The Market Oracle, UK - Apr 9, 2008 Just how busy will the IMF get when it helps host the G7 meeting of policy wonks from the world's seven richest nations in Washington this weekend? ...
Reuters - Apr 11, 2008 WASHINGTON - Finance chiefs from rich nations offered a gloomier assessment of the global economy on Friday as ...
Daily Times, Pakistan - The Group of Seven (G7) rich nations surprised the market by abandoning their usual mild language on foreign exchange in a joint communique following a ...
Reuters - Finance chiefs from the Group of Seven rich nations grappled at the weekend with proposals for tightening global scrutiny of banks and pressed the private ...
BullionVault (press release), UK - But the Group of Seven rich nations stopped short of announcing any formal G7 Action in the Currency Markets – leaving the Euro to recover all of its losses ...
International Herald Tribune, France - ... but near-term global economic prospects have weakened," the finance ministers and central bankers from the seven rich nations said. ...
France24, France - The Group of Seven (G7) rich nations surprised the market by abandoning their usual language on foreign exchange in their joint communique which followed a ...
Six separate sources above ALL refer to the almighty "G7" as the rich(est) nations. I guess if you equate mountains of DEBT with wealth then perhaps these seven are the world's richest nations. I suspect China and India may disagree. The G7 should be referred to as the "world's seven most indebted nations".
Who are the The G7? - the US, Japan, Germany, the UK, France, Italy and Canada. LOL, you have got to be joking that Italy is one of THE seven richest nations on Earth. Canada probably is the the richest of the seven in natural resources. France? Who gives a damn about anything French? The UK sold most of their Gold reserves at the bottom of the Gold market. Not a very "rich" move. Germany is probably by far the closest to actually being "rich" of the seven. Japan? If debt is any measure of wealth, their hoard of US Treasury debt may make them one of the richest nations on Earth. The US is the WORLD'S biggest debtor nation the planet has ever known...mathematically then they should be the World's POOREST nation.
Well then, taking all that into consideration, it's no wonder when they open their mouths about the currency markets, NOBODY listens. How naive of these seven Western economic hasbeens to think that when they speak about the imbalances in the currency markets that anybody would listen. The currency markets sent a message of their own today, "Hey G7, GET BENT!"
What does Hank Paulson really mean when he says the US is committed to a "strong dollar" policy? I think what he really means is that the US is committed to seeing the Dollar remain the World's reserve currency. Too bad Hank, I think the World feels differently...as in goodbye Dollar! Are any of the World's other paper currencies better than the Dollar? NO! Only Gold, and Silver are real money.
G-7 may have to do more than talk to stop dollar's slide
Group of Seven officials, signaling concern over a sliding dollar for the first time in 13 years, may have to match talk with action before the currency stages a sustained rebound.
U.S. Treasury Secretary Henry Paulson, European Central Bank President Jean-Claude Trichet and G-7 counterparts warned after talks in Washington on April 11 that recent "sharp fluctuations" in exchange rates risk hurting the global economy.
The new language was the most significant change to the G- 7's stance on exchange rates since a meeting in Boca Raton, Florida, in February 2004, when it cautioned against "excess volatility."
"I hope this concerted wording on currencies will help," French Finance Minister Christine Lagarde said in an interview with Bloomberg Television.
So... because of today's "sharp fluctuations" in currencies, as opposed to yesterday's "excess volatility" in currencies the world should stop selling US Dollars? The strength or weakness then in the Dollar is now to be determined by some arcane phraseology? Is this some kind of perverse joke? These pompous asses actually believe that their "words" are going to sway the currency markets? It's little wonder then that the World's Financial System is falling to pieces. With arrogant ignorance at these levels, how could we expect anything but the demise of all funny money.
The Dollar got dragged all around the school yard today as the currency markets showed the debt ridden West who controls the money now. The US Fed and Treasury may be printing the stuff likes it's going out of style, but they certainly have no control over the money any longer.
Time is working in Gold and Silver's favor now as both build bases following their unexpected sell offs in March, and await the next new low in the US Dollar as a prelude to their explosion to new highs on the back of the Dollar's demise.
Tuesday offers March PPI, The Empire State manufacturing index, and the February TIC report. All should be abysmal. A TIC number below 62 would be bad for the Dollar. High PPI could be spun into a dollar positive by suggesting inflation is to hot for the Fed to continue cutting interest rates, but unlikely to hold water...inflation is Dollar negative PERIOD.
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