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*Phil*
Opinionated Interventionist
| Joined: | Thu Apr 21st, 2005 |
| Location: | North Carolina USA |
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Posted: Tue Jun 23rd, 2009 10:05 pm |
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IMF Chief Economist said today:
For the US, it is absolutely no question that a sustained recovery has to come from a large increase in exports, that may not be very easy to do. This may require fairly substantial adjustments in the dollar
http://www.forbes.com/feeds/afx/2009/06/22/afx6569595.html
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Pecca fortiter, sed fortius fide et gaude in Christo!
Galactic Signature: Blue Self-Existing Monkey
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Roy
Quasi-Infallible Egocentric Tyrant
| Joined: | Mon Apr 4th, 2005 |
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Posted: Wed Jun 24th, 2009 04:32 am |
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THanks, I am going to read that.
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"The force and degree of a man's inner benevolence evokes in others a proportionate degree of ill-will" - Gurdjieff
"In a time of universal deceit, telling the truth is a revolutionary act." — George Orwell
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*Phil*
Opinionated Interventionist
| Joined: | Thu Apr 21st, 2005 |
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Posted: Thu Jun 25th, 2009 06:09 pm |
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Chief Economics Researcher of the China Communist Party says the Dollar will fall and they need to buy more Gold and American land is a better asset than US Treasuries.
Li Lianzhong, who heads the economic department of the Party's policy research office, said China should use more of its $1.95 trillion in foreign exchange reserves to buy energy and natural resource assets. Speaking at a foreign exchange and gold forum, Li also said that buying land in the United States was a better option for China than buying U.S. Treasury securities. 'Should we buy gold or U.S. Treasuries?' Li asked. 'The U.S. is printing dollars on a massive scale, and in view of that trend, according to the laws of economics, there is no doubt that the dollar will fall. So gold should be a better choice.'
Li cited the high share of gold in the foreign exchange reserves of the United States, Italy, Germany and France, to argue that China's gold holdings, which account for about 1.6 percent of its reserves, are too small.
http://uk.biz.yahoo.com/25062009/323/update-1-china-buy-gold-hedge-dlr-fall-researcher.html
Now the US Congress has just approved the IMF's request to sell 400 tons of its gold. No need to wonder who will buy all of it. The gold won't even see the open market.
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Pecca fortiter, sed fortius fide et gaude in Christo!
Galactic Signature: Blue Self-Existing Monkey
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deRodes
Honored Fellow Grover
| Joined: | Fri Aug 31st, 2007 |
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Posted: Fri Aug 28th, 2009 09:07 pm |
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Max Keiser: Bank Runs, China
This video is your absolutely last and final warning.
(The creator of the video says:
http://econochristian.com Max Kaiser speaks about the predicted bank run and currency destruction of the US economy. He also speaks about how China will be on top of the depression because they are spending their stimulus on domestic growth. Peter Schiff makes a guest appearance, as well as Gerald Celente.)
Zero Hedge told us:
1) that half of all volume on the NYSE is in five worthless bank stocks
2) that 70% of all trades are made by Goldman Sachs purchases and sales of stocks in advance of trades by brokers so they can clip up to 100 million dollars a day from investors including mutual funds and pension plans. (This means that there is no demand for American stocks.)
3) that the FED has bought over a trillion and a half dollars in derivatives.
Peter Schiff told us that in the last seven minutes of trading the government is intervening to buy 100,000 futures contracts to force up the price of stocks. Sounds to me like the FED and Wall Street are pumping up the price of stocks so they can dump their personal holdings before the dollar and the stock market collapse and you lose what is left of your pensions and your life savings.
I read a news article the other day saying that the Price Earnings ratio of stocks on the S&P 500 was 129 to 1 for the first 97% of stocks reporting their second Quarter earnings.
The Inspector General for TARP said the real cost of the Toxic Asset Relief Program was 23.7 trillion dollars.
Karl Denninger said the real amount of bad debts is probably 30 trillion dollars.
Take a look at these charts. link Nobody is buying our Treasury bonds. Most of those supposed foreign purchases were made by the Federal Reserve printing money and giving it to foreign governments and to foreign branches of Bailout recipients to buy American Treasury bonds.
As I said before, from 1970 to 2008 we borrowed money from China to buy everything at Kmart and WalMart, money from Japan to buys cars and electronics and money from the OPEC nations to buy gas. In 2009 we printed our own money to buy our own debts. The U.S. House of Representatives, the Senate and the President did not realize that when you borrow money from overseas you get to buy their things but when you print your own money to buy worthless paper products from the Treasury Department all you get is higher prices. Much higher prices. And much lower wages. That is why I have been warning my readers that American wages in real after tax dollars will be cut in half.
The stock market and the dollar are about ready to collapse.
Does anyone hear a war starting somewhere? Or maybe a plague? Or both? Or better yet a non-violent people power revolution like eastern Europe after Communism went bankrupt in 1989?
Note: I am not an investment advisor offering you financial advice and I certainly do not know your personal situation. I also am not advocating a violent revolution. What I have been saying for some time is that the dollar will collapse before the end of 2009 and that this will be our last chance to take back our government from Wall Street after both the currency and the government collapse.
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Politicians and diapers should be changed often - for the same reason!
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Death and life are in the power of the tongue, and those who love it will eat its fruit. Proverbs 18:21
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*Phil*
Opinionated Interventionist
| Joined: | Thu Apr 21st, 2005 |
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Posted: Sat Aug 29th, 2009 04:04 am |
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Absolutely correct! We don't see sights like this market very often. The economy wants to go into a strong deflationary death spiral. At the same time though we have humongous debt that would become quite impossible to service if this power deflation took hold. The official sector can do nothing but print money and prop up selected markets, businesses, and institutions with it - making certain financial houses extremely wealthy. The EU is again in a credit and lending crises worse than the prior. The government just buying time to pray for a miracle. Ultimately they will burn the dollar to ashes. The only way to survive through this that I can see is by owning physical assets. Gold, silver, farm land, coffee, stuff that holds independent value. Coffee during hard times actually increases in value because people want it badly but can't find any and so treasure it.
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Pecca fortiter, sed fortius fide et gaude in Christo!
Galactic Signature: Blue Self-Existing Monkey
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Roy
Quasi-Infallible Egocentric Tyrant
| Joined: | Mon Apr 4th, 2005 |
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Posted: Sat Aug 29th, 2009 05:53 am |
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Yes, time to eliminate debt. Whatever the asset will be worth in money, it will be like gold if you own no money on it.
We are entering extremely dangerous territory, or, rather, I should say that we have already entered extremely dangerous territory.
____________________
"The force and degree of a man's inner benevolence evokes in others a proportionate degree of ill-will" - Gurdjieff
"In a time of universal deceit, telling the truth is a revolutionary act." — George Orwell
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