the G-20 group of major economies seeking to remake parts of the global financial architecture, it's time for the BRICS to test whether they can overcome internal differences and act as a bloc pursuing common interests.

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Two George Soros Events Aim to Remake the Financial Order and the Media -- So Where's the Reporting?

Apparently, megalomaniacs need schedulers.

Just ask George Soros. The left-wing billionaire is helping fund two major conferences that start on the same day, in two different locations just a three hours apart by car. Two liberal events packed into one long weekend. God created the world in six days.

Apparently, Soros, who sees himself as “some kind of god,”needs just a long weekend to start remaking today's world in his image.

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Zoellick on a new monetary regime | Newsmaker | Analysis & Opinion | Reuters.com

Over a month ago the president of the World Bank, Robert Zoellick, wrote an opinion piece in the Financial Times about how the World Bank, the International Monetary Fund (IMF) and the G20 and G7 might be able to establish “a framework to manage a monetary system in transition” that would be more realistic for our modern day world.

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Gold, Oil Soar to Fresh Highs As Inflation Fears Mount - CNBC

Gold hit record highs a second straight day Wednesday and oil soared to fresh 2-1/2 year highs, sparking fears of inflation that could hurt some of the world's most dependable economies.

Price pressures were rising in Asia's emerging economies — which had been the catalyst for the world's recovery from the financial crisis — and were unlikely to subside soon, the Asian Development Bank cautioned.
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Ryan: Debt on Track to Hit 800 Percent of GDP; 'CBO Can't Conceive of Any Way' Economy Can Continue Past 2037 | CNSnews.com

(CNSNews.com) – House Budget Chairman Congressman Paul Ryan (R-Wis.) said President Barack Obama’s budget strategy is to “do nothing, punt, duck, kick the can down the road” while the debt remains on track to eventually hit 800 percent of GDP. Ryan added that the CBO is saying it "can't conceive of any way" that the economy can continue past 2037 given its current trajectory.
Ryan also said that the House Republicans’ FY2012 budget, which he unveiled yesterday, would save Medicare and help the United States avoid a debt crisis.

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Are We Living in the Last Days?

In probably every century since the death of Christ, Christians could marshal arguments that their generation comprised the end times prior to Christ’s return. Of course, such arguments were wrong. Still today, many Christians are convinced we are approaching the rapture and the Second Coming of Christ. As Hal Lindsey has emphasized on his television show, the time seems to be short: “We [the US] could fall and be forced into a one world government and economy tomorrow… All of this has made the possibility of the Antichrist making his appearance an event that can happen in weeks or days, not months or years… As never before in world history, world conditions are set up perfectly for all of this to take place in literally a matter of days.” And, “The Antichrist could appear at any moment.” (The Hal Lindsey Report May 7, 2010)

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'Hyperinflationary great depression' ahead for U.S.? (OneNewsNow.com)

Unless spending cuts are made, one economist predicts that another economic collapse is ahead for the U.S., thanks to the crushing debt incurred by the federal government.

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» George Soros’ New Plan for Global Financial Regulation - Big Government

What would you think if George Soros were organizing his fellow anti-American, globalist, neo-Marxist “thought leaders,” in pursuit of globally governed banking and finance, in a second Bretton Woods conference?

Would you consider that their goals include dragging American influence and incomes down, while confiscating much of our personal finances and giving them to other nations (and yes, the age-old financier network behind them) in the name of “communitarianism?”

Would you find their goal is to replace the bad influences of the IMF and the World Bank, with a much worse, more powerfully controlling, post-American global apparatus?

What would you think, if that meeting were being held this April 8th through 11th?|

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The Latter Days: The Birth of False Religion

The Birth of False Religion

“Know Your Enemy” attempts to look at the world (events, countries, media, policies, religions, prominent figures, etc.) through a Biblical view.
This first section of videos highlights the roots of false religion and the satanic lies which make up the secret knowledge of mystery religions.
There are a number of videos in this series, so feel free to use the arrows on the left and right of the video screen - or the listing of videos at the bottom of the screen - to navigate to the particular topic you wish to review, as listed below:

Part 2 - Lucifer 

Who does Scripture say he is? Where is he now?  How does he operate?  He disguises his appearance. He is a created being and therefore not equal to God.  Satan deceived by claiming you could attain godhood by obtaining knowledge. Satan wants to be worshiped.

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George Soros: Demagoat

While the liberal and mainstream media get in a tizzy about who they deem as conspiratorial figures on the right such as Rupert Murdoch, Roger Ailes, and, most recently, the Koch Brothers, they often ignore a more shadowy figure who seems to have his tentacles in nearly every progressive organization and cause that seeks to undermine the American way of life.

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Fears rise that Japan could sell off U.S. debt - Washington Times

Some lawmakers and market analysts are expressing rising concerns that a demand for capital by earthquake-ravaged Japan could lead it to sell off some of its huge holdings of U.S.-issued debt, leaving the federal government in an even tighter financial pinch.

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