Sunday, May 1, 2011
Hedge funds increased their bets against the dollar to a massive $28.6bn (£17.1bn) in advance of Ben Bernanke's historic first press conference as chairman of the Federal Reserve last week.
UK Telegraph
The sum held in short positions against the world's reserve currency on April 26 is the highest in more than month and $3bn more than the previous week.
The figures, released over the weekend by the Commodity Futures Trading Company (CFTC), indicate that hedge funds have made hundreds of millions of dollars from the recent collapse in the value of the greenback.
The dollar hit a three-year low against a basket of currencies on Friday, and has fallen for the last five months straight. It fell 3.8pc against the basket in April, and is down 7.5pc down so far this year.
The data shows that investors are pulling out of the dollar in favour of almost every other currency except the Japanese yen.
Camilla Sutton, chief currency strategist at Scotia Capital, said: "It's an ongoing build of short-dollar positions overall. Generally, sentiment remains very negative against the dollar."...[Full Article]
Labels: devaluation, dollar
Thursday, April 28, 2011
Wall Street Journal
NEW YORK—The dollar dropped after economic indicators pointed to a dismal U.S. employment picture and slowing economic growth.
First-time claims for unemployment benefits jumped 25,000 to 429,000, indicating employers might have recently slowed their hiring recently. Economists were expecting claims to fall to 395,000.
At the same time, gross domestic product rose at a modest 1.8% pace in the first quarter, matching economists' forecasts. However, the pace of expansion is much weaker than it was at the end of 2010, when the economy was growing at 3.1% pace...[Full Article]
Bloomberg
U.S. stock-index futures fell and the Dollar Index dropped to a three-year low as reports showed the economy slowed more than forecast and jobless claims unexpectedly rose. Gold climbed to a record.
Standard & Poor’s 500 Index futures declined 0.2 percent at 8:45 a.m. in New York, and the Stoxx Europe 600 Index gained less than 0.1 percent. The Dollar Index retreated for an eighth day, the longest losing streak since March 2009, slipping 0.4 percent to 73.193. Gold jumped to $1,534.05 an ounce and copper rose 0.7 percent...[Full Article]
Monday, April 25, 2011
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.
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CNBC.com |
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...[Full Article]
Labels: currency, devaluation, dollar
Sunday, March 27, 2011
Bob Champman Interview - The Dollar is Doomed
http://www.youtube.com/watch?v=Tsq5hdhBEkw
http://www.youtube.com/watch?v=LfOpxwQsmDs
Labels: Bob Chapman, dollar, gold, silver, video
Thursday, March 3, 2011
Wall Street Journal
The single most astonishing fact about foreign exchange is not the high volume of transactions, as incredible as that growth has been. Nor is it the volatility of currency rates, as wild as the markets are these days.
Instead, it's the extent to which the market remains dollar-centric.
Consider this: When a South Korean wine wholesaler wants to import Chilean cabernet, the Korean importer buys U.S. dollars, not pesos, with which to pay the Chilean exporter. Indeed, the dollar is virtually the exclusive vehicle for foreign-exchange transactions between Chile and Korea, despite the fact that less than 20% of the merchandise trade of both countries is with the U.S.
Chile and Korea are hardly an anomaly: Fully 85% of foreign-exchange transactions world-wide are trades of other currencies for dollars. What's more, what is true of foreign-exchange transactions is true of other international business. The Organization of Petroleum Exporting Countries sets the price of oil in dollars. The dollar is the currency of denomination of half of all international debt securities. More than 60% of the foreign reserves of central banks and governments are in dollars.
The greenback, in other words, is not just America's currency. It's the world's.
But as astonishing as that is, what may be even more astonishing is this: The dollar's reign is coming to an end.
I believe that over the next 10 years, we're going to see a profound shift toward a world in which several currencies compete for dominance.
The impact of such a shift will be equally profound, with implications for, among other things, the stability of exchange rates, the stability of financial markets, the ease with which the U.S. will be able to finance budget and current-account deficits, and whether the Fed can follow a policy of benign neglect toward the dollar...[Full Article]
Thursday, November 25, 2010
St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday...
[Full Article]
Labels: China, currency, dollar, Russia
Friday, July 16, 2010
Rarely before have a few coded words in the minutes of the US Federal Reserve caused such an upheaval in the global currency system, or such a sudden flight from the dollar.
The euro rocketed to a two-month high of $1.29 and sterling jumped two cents to almost $1.54 after the Fed confessed that the US economy may not recover for five or six years. Far from winding down emergency stimulus, the bank may need a fresh blast of bond purchases or quantitative easing.
Usually the dollar serves as a safe haven whenever the world takes fright, and there was plenty of sobering news from China and other quarters on Thursday. Not this time. The US itself has become the problem.
"The worm is turning," said David Bloom, currency chief at HSBC. "We're in a world of rotating sovereign crises. The market seems to become obsessed with one idea at a time, then violently swings towards another. People thought the euro would break-up. Now we're moving into a new phase because we're hearing alarm bells of a US double dip."...
Friday, July 2, 2010
U.S. economy enters “total freefall” as double-dip recession looms
Paul Joseph Watson
Prison Planet.com
Thursday, July 1, 2010
The dollar plunged today following a United Nations report which called for the greenback to be replaced as the global reserve currency by the International Monetary Fund’s special drawing rights (SDRs).
The dollar’s trend of moving inversely to the stock market has seemingly been snapped, with the Dow Jones falling over 100 points at one stage today. However, as soon as markets began to claw back losses, the greenback failed to follow suit, indicating that whichever way markets move, the dollar is in big trouble.
The UN report called for “abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value,” according to Reuters.
“A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency,” stated the report, adding that this new system should not be based on a basket of currencies, but on IMF-controlled SDR’s.
Following globalist moves to restore confidence in the single currency euro in the aftermath of the Bilderberg and G20 meetings, the concern has shifted from sovereign debt issues of countries like Greece and Spain, to the worsening state of the U.S. economy and the risk of a double-dip recession.
In the immediate aftermath of the 2010 Bilderberg meeting in Spain, at which globalists resolved to save the euro from collapse in an effort to restore confidence in their ultimate goal of a global single currency, the euro began to make a recovery and today rose against the dollar by over 1.5 per cent.
A cascade of negative U.S. economic data was released today, with job figures turning sour once again.
“Jobless claims were a disaster, coming in at 472k, on expectations of 455k,” reports Zero Hedge. “The economy has now entered the “total freefall” area”.
The dollar is being targeted for destruction because the financial terrorists who caused the economic collapse in the first place want to exploit the crisis in order to institute a new global currency issued by a global central bank.
In May, IMF chief Dominique Strauss-Kahn told elitists in Zurich Switzerland that the introduction of a global currency backed by a global central bank would act as the “lender of last resort” in the event of a severe economic crisis, another lurch towards fascist centralization of power in pursuit of a system of global governance.
Globalization itself is treason, it represents a takeover of the economy by offshore private interests. The implementation of global governance and a new global currency by these same criminals will be funded by the carbon tax that governments of major western nations are now trying to ram through, with Obama exploiting the BP oil spill for this very purpose.
As Gerald Celente explains in the clip below, all major currencies are doomed in the long term, which is why many European countries are beginning moves to revert back to their pre-euro denominations.
Alex Jones has been warning about the collapse of the dollar and its replacement with a global currency controlled by the new world order and funded through the carbon tax for years. The subject was covered in his recent films The Obama Deception and Fall of The Republic, both of which can be viewed in high-quality at Prison Planet.tv or purchased on DVD from the Infowars shop.
Labels: currency, dollar, Paul Joseph Watson, PrisonPlanet.com, U.N., United Nations
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