 Hip Shops
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10-07-2010, 05:51 AM
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Senior Member
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Join Date: Apr 2007
Location: midgard
Posts: 3,002
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Currency war goes global
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11-26-2011, 02:39 PM
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Senior Member
Posts:3002
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China, Russia to quit the dollar
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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.
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.
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http://www.chinadaily.com.cn/cndy/20...t_11598626.htm |
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11-28-2011, 09:28 PM
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Senior Member
Posts:3002
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11-30-2011, 03:05 PM
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Senior Member
Posts:3002
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The final phase of exponential growth begins:
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The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions to enhance their capacity to provide liquidity support to the global financial system. The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity.
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http://www.federalreserve.gov/newsev.../20111130a.htm |
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11-30-2011, 03:20 PM
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Senior Member
Posts:3002
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"The world is watching Europe, waiting upon a solution. It's not just the euro that's at stake. If the euro fails, so too does the 27-nation European Union. Bank lending would freeze, stock markets would likely crash, and Europe's economies would follow. Nations in the euro-zone would see their economic output decline, though temporarily, by as much as 50%, according to UBS forecasters. That economic meltdown would then spread to the U.S. and Asia, who would find themselves caught up in the credit freeze while their exports to Europe would collapse."
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As yet more proof that the global financial house of cards is about to violently collapse, Standard & Poor's took action late yesterday to downgrade the ratings of key globalist banks (http://www.foxbusiness.com/industri...). Banks downgraded by S&P include:
• Citigroup
• Wells Fargo
• Bank of America
• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley
• Barclays
... and many others. These ratings downgrades stemmed in part from the realization that failures of these banks may not be covered by governments which claim to insure their deposits.
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http://www.naturalnews.com/034281_Eu...bt_crisis.html |
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12-16-2011, 11:49 AM
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Senior Member
Posts:3002
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12-18-2011, 07:34 AM
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Senior Member
Posts:3002
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01-13-2012, 06:50 PM
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Senior Member
Posts:3002
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Friday13 downgrades of Austria, Italy, France
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01-26-2012, 06:24 PM
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Senior Member
Posts:3002
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The US are loosing their reserve currency status
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Since World War II, the United States has enjoyed the status of having the world’s reserve currency. After the war, the largest industrial nations got together in Bretton Woods, New Hampshire to work out rules for commercial and financial relations.
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Each nation adopted a monetary policy which tied its currency to the US dollar. At the time, US dollars were convertible to gold on demand, making for a sound currency and system.
In the late 60′s, the costs of the Vietnam war were escalating and France was worried that the US would not be able to cover their debts. French President Charles DeGaulle began converting their US debt into gold. This depleted the US Treasury and in 1971, President Nixon declared “force majeure” and essentially defaulted on US debt. This was done by ending the convertibility of US dollars to gold thus making the US dollar a fiat currency.
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http://www.flipthepyramid.com/index....urrency-status |
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01-28-2012, 11:46 AM
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Senior Member
Posts:3002
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03-02-2012, 09:54 AM
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Senior Member
Posts:3002
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Banker left speechless by Irish Journalist
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