Is Libya Really A Currency War?

Is Libya Really A Currency War?

Is it possible that the war in Libya to remove Qaddafi is really all about keeping a gold-backed Libyan dinar off the world stage and thus avoiding a complete collapse of the American dollar, the US economy, and other globalist currencies when oil will suddenly be traded in gold backed dinars versus the dollar?

Do you think it is more probable (Occam’s Razor) that the international bankers targeted Qaddafi for taking advantage of the global economic collapse and attempting to give the African continent a chance at economic equality and prosperity, OR that the American public is spending it’s hard earned cash on a humanitarian mission? (Given our government’s prediliction for ‘national security’ pre-emptions.)

Qaddafi, in two World Mathaba conferences held in 1996 and 2000, was attempting such a move besides speaking about pulling out of the World Bank and the IMF and establishing an African continent bank that would provide loans between member countries. (more…)

What ‘US Dollar Loses Reverse Status’ Actually Means

What ‘US Dollar Loses Reverse Status’ Actually Means

I may have mentioned last week that we have gone over the proverbially cliff and have not yet hit the rocks below, and that the ground is coming up fast and that it is really gonna suck when we hit.

The ground is closer:

From the Washington Times:

Federal deficit on track for a record this fiscal year

Government debt to exceed U.S. economy

and this from Bloomberg:

Geithner Quietly Tells Obama Debt-to-GDP Cost Poised to Increase to Recor

Barack Obama may lose the advantage of low borrowing costs as the U.S. Treasury Department says what it pays to service the national debt is poised to triple amid record budget deficits.

Interest expense will rise to 3.1 percent of gross domestic product by 2016, from 1.3 percent in 2010 with the government forecast to run cumulative deficits of more than $4 trillion through the end of 2015, according to page 23 of a 24-page presentation made to a 13-member committee of bond dealers and investors that meet quarterly with Treasury officials.

(snip)

The amount of marketable U.S. government debt outstanding has risen to $8.96 trillion from $5.8 trillion at the end of 2008, according to the Treasury Department. Debt-service costs will climb to 82 percent of the $757 billion shortfall projected for 2016 from about 12 percent in last year’s deficit, according to the budget projections.

Budget Proposal

That compares with 69 percent for Portugal, whose bonds have plummeted on speculation it may need to be bailed out by the European Union and International Monetary Fund.

Forecasts of higher interest expenses raises the pressure on Obama to plan for trimming the deficit. The President, who has called for a five-year freeze on discretionary spending other than national security, is scheduled to release his proposed fiscal 2012 budget today as his administration and Congress negotiate boosting the $14.3 trillion debt ceiling.

What is currently happening with the devaluation of the dollar and what you need to know to survive the crash starting with the United States government being the biggest debtor in the world, US dollars (Federal Reserve Notes) being the world’s reserve currency and what happens when other countries stop accepting those dollars (hint: oil skyrockets), how the entire world is moving away from the dollar as the world’s reserve currency – and what that means exactly for us poor slobs.  Mr. Stansberry also lays out what you need to do to protect what little wealth you may have left. (Disclaimer: this video is actually an advertisement for a subscription newsletter – sign up at your own risk.  I am posting it for educational purposes as information contained is pertinent.  Do your own due diligence on Mr. Stansberry’s company.)

Many of my readers have watched this one hour and sixteen minute video, but the newly minted awakees have not.  I urge everyone to find the time to watch this video in it’s entirety!  You will learn economic history that you may not have known and useful (unreported tidbits) like many new currencies being traded inside the United States like the Berkshares being traded in the Berkshire region of Massachusetts.

Porter Stansberry – The End Of America:

A small excerpt:

Let me back up, and show you in the simplest terms possible, what is going on, why I am so concerned, and what I believe will happen in the next twelve months.

In short, I believe that we as Americans are about to see a major, major collapse in our national monetary system, and our normal way of life.

Basically, for many years now, our government has been borrowing so much money (very often using short-term loans), that very soon, we will no longer be able to afford even the interest on these loans.

I say these things as an expert in accounting and financial research.

You may not think things are THAT BAD in the US economy, but consider this simple fact from the National Inflation Association:

Even if all US citizens were taxed at 100% of their incomes, it would still not be enough to balance the federal budget. We’d still have to borrow money just to maintain the status quo.

Ron Paul’s ‘Straight Talk’, 2.14.2011

The Fed Has Failed: Money Printing Can’t Create Actual Jobs

The American Dollar Edges Closer To Losing Reserve Status

What happens when the largest economies in the world stop using the dollar as an intermediary currency and start trading with a basket of currencies or with each other directly?  Get ready; it appears to be approaching fast according to Bloomberg.  If you thought September 2008 was a rough ride, you have not seen anything yet.  Hey, has anybody called Obama on the links and asked him if he knows what The Federal Reserve Mafia is doing about this?

Yuan Trading Against Russian Ruble Said to Start Within Weeks in Shanghai

China and Russia plan to start trading in each other’s currencies as the world’s second-biggest energy consumer and the largest energy supplier seek to diminish the dollar’s role in global trade.

China may start trading its currency against the ruble within weeks, three bankers with knowledge of the matter told Bloomberg, and sent out a document last week allowing lenders to apply for ruble trading licenses, one of them said. Russia’s Micex Stock Exchange is making preparations to trade the ruble against the yuan in an initiative that has the backing of the country’s central bank, Ruben Aganbegyan, the head of the bourse, told reporters at a conference in Moscow today.

“Given the risk to the dollar and U.S. assets from their fiscal position they want to reduce their dependence on the dollar as an invoicing currency,” Bhanu Baweja, global head of emerging markets fixed income, currency and credit research at UBS AG, said in a phone interview from London. “It makes sense for two large economies to exclude a third, overly dominant economy from their trading equation.”

In the wake of the global financial crisis, which forced the U.S. economy into recession, both China and Russia have called for the dollar’s role in the financial system to be diluted. Volatility in major currencies is putting the global recovery at risk Zhang Ping, the head of China’s National Development and Reform Commission, said last month. President Dmitry Medvedev last year suggested Russia, holder of the world’s third-largest foreign-currency reserves, reduce its holdings of dollar.

“Gradually the dollar is being eliminated from the foreign-trade settlement flows,” said Dariusz Kowalczyk, a Hong-Kong based senior economist at Credit Agricole CIB. “People are beginning to trade Asian currencies without intermediation via the dollar.”

Bloomberg also has a video of how the Chinese Yuan is starting to trend move with other currencies as opposed to the dollar.

Sept. 9 (Bloomberg) — Robert Sinche, chief strategist at Lily Pond Capital Management LLC, talks about China’s policy on the yuan. Sinche, speaking with Carol Massar on Bloomberg Television’s “In the Loop With Betty Liu,” also discusses the potential that the Bank of Japan may attempt to devalue the yen and the outlook for the U.S. dollar. (Source: Bloomberg)

(H/T TheDameTruth)

United Nations Pushes For New Monetary Standard

United Nations Pushes For New Monetary Standard

(Editor’s Note: Get ready for the Monster to start going sideways again.  I will be tracking our visitors and we will be giving out special Monster Waves to the deserving parties.  Look for notifications in the sidebar.)

Do you remember what I wrote twelve days ago about the UN?

In closing, I would like to state that the entire leadership structure has been corrupted. You are more than aware that we can no longer trust the White House, the Congress, Military Brass, the Supreme Court or any of the egghead ‘think tanks’ being funded by both sides. Trust your instincts, work toward making your state’s sovereignty the most important issue your individual candidates focus on, and holler, scream, petition your state legislatures to work toward getting the United Nations out of our country and our lives. When this pResident tries to sign an executive order approving one of their treaties or this Congress votes to sign a United Nations treaty, MARCH ON WASHINGTON!

Let’s start with a taste of one of at least three intersecting rabbit holes.  Please make sure to read all the sections, including the quoted text from the ‘About Page’ of the Carnegie Endowment for International Peace.  A few of my readers know that I believe Andrew Carnegie to have played a major role in the current globalist war we now face since his return from a trip to Britain in 1888.  (Many readers will recognize the names listed, and emphasis from this point on is mine.)  The actual article from CNN about the UN pushing for an international monetary standard follows the excerpts about Alger Hiss and Harry Dexter White.

ALGER HISS

Alger Hiss, convicted of perjury, and known communist, helped write the United Nations Charter.

CHAPTER NINE: THE HOME TEAM

In 1950 the State Department issued a volume entitled Postwar Foreign Policy Preparation, 1939-45. It described in detail the policies and documents leading up to the creation of the United Nations and named the men who shaped these policies. This and similar official records reveal that the following men were key government figures in UN planning within the U.S. State Department and Treasury Department: Alger Hiss, Harry Dexter White, Virginius Frank Coe, Dean Acheson, Noel Field, Laurence Duggan, Henry Julian Wadleigh, John Carter Vincent, David Weintraub, Nathan Gregory Silvermaster, Harold Glasser, Victor Perlo, Irving Kaplan, Solomon Adler, Abraham George Silverman, William L. Ullman and William H. Taylor. With the single exception of Dean Acheson, all of these men have since been identified in sworn testimony as secret Communist agents!

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New Reserve Currency?

Shock! Dismay!  Not really.  How long have we been listening to them beat the drum for a new reserve currency to replace the dollar?  That will only happen if the elitists running this country decide it is in their best interest to do so, and I don’t think we are there just yet.

Head of IMF Proposes New Reserve Currency

IMF’s Strauss-Kahn suggests IMF may one day provide global reserve asset

Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.

“That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now,” he said in a speech on the future mandate of the 186-nation Washington-based lending organization.

Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF’s special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies.

He said having other alternatives to the dollar “would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country.”

Strauss-Kahn, a former finance minister of France, said that during the recent global financial crisis, the dollar “played its role as a safe haven” asset, and the current international monetary system demonstrated resilience.

Breaking News: Secret Talks And The Demise Of The Dollar?

We have all been hearing the stories about the replacement of the dollar as the world’s reserve currency, but the following story about the demise of the dollar through secret meetings may have direct correlation to a rabbit hole I have been down for a few weeks now, and a new post which I will, hopefully, have up soon.  Y’all know how rabbit holes have a million different pathways leading somewhere else…I just have to find more duct tape and Tylenol.

The demise of the dollar

In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.

The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China’s former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. “Bilateral quarrels and clashes are unavoidable,” he told the Asia and Africa Review. “We cannot lower vigilance against hostility in the Middle East over energy interests and security.”

Ever since the Bretton Woods agreements – the accords after the Second World War which bequeathed the architecture for the modern international financial system – America’s trading partners have been left to cope with the impact of Washington’s control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency.

The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. “The Russians will eventually bring in the rouble to the basket of currencies,” a prominent Hong Kong broker told The Independent. “The Brits are stuck in the middle and will come into the euro. They have no choice because they won’t be able to use the US dollar.”

“These plans will change the face of international financial transactions,” one Chinese banker said. “America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate.”

Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.

Once Again; How Stupid Does The Government Think We Are?

Eight days ago I did something I have not done in months; I bought a bottle of wine and drank 3/4 of it in one evening in the hope that a little self-medication would relieve my angst.  For 8 days, I have been suspended in that split second of motionless time when you see the train wreck about to occur and are trying to decide whether to watch in horror or turn away.  That moment right before time catches up with itself and slams into “real time” and the horror unfolds.  The only difference right now is that I do not know what the train is, just that something is coming, and that the usurper in charge is creating more and more instability in the world with his every word and action.

I have been watching the distract and deflect manuevers from the administration, reading the corporate owned newpapers, and digging for information on items that have been blacked out; i.e. David Kellerman, Mark I. Levy, and the swine flu infected pigs in Canada.  Yet what we are being fed is the lies about the torture photographs, the lies about Pelosi’s knowledge or lack thereof concerning waterboarding, the Federal Reserve pleading stupid while ‘losing’ $9 Trillion dollars, and all I can think is “How Stupid Do They Think We Are?”  The Fed didn’t lose $9 Trillion, they just don’t want to tell anybody where it went; it was Bambi’s idea to release the photographs in the first place, and Nazi Nancy knew about everything because ‘she is what she is’.  Meanwhile, TurboTax Cheating Timmie and Bambi are flying the following fascist b*llsh*t right under the radar, and everybody wants to keep calling Barack Obama a socialist, when I believe he is a fascist who thinks he is something of a cross between Hitler and the Ottoman Empire.  Read the following excerpt and remember that it gets even better after this.  Can anybody identify the traitors to the United States?

U.S. Eyes Bank Pay Overhaul

Administration in Early Talks on Ways to Curb Compensation Across Finance

WASHINGTON — The Obama administration has begun serious talks about how it can change compensation practices across the financial-services industry, including at companies that did not receive federal bailout money, according to people familiar with the matter.

The initiative, which is in its early stages, is part of an ambitious and likely controversial effort to broadly address the way financial companies pay employees and executives, including an attempt to more closely align pay with long-term performance.

Administration and regulatory officials are looking at various options, including using the Federal Reserve’s supervisory powers, the power of the Securities and Exchange Commission and moral suasion. Officials are also looking at what could be done legislatively.

Among ideas being discussed are Fed rules that would curb banks’ ability to pay employees in a way that would threaten the “safety and soundness” of the bank — such as paying loan officers for the volume of business they do, not the quality. The administration is also discussing issuing “best practices” to guide firms in structuring pay.

At the same time, House Financial Services Committee Chairman Barney Frank (D., Mass.) is working on legislation that could strengthen the government’s ability both to monitor compensation and to curb incentives that threaten a company’s viability or pose a systemic risk to the economy.

It is unclear how such a bill would fit with what the Fed and others are already considering. But any legislation passed would make it harder for policy makers to dial back limits once the financial crisis subsides.

Any new compensation rules would likely be rolled out alongside a broader revamp of financial-markets regulation that the Treasury is pushing. The compensation effort is the latest example of the government’s increasing focus on aspects of the financial sector that once were untouched.

Say one thing and do another:

Government officials said their effort, which is just beginning, isn’t aimed at setting pay or establishing detailed rules. “This is not going to be about capping compensation or micro-management,” said an administration official. “It will be about understanding what is the best way to align compensation with sound risk management and long-term value creation.”

President Barack Obama and Treasury Secretary Timothy Geithner have both blamed the way banks structured compensation plans for contributing to the financial mess. In February, Mr. Obama said executive pay helped lead to a “reckless culture and a quarter-by-quarter mentality that in turn helped to wreak havoc in our financial system.”

Mr. Geithner recently instructed his staff to begin discussions with the Fed, the SEC and others about ways to address compensation practices.

During a recent congressional hearing, Chairman Ben Bernanke said the Fed was working on rules that will “ask or tell banks to structure their compensation, not just at the very top level but down much further, in a way that is consistent with safety and soundness — which means that payments, bonuses and so on should be tied to performance and should not induce excessive risk.”

In an indication of how broad the effort may become, Federal Deposit Insurance Corp. Chairman Sheila Bair said regulators need to examine compensation practices in the mortgage industry, suggesting new limits could stretch beyond banks.

But Wait! There’s More!

Professor Roubini is not the only economist speaking the truth about the fall of the dollar as the world’s reserve currency.  After this little blurb, you will see why our dollar is more than likely going to crash, and reduce the once great United States to a third world country that is controlled by the United Nations and the world globalists.

China’s yuan ‘set to usurp US dollar’ as world’s reserve currency

Professor Roubini, of New York University’s Stern business school, believes that while such a major change is some way off, the Chinese government is laying the ground for the yuan’s ascendance.

Known as “Dr Doom” for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.

In a column in the New York Times, Prof Roubini warns that with the proposal for a new international reserve currency via the International Monetary Fund, Beijing has already begun to take steps to usurp the greenback.

China will soon want to see the yuan included in the International Monetary Fund’s special drawing rights “basket”, he warns, as well as seeing it “used as a means of payment in bilateral trade.”

From the dipshit-in-charge, and the person who will forever be etched in my mind as the perennial winner of the ‘Today’s Are You Freakin’ Kidding Me? Award’, his holiness, Barack Obama.

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update2)

May 14 (Bloomberg) — President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

This is $17 Billion in cuts after some $12 Trillion in spending.  What few realize is that the U.S. is $1.24 QUADRILLION in debt when the Social Security balloon is added into the equation, yet this frakkin’ idiot and the brain dead congress are spending with no concern for us or future generations because it appears they definitely know something we don’t.

In his New Mexico appearance, the president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare. He also said he was confident that the House and Senate would pass health-care overhaul bills by August.

“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.

NO!  What is driving us into debt is the ponzi scheme of Social Security and BARACK OBAMA’S ADMINISTRATION AND DEMOCRAT DRIVEN CONGRESS who have now been empowered after 100 years of bad decisions and unconstitutional laws and mandates being passed by frakkin’ socialists.  The Founding Fathers are way past turning in their graves now.

“We’ve got a long way to go before we put this recession behind us,” Obama said. “But we do know that the gears of our economy, our economic engine, are slowly beginning to turn.”

If that were true, Chrysler and GM would not be the situation they are in, credit would not still be frozen after the TARP money was dispersed, (the banks are waiting for the commercial real estate bubble to pop),  and we would NOT be reading these headlines:

Citigroup Issues $2 Billion in Bonds Without a Safety Net

J.P. Morgan Sells $1 Billion Bond Deal

Treasurys Slide on Profit-Taking

Fitch warns on possible bank downgrades

BOSTON (MarketWatch) — Fitch Ratings on Friday gave the markets notice that it may issue wholesale ratings downgrades on the U.S. banking sector if credit conditions and the economy continue to worsen.

Bank of England’s Dangerous Game

Given all that information in one little string of facts over marketing, here is something everybody should be thinking about and considering; do you believe there are late night meetings at the WH that are attended by David Axelrod, Rahm Emanuel, and Michelle Obama while his holiness sleeps?  Would this not explain:

  • His absolute need for a cheat-sheet called a teleprompter, and
  • His inability to make a decision and stick with it because it wasn’t his idea to begin with?

How far off do you think I am?  Now excuse me, I have a train wreck to watch…

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