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Relentless.
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Dollar loses reserve status to yen & euro

By PAUL THARP

Last Updated: 3:16 AM, October 13, 2009

Posted: 1:44 AM, October 13, 2009

Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

Over the last three months, banks put 63 percent of their new cash into euros and yen -- not the greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves, according to Barclays Capital. The dollar's share of new cash in the central banks was down to 37 percent -- compared with two-thirds a decade ago.

Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund.

Bernanke could go down in economic history as the man who killed the greenback on the operating table.

After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy -- ravenous inflation on one hand, and a perilous recession on the other.

"He's in a crisis worse than the meltdown ever was," said Peter Schiff, president of Euro Pacific Capital. "I fear that he could be the Fed chairman who brought down the whole thing."

Investors and central banks are snubbing dollars because the greenback is kept too weak by zero interest rates and a flood of greenbacks in the global economy.

They grumble that they've loaned the US record amounts to cover its mounting debt, but are getting paid back by a currency that's worth 10 percent less in the past three months alone. In a decade, it's down nearly one-third.

Yesterday, the dollar had a mixed performance, falling slightly against the British pound to $1.5801 from $1.5846 Friday, but rising against the euro to $1.4779 from $1.4709 and against the yen to 89.85 yen from 89.78.

Economists believe the market rebellion against the dollar will spread until Bernanke starts raising interest rates from around zero to the high single digits, and pulls back the flood of currency spewed from US printing presses.

"That's a cure, but it's also going to stifle any US economic growth," said Schiff. "The economy is addicted to the cheap interest and liquidity."

Economists warn that a jump in rates will clobber stocks and cripple the already stalled housing market.

"Bernanke's other choice is to keep rates at zero, print even more money and sell more debt, but we'll see triple-digit inflation that could collapse the economy as we know it.

"The stimulus is what's toxic -- we're poisoning ourselves and the global economy with it."

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buckstalker
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Here's my surprised look [Eek!]

You got any more good news Satan?

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It's all in the timing...

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glassman
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this has been inevitable since the Bush tax cuts...

i'm surprised it's happened so soon tho, i thought we would have at least another decade...

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Relentless.
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Tax cuts had nothing to do with it... Printing money like UC printed shares is what did it....
OVER taxation did it...
Pointlessly huge government did it.
Intent is behind this... not ineptitude.

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Relentless.
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You know, Glass, I figured it would take longer as well... The one thing that made it happen as quickly as it has was the stupid "Stimulus"... Printing that much money that quickly really doomed us.
No way in hell the dollar can be seen as a reserve currency when its losing value that quickly.
How would you like to be one of those many banks watching your reserves losing value when other possible reserve currencies were less volatile?
Feel like jumping ship.

Just as it was planned.

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glassman
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cutting taxes while running a war on terror, a war in Iraq and a war in Afghanistan was criminal...

the stimulus has barely even started being spent... as of one month ago? the figure was 20%

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glassman
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you just cannot run a govt deficit as high as we have been and have a trade deficit too..

it's impossible...

you can't cut govt spending either. that will damage the economy too. you can only stop increasing it and work on your trade deficit...

IMO the tax cuts were the final straw because spending had to be increased to fight the wars...

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Relentless.
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Can't cut government spending?
Pointless wars for the last hundred years sounds like a good place to start.
Enforce the constitution.. That alone means government spending gets cut by 90%.
Stop funding every ****hole of a fifth world country on this ball and that drops the government spending by another nine.
Poof walla ****ing bing... Problem solved

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glassman
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i have to share this...

i was at the bank today and had to wait to see one of the officers...

keep in mind this is MS. some lady comes in and starts chatting with someone else nearby not trying to be quiet...

so i hear her complain about spending all morning with auditors from the state and she can't beleive they came all the way up from Jackson today with no notice in the bad weather...

then i gather that the audit is to qualify for next years GRANT money...

the last thing i heard before i was finlly called in to the office was how awful it is that the govt inspects her books so much...

i really wanted to tell her to stop getting grants from the govt if that bothers her so much [Wink]

our economy would be 75% less than it is now if you cut govt spending by 90%, it's just too late to go back DQR....

the only way we can manage is to stop increasing it....

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Relentless.
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Your call to stagnate government spending is just about as realistic as my call for government to not just read the constitution but obey it.
Neither is going to happen.
Simply put that is not the plan.
The plan is to destroy this country such that it will become merely a taxable state in a global regime.

You know what I saw in MS today?
A checkpoint...
Staties checking ID's...
I asked if there was something up... Maybe a felon escaped..
Nope.
Just checking ID's and proper paperwork.

Frank Snell road just outside of Moss Point.

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glassman
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quote:
Originally posted by Relentless.:
Your call to stagnate government spending is just about as realistic as my call for government to not just read the constitution but obey it.
Neither is going to happen.
Simply put that is not the plan.
The plan is to destroy this country such that it will become merely a taxable state in a global regime.

You know what I saw in MS today?
A checkpoint...
Staties checking ID's...
I asked if there was something up... Maybe a felon escaped..
Nope.
Just checking ID's and proper paperwork.

Frank Snell road just outside of Moss Point.

i've been thru a dozen or more of them now...

the sherriff even sets up one a couple houses down from mine.....

i feel like giving them the Nazi salute. this is supposed to be the most conservative state in the union and they don't even know wtf plan they are following...

remember that slumlord? called me a liar when i posted i've been searched illegally twice. once was in this state and once was in Memphis...

sheeshhh that Beale St group in Memphis searches people on the STREET now or you can't even go into the "neighborhood"...

Gun toters kept off Beale Street
Business owners banned weapons inside establishments

*
* By Christopher Conley
* Posted September 7, 2009 at midnight

Although the Tennessee legislature made it legal for people with gun permits to take weapons inside establishments serving alcohol earlier this year, the Beale Street business owners banded together to ban weapons in their clubs beginning July 17.

"We don't want anyone bringing guns," said Shaylin Thorne, a bartender at Silky O'Sulivan's at Third and Beale.

"There are a lot of things people do when they are drunk. We didn't think it would be a good idea."

The task of keeping guns off Beale falls to PSI Security officers, who use wands to detect weapons at various checkpoints on the edges of Beale each weekend.

"We are still stopping a lot with weapons," said Leonard Porter, owner of PSI. Guards ask patrons to return their guns to their homes or to their cars before coming onto Beale.

"We don't confiscate them. We ask them to put them back in their cars," Porter said.

"A lot of them are from out of state. Some are off-duty police officers," he said.

Porter said his employees do not have time to tally the number of weapons found on people trying to gain entrance to Beale. There are, on a weekend night, often 10,000 to 20,000 who pass through his checkpoints, he estimated.

Beale Street Merchants Association executive director Onzie Horne announced the policy of banning guns in Beale Street establishments in June.

"It's just common sense," he said last week.

"We are not opposed to citizens' rights to bear arms. We simply believe that guns and alcoholic beverages just don't mix.

"We were surprised by the number of patrons carrying weapons," he said.

Most are carrying legally, he said, and simply aren't aware of the policy.

"We advise them of the rules, and they readily comply," he said.

The practice of turning armed patrons away apparently has not resulted in an increase in gun thefts from cars parked near Beale.

In downtown Ward 23, which includes Beale Street, four guns were reported as stolen from vehicles in 2008 between July 1 and Sept. 1.

For 2009, from July 1 to Sept. 1, there were two handguns taken, according to department records.

The Memphis Police Department recommends installing a gun safe in your car to avoid having your gun taken in a break-in. Or, if you are going to put the gun in your trunk, try to do it when no one is watching.


http://www.commercialappeal.com/news/2009/sep/07/gun-toters-kept-off-beale/

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Relentless.
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That's the first one I actually went through in MS. They've set up quite a few in that general area that I've seen in the last year. Usually I GPS my way around them. I just wanted to see if it was a real Russian style check point or if they had a real reason for stopping "Free" men and women.

Now when I lived in Fl they were common practice on Friday and Saturday nights... The local radio stations even broadcast the locations.

Was in Memphis about two years ago and wow what a ****hole...

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glassman
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yeah, i pretty much avoid Memphis...

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jordanreed
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Im sorry,boys, but I just dont want people walkin around totin guns.specially in bars...

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jordan

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buckstalker
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I'm sorry JR, but I just want the right to protect myself wherever I go...

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It's all in the timing...

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glassman
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install a gun safe in your car? LOL

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Don't envy the happiness of those who live in a fool's paradise.

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jordanreed
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quote:
Originally posted by buckstalker:
I'm sorry JR, but I just want the right to protect myself wherever I go...

Ive lived and worked in the ghetto for many years(25),did some illegal activities..saw the dark side....it was my life..

never,ever, had the need to have or use a gun...
if you carry a gun and feel the need to use it against someone else packing?...chances are they know how to use it against a human person, and you and yours will be shot....and if you are packin?..i dont want you around me..and thats ok, cuz you prolly dont wanna be around me..so ..its all good,...

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jordan

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raybond
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sorry I just don't buy the guns in bars booze and fire arms don't mix its a public safety matter. I know that there are some that don't agree but there are just some laws that you have to live with that are wrong as a matter of fact with this law in affect just stay out of bars.

As far as guns go people have that right to own them and carry. And I go along with that law, However Never tell me that your hunting rifle is protecting my rights and life that is bullsh!t. Quit trying to justify your position with the excuses of protection of yourself others and the sacred document that you call the constitution. You are doing nothing of the kind and making yourself look foolish.So the way are society is now own your gun play with it clean it over and over again look at yourself with it in the mirror, and play with it like a sex toy. Be happy even think you are a founding father.
At least if you are posting and ranting you are off the streets and blowing off steam and not hurting people.

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jordanreed
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right on ray..

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jordan

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glassman
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seems like there's alot of confusion about the laws.

actually it is illegal to get drunk when carrying in TN... as it should be...

the facts tell us that people who get permitted are overwhelmingly law-abiding citizens...

MS has a SHALL issue concealed caryy permit law which IMO is apropriate.

however, if you have a documented substance problem? they won't issue it, that's the law.


as a repoman? i made my living on the street too..
it was, in fact, illegal for me to be armed while performing repossessions tho...


people who think everybody should be stopped, searched and asked for papers in public places whenever and wherever the govt or even a private entity feels like it do not understand the rights they have under the constitution...


the surpeme court recognised that having a car has become necessity and not privilege a few years back too... seeing as how it's just about impossible to make a living without one.

as for going into a private establishment in TN? the owner has the right to demand that you not bring a firearms there. that too is in the law...


if the owner wants to search me at the end of their street as opposed to their door? they are violating my rights.

if the owner wants to search me? they won't get my business...

i stopped going to concerts at most venues for the same reason....

it's got nutt'n to do with packing a gun either, it's just plain fascism.

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glassman
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waht a difference a week (or two) makes huh?


Investors rush to record U.S. 2-year note auction
Tue Oct 27, 2009 1:57pm EDT

By Richard Leong

NEW YORK, Oct 27 (Reuters) - Traders, fund managers and international central banks snapped up a record offering of two-year Treasury notes on Tuesday, suggesting global appetite for U.S. government debt has not abated.

The heavy bidding for Treasuries for a second straight day surprised some traders. There has been increasing chatter that the Federal Reserve is looking to move away from its ultra-loose monetary policy as the U.S. economy shows signs it is emerging from recession.

Treasury data on the $44 billion auction showed overall bidding for this maturity was the highest in two years and second highest in the past 17 years, according to analysts.

The heavy demand led the new two-year notes to clear at a yield of 1.02 percent, about 2.5 basis points below their expected level. For details, see [ID:nTAR000414]

"It was a surprisingly strong," said Larry Milstein, head of agency and government trading at R.W. Pressprich & Co in New York. "There was some trepidation in buying Treasuries coming into the auctions."

The two-year auction is the second leg of this week's record $123 billion bond supply from the U.S. Treasury. This followed robust demand on Monday for $7 billion worth of five-year inflation-protected securities.

The U.S. government has borrowed heavily since last year to finance its stimulus package and various bailouts in a bid to help the economy, hammered by the housing and credit crises. In the last fiscal year, it took on more than $1.5 trillion in new debt.

The heavy buying, especially by foreign central banks, shown in the week's first two auctions should carry over to the $41 billion auction of five-year notes on Wednesday and $31 billion sale on Thursday, analysts said.

"We are seeing foreign central bank buying. We expect them to play in the five-years," said R.W. Pressprich's Milstein.

Banks have also been keen buyers of Treasuries as a way to make money as they have been reluctant lenders in the still weak economic climate, analysts said. (For a graphic of recent U.S. two-year note auction results, see here)


http://www.reuters.com/article/marketsNews/idUSN2725056020091027

notice that they would rather loan money to the Govt than to private entitititities...

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