The United Nations has slammed the U.S. dollar in a new report called Retooling Global Development. They’re recommending an end to the dollar’s role as dominant reserve currency, and pushing for a new global reserve regime based on a supranational currency made up of a basket of developed nation currencies.
ST. PETERSBURG, Russia — French President Nicolas Sarkozy said Saturday that he wanted to work with Russia to give developing nations a larger say in how to regulate the global economy.
Quantitative easing is a posh way of describing the practice of pumping money into the economy to encourage banks to lend.
WASHINGTON—Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday that the organization one day might be called upon to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.
WASHINGTON (AP) — The Federal Reserve pledged Wednesday to hold interest rates at a record low to drive down double-digit unemployment and sustain the economic recovery.
http://www.tumblr.com/audio_file/268153919/tumblr_ku3liwkLa51qz6q52
Audio: US billionaire investor, Jim Rogers, says greenback is a flawed currency
What the good Professor is suggesting is that the Treasury doesn’t have to issue bonds at all. In fact, since the Treasury does control the electronic printing press, it could legitimately buy stuff with money it prints out of thin air. Sounds a bit like counterfeiting, doesn’t it?
But, let’s step back for a second: what is the functional difference for the federal government between Treasury securities and bank notes? Both are liabilities of the federal government. But liabilities of what? The only obligation they enforce on the government is the promise to repay with more paper (or electronic bank credits, if you will). For all intents and purposes, bank notes, reserve deposits, and Treasury securities are fungible: they are obligations to be repaid in the same fiat currency.
Edward Harrison in If the U.S. stopped issuing treasuries, would it go broke? - Credit Writedowns (via quotingthecrisis)
Pundits and policymakers around the world are wringing their hands over the possibility of further declines in the foreign exchange value of the dollar. Predicting exchange rates is notoriously difficult; there is almost as much chance of the dollar rising next year as of it declining. But if the dollar were to fall further, should we be concerned?
Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world’s top producer Barrick Gold.
Dollar Will be Utterly Destroyed (via SignificantImagery)
The financial crisis taught us that markets can drop further and faster than anyone expects. Housing prices, for example, fell for three straight years starting in 2006, even though the conventional wisdom right up until the bust began was that prices would not fall even a little bit.
Oct. 12 (Bloomberg) — Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.
A recently declassified, formerly Confidential, 30 year old memo prepared by Henry Owen for President Jimmy Carter’s eyes only, highlights the perils facing the United States if oil were to be priced in SDRs instead of dollars, a topic which is all the rage today as rumors are swirling that this is an imminent transition to be “put” upon the United States.
Asian central banks intervened heavily in the currency markets on Thursday to stem the appreciation of their currencies against the US dollar amid fears that their exports could be losing ground against China.
ISTANBUL/SYDNEY, Oct 6 (Reuters) - Big oil producing nations denied a British newspaper report on Tuesday that Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the U.S. dollar with a basket of currencies in trading oil.
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