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March 18, 2009 at 3:26 PM #370002March 18, 2009 at 11:23 PM #369472
TheBreeze
Participant[quote=davelj]
Yeah, he totally missed the housing bubble. (Doh!!) Yeah, he was a part of Greespan’s Fed that lowered rates too much and did various and sundry other damage. (Double Doh!!) In other words, this guy’s stock is in the shitter, big time. I don’t think he can look any more the Economist Assclown.
But… I think I understand a little bit about this guy’s personality. He was always Mr. Smartypants. Always had the answers. Worked his ass off. Didn’t make a lot of money, but took his payment in psychic income: respect. Now he realizes he was part of a Major Fuck Up. And there’s nowhere to hide. So, what’s he going to do? He’s going to work his ass off to rebuild his reputation – 10x harder than he’s ever worked before. And in a bizarre way, despite the fact that he was part of the Problem(s), I want a guy at the helm who’s been taken down a few notches and has something to prove. Whose only currency his whole life has been respect, and now it’s swirling down the toilet. This guy is gonna fight. We may question some of the unorthodox ideas he comes up with, but at the end of the day I bet he does more good than harm going forward. It’s a pure contrary opinion.
Everybody hates Bernanke and thinks he’s an idiot. (When he was named Fed Chairman I said, “Oh shit. THAT guy? Gimme a break!”) I’ve gotta take the other side of that trade at this point. Geitner… eh… not so much. That may be inconsistent, but something about Geitner unnerves me. I can’t explain it.[/quote]
The simpler explanation is that Bernanke is a fool and he has no idea as to what he’s doing. And how is printing $1.2 trillion an indication of a fighter? To me, it just shows that Bernanke will take the easiest way out — attempt to reflate the bad assets in order to help out the politically powerful at the expense of the politically powerless. Bernanke, Geithner, and now Obama by implication, are all just tools of the establishment.
And how do you know that what Bernanke is doing will ‘avoid GDII’? Maybe he’s just pushing it out a few years, but now when we get there, we also have a worthless currency. That would follow the GDI time line where there is a crash, followed by a sucker’s rally, and then a long, slow decline.
As for a plan, why not just let the corporations fail? The U.S. should have a safety net for the poeple, not one for corporations. I’m no economist, but I don’t see how printing money to reflate assets which the market has deemed as bad is going to fix anything. It just looks like a massive misallocation of capital. Instead of going to some useful purpose, that money is essentially being flushed down the drain.
As for your TARP calculations, with government printing presses firing on all cylinders, the TARP may actually come out ahead. Of course, it may take a wheelbarrow full of greenbacks to buy a loaf of bread when Bernanke is done, but at least GDII will have been put off for a while.
March 18, 2009 at 11:23 PM #369758Participant[quote=davelj]
Yeah, he totally missed the housing bubble. (Doh!!) Yeah, he was a part of Greespan’s Fed that lowered rates too much and did various and sundry other damage. (Double Doh!!) In other words, this guy’s stock is in the shitter, big time. I don’t think he can look any more the Economist Assclown.
But… I think I understand a little bit about this guy’s personality. He was always Mr. Smartypants. Always had the answers. Worked his ass off. Didn’t make a lot of money, but took his payment in psychic income: respect. Now he realizes he was part of a Major Fuck Up. And there’s nowhere to hide. So, what’s he going to do? He’s going to work his ass off to rebuild his reputation – 10x harder than he’s ever worked before. And in a bizarre way, despite the fact that he was part of the Problem(s), I want a guy at the helm who’s been taken down a few notches and has something to prove. Whose only currency his whole life has been respect, and now it’s swirling down the toilet. This guy is gonna fight. We may question some of the unorthodox ideas he comes up with, but at the end of the day I bet he does more good than harm going forward. It’s a pure contrary opinion.
Everybody hates Bernanke and thinks he’s an idiot. (When he was named Fed Chairman I said, “Oh shit. THAT guy? Gimme a break!”) I’ve gotta take the other side of that trade at this point. Geitner… eh… not so much. That may be inconsistent, but something about Geitner unnerves me. I can’t explain it.[/quote]
The simpler explanation is that Bernanke is a fool and he has no idea as to what he’s doing. And how is printing $1.2 trillion an indication of a fighter? To me, it just shows that Bernanke will take the easiest way out — attempt to reflate the bad assets in order to help out the politically powerful at the expense of the politically powerless. Bernanke, Geithner, and now Obama by implication, are all just tools of the establishment.
And how do you know that what Bernanke is doing will ‘avoid GDII’? Maybe he’s just pushing it out a few years, but now when we get there, we also have a worthless currency. That would follow the GDI time line where there is a crash, followed by a sucker’s rally, and then a long, slow decline.
As for a plan, why not just let the corporations fail? The U.S. should have a safety net for the poeple, not one for corporations. I’m no economist, but I don’t see how printing money to reflate assets which the market has deemed as bad is going to fix anything. It just looks like a massive misallocation of capital. Instead of going to some useful purpose, that money is essentially being flushed down the drain.
As for your TARP calculations, with government printing presses firing on all cylinders, the TARP may actually come out ahead. Of course, it may take a wheelbarrow full of greenbacks to buy a loaf of bread when Bernanke is done, but at least GDII will have been put off for a while.
March 18, 2009 at 11:23 PM #369925Participant[quote=davelj]
Yeah, he totally missed the housing bubble. (Doh!!) Yeah, he was a part of Greespan’s Fed that lowered rates too much and did various and sundry other damage. (Double Doh!!) In other words, this guy’s stock is in the shitter, big time. I don’t think he can look any more the Economist Assclown.
But… I think I understand a little bit about this guy’s personality. He was always Mr. Smartypants. Always had the answers. Worked his ass off. Didn’t make a lot of money, but took his payment in psychic income: respect. Now he realizes he was part of a Major Fuck Up. And there’s nowhere to hide. So, what’s he going to do? He’s going to work his ass off to rebuild his reputation – 10x harder than he’s ever worked before. And in a bizarre way, despite the fact that he was part of the Problem(s), I want a guy at the helm who’s been taken down a few notches and has something to prove. Whose only currency his whole life has been respect, and now it’s swirling down the toilet. This guy is gonna fight. We may question some of the unorthodox ideas he comes up with, but at the end of the day I bet he does more good than harm going forward. It’s a pure contrary opinion.
Everybody hates Bernanke and thinks he’s an idiot. (When he was named Fed Chairman I said, “Oh shit. THAT guy? Gimme a break!”) I’ve gotta take the other side of that trade at this point. Geitner… eh… not so much. That may be inconsistent, but something about Geitner unnerves me. I can’t explain it.[/quote]
The simpler explanation is that Bernanke is a fool and he has no idea as to what he’s doing. And how is printing $1.2 trillion an indication of a fighter? To me, it just shows that Bernanke will take the easiest way out — attempt to reflate the bad assets in order to help out the politically powerful at the expense of the politically powerless. Bernanke, Geithner, and now Obama by implication, are all just tools of the establishment.
And how do you know that what Bernanke is doing will ‘avoid GDII’? Maybe he’s just pushing it out a few years, but now when we get there, we also have a worthless currency. That would follow the GDI time line where there is a crash, followed by a sucker’s rally, and then a long, slow decline.
As for a plan, why not just let the corporations fail? The U.S. should have a safety net for the poeple, not one for corporations. I’m no economist, but I don’t see how printing money to reflate assets which the market has deemed as bad is going to fix anything. It just looks like a massive misallocation of capital. Instead of going to some useful purpose, that money is essentially being flushed down the drain.
As for your TARP calculations, with government printing presses firing on all cylinders, the TARP may actually come out ahead. Of course, it may take a wheelbarrow full of greenbacks to buy a loaf of bread when Bernanke is done, but at least GDII will have been put off for a while.
March 18, 2009 at 11:23 PM #369966Participant[quote=davelj]
Yeah, he totally missed the housing bubble. (Doh!!) Yeah, he was a part of Greespan’s Fed that lowered rates too much and did various and sundry other damage. (Double Doh!!) In other words, this guy’s stock is in the shitter, big time. I don’t think he can look any more the Economist Assclown.
But… I think I understand a little bit about this guy’s personality. He was always Mr. Smartypants. Always had the answers. Worked his ass off. Didn’t make a lot of money, but took his payment in psychic income: respect. Now he realizes he was part of a Major Fuck Up. And there’s nowhere to hide. So, what’s he going to do? He’s going to work his ass off to rebuild his reputation – 10x harder than he’s ever worked before. And in a bizarre way, despite the fact that he was part of the Problem(s), I want a guy at the helm who’s been taken down a few notches and has something to prove. Whose only currency his whole life has been respect, and now it’s swirling down the toilet. This guy is gonna fight. We may question some of the unorthodox ideas he comes up with, but at the end of the day I bet he does more good than harm going forward. It’s a pure contrary opinion.
Everybody hates Bernanke and thinks he’s an idiot. (When he was named Fed Chairman I said, “Oh shit. THAT guy? Gimme a break!”) I’ve gotta take the other side of that trade at this point. Geitner… eh… not so much. That may be inconsistent, but something about Geitner unnerves me. I can’t explain it.[/quote]
The simpler explanation is that Bernanke is a fool and he has no idea as to what he’s doing. And how is printing $1.2 trillion an indication of a fighter? To me, it just shows that Bernanke will take the easiest way out — attempt to reflate the bad assets in order to help out the politically powerful at the expense of the politically powerless. Bernanke, Geithner, and now Obama by implication, are all just tools of the establishment.
And how do you know that what Bernanke is doing will ‘avoid GDII’? Maybe he’s just pushing it out a few years, but now when we get there, we also have a worthless currency. That would follow the GDI time line where there is a crash, followed by a sucker’s rally, and then a long, slow decline.
As for a plan, why not just let the corporations fail? The U.S. should have a safety net for the poeple, not one for corporations. I’m no economist, but I don’t see how printing money to reflate assets which the market has deemed as bad is going to fix anything. It just looks like a massive misallocation of capital. Instead of going to some useful purpose, that money is essentially being flushed down the drain.
As for your TARP calculations, with government printing presses firing on all cylinders, the TARP may actually come out ahead. Of course, it may take a wheelbarrow full of greenbacks to buy a loaf of bread when Bernanke is done, but at least GDII will have been put off for a while.
March 18, 2009 at 11:23 PM #370082Participant[quote=davelj]
Yeah, he totally missed the housing bubble. (Doh!!) Yeah, he was a part of Greespan’s Fed that lowered rates too much and did various and sundry other damage. (Double Doh!!) In other words, this guy’s stock is in the shitter, big time. I don’t think he can look any more the Economist Assclown.
But… I think I understand a little bit about this guy’s personality. He was always Mr. Smartypants. Always had the answers. Worked his ass off. Didn’t make a lot of money, but took his payment in psychic income: respect. Now he realizes he was part of a Major Fuck Up. And there’s nowhere to hide. So, what’s he going to do? He’s going to work his ass off to rebuild his reputation – 10x harder than he’s ever worked before. And in a bizarre way, despite the fact that he was part of the Problem(s), I want a guy at the helm who’s been taken down a few notches and has something to prove. Whose only currency his whole life has been respect, and now it’s swirling down the toilet. This guy is gonna fight. We may question some of the unorthodox ideas he comes up with, but at the end of the day I bet he does more good than harm going forward. It’s a pure contrary opinion.
Everybody hates Bernanke and thinks he’s an idiot. (When he was named Fed Chairman I said, “Oh shit. THAT guy? Gimme a break!”) I’ve gotta take the other side of that trade at this point. Geitner… eh… not so much. That may be inconsistent, but something about Geitner unnerves me. I can’t explain it.[/quote]
The simpler explanation is that Bernanke is a fool and he has no idea as to what he’s doing. And how is printing $1.2 trillion an indication of a fighter? To me, it just shows that Bernanke will take the easiest way out — attempt to reflate the bad assets in order to help out the politically powerful at the expense of the politically powerless. Bernanke, Geithner, and now Obama by implication, are all just tools of the establishment.
And how do you know that what Bernanke is doing will ‘avoid GDII’? Maybe he’s just pushing it out a few years, but now when we get there, we also have a worthless currency. That would follow the GDI time line where there is a crash, followed by a sucker’s rally, and then a long, slow decline.
As for a plan, why not just let the corporations fail? The U.S. should have a safety net for the poeple, not one for corporations. I’m no economist, but I don’t see how printing money to reflate assets which the market has deemed as bad is going to fix anything. It just looks like a massive misallocation of capital. Instead of going to some useful purpose, that money is essentially being flushed down the drain.
As for your TARP calculations, with government printing presses firing on all cylinders, the TARP may actually come out ahead. Of course, it may take a wheelbarrow full of greenbacks to buy a loaf of bread when Bernanke is done, but at least GDII will have been put off for a while.
March 19, 2009 at 3:03 AM #369572Allan from Fallbrook
ParticipantBreeze: Yet another post filled with hot air and yet another post showing that your moniker is truly apt.
The market hasn’t made any determination as to the value of the assets in question and that’s the crux of the problem: Institutions aren’t lending because they don’t know who is holding what assets, bad or good. Thus, the credit market froze.
As to Bernanke being an idiot: While I don’t agree with some of his policies on principle, I also accept that complete systemic failure is a far worse ill than currency devaluation at present. The notion that he’s simply another Old Boy protecting his Wall Street kin is laughable and for the reason it isn’t true. His background is academia, not Wall Street, and his efforts have been laudable for a couple of different reasons: (1) He’s handling a mess he didn’t create (that would be Greenspan) and (2) He’s moved with remarkable speed and vigor, especially in terms of creating programs, creating excess liquidity and trying to kick start banking and credit.
Are these programs a good idea over the long haul? No. Are they necessary in the short-term because of the severity of the situation? Absolutely. In order for us to get to a long-term, we need to do something in the short-term and something with force and speed behind it.
You contradict yourself by talking about a “massive misallocation of capital”. How do you think capital gets allocated? Through banking. If banking and credit are frozen, then what? Banking, by necessity, needs to get fixed first and fast.
As far as AIG and similar players: The notional value of the derivatives market is $600Trn (yeah, trillion). AIG is positioned, along with other key players, right in the middle, in terms of how large their derivatives portfolio is. If they crash, then their leveraged derivatives position crashes as well, creating a massive ripple effect and possibly systemic failure. Or, what we balance sheet reading accountants refer to as a Bad Thing.
March 19, 2009 at 3:03 AM #369858ParticipantBreeze: Yet another post filled with hot air and yet another post showing that your moniker is truly apt.
The market hasn’t made any determination as to the value of the assets in question and that’s the crux of the problem: Institutions aren’t lending because they don’t know who is holding what assets, bad or good. Thus, the credit market froze.
As to Bernanke being an idiot: While I don’t agree with some of his policies on principle, I also accept that complete systemic failure is a far worse ill than currency devaluation at present. The notion that he’s simply another Old Boy protecting his Wall Street kin is laughable and for the reason it isn’t true. His background is academia, not Wall Street, and his efforts have been laudable for a couple of different reasons: (1) He’s handling a mess he didn’t create (that would be Greenspan) and (2) He’s moved with remarkable speed and vigor, especially in terms of creating programs, creating excess liquidity and trying to kick start banking and credit.
Are these programs a good idea over the long haul? No. Are they necessary in the short-term because of the severity of the situation? Absolutely. In order for us to get to a long-term, we need to do something in the short-term and something with force and speed behind it.
You contradict yourself by talking about a “massive misallocation of capital”. How do you think capital gets allocated? Through banking. If banking and credit are frozen, then what? Banking, by necessity, needs to get fixed first and fast.
As far as AIG and similar players: The notional value of the derivatives market is $600Trn (yeah, trillion). AIG is positioned, along with other key players, right in the middle, in terms of how large their derivatives portfolio is. If they crash, then their leveraged derivatives position crashes as well, creating a massive ripple effect and possibly systemic failure. Or, what we balance sheet reading accountants refer to as a Bad Thing.
March 19, 2009 at 3:03 AM #370025ParticipantBreeze: Yet another post filled with hot air and yet another post showing that your moniker is truly apt.
The market hasn’t made any determination as to the value of the assets in question and that’s the crux of the problem: Institutions aren’t lending because they don’t know who is holding what assets, bad or good. Thus, the credit market froze.
As to Bernanke being an idiot: While I don’t agree with some of his policies on principle, I also accept that complete systemic failure is a far worse ill than currency devaluation at present. The notion that he’s simply another Old Boy protecting his Wall Street kin is laughable and for the reason it isn’t true. His background is academia, not Wall Street, and his efforts have been laudable for a couple of different reasons: (1) He’s handling a mess he didn’t create (that would be Greenspan) and (2) He’s moved with remarkable speed and vigor, especially in terms of creating programs, creating excess liquidity and trying to kick start banking and credit.
Are these programs a good idea over the long haul? No. Are they necessary in the short-term because of the severity of the situation? Absolutely. In order for us to get to a long-term, we need to do something in the short-term and something with force and speed behind it.
You contradict yourself by talking about a “massive misallocation of capital”. How do you think capital gets allocated? Through banking. If banking and credit are frozen, then what? Banking, by necessity, needs to get fixed first and fast.
As far as AIG and similar players: The notional value of the derivatives market is $600Trn (yeah, trillion). AIG is positioned, along with other key players, right in the middle, in terms of how large their derivatives portfolio is. If they crash, then their leveraged derivatives position crashes as well, creating a massive ripple effect and possibly systemic failure. Or, what we balance sheet reading accountants refer to as a Bad Thing.
March 19, 2009 at 3:03 AM #370066ParticipantBreeze: Yet another post filled with hot air and yet another post showing that your moniker is truly apt.
The market hasn’t made any determination as to the value of the assets in question and that’s the crux of the problem: Institutions aren’t lending because they don’t know who is holding what assets, bad or good. Thus, the credit market froze.
As to Bernanke being an idiot: While I don’t agree with some of his policies on principle, I also accept that complete systemic failure is a far worse ill than currency devaluation at present. The notion that he’s simply another Old Boy protecting his Wall Street kin is laughable and for the reason it isn’t true. His background is academia, not Wall Street, and his efforts have been laudable for a couple of different reasons: (1) He’s handling a mess he didn’t create (that would be Greenspan) and (2) He’s moved with remarkable speed and vigor, especially in terms of creating programs, creating excess liquidity and trying to kick start banking and credit.
Are these programs a good idea over the long haul? No. Are they necessary in the short-term because of the severity of the situation? Absolutely. In order for us to get to a long-term, we need to do something in the short-term and something with force and speed behind it.
You contradict yourself by talking about a “massive misallocation of capital”. How do you think capital gets allocated? Through banking. If banking and credit are frozen, then what? Banking, by necessity, needs to get fixed first and fast.
As far as AIG and similar players: The notional value of the derivatives market is $600Trn (yeah, trillion). AIG is positioned, along with other key players, right in the middle, in terms of how large their derivatives portfolio is. If they crash, then their leveraged derivatives position crashes as well, creating a massive ripple effect and possibly systemic failure. Or, what we balance sheet reading accountants refer to as a Bad Thing.
March 19, 2009 at 3:03 AM #370182ParticipantBreeze: Yet another post filled with hot air and yet another post showing that your moniker is truly apt.
The market hasn’t made any determination as to the value of the assets in question and that’s the crux of the problem: Institutions aren’t lending because they don’t know who is holding what assets, bad or good. Thus, the credit market froze.
As to Bernanke being an idiot: While I don’t agree with some of his policies on principle, I also accept that complete systemic failure is a far worse ill than currency devaluation at present. The notion that he’s simply another Old Boy protecting his Wall Street kin is laughable and for the reason it isn’t true. His background is academia, not Wall Street, and his efforts have been laudable for a couple of different reasons: (1) He’s handling a mess he didn’t create (that would be Greenspan) and (2) He’s moved with remarkable speed and vigor, especially in terms of creating programs, creating excess liquidity and trying to kick start banking and credit.
Are these programs a good idea over the long haul? No. Are they necessary in the short-term because of the severity of the situation? Absolutely. In order for us to get to a long-term, we need to do something in the short-term and something with force and speed behind it.
You contradict yourself by talking about a “massive misallocation of capital”. How do you think capital gets allocated? Through banking. If banking and credit are frozen, then what? Banking, by necessity, needs to get fixed first and fast.
As far as AIG and similar players: The notional value of the derivatives market is $600Trn (yeah, trillion). AIG is positioned, along with other key players, right in the middle, in terms of how large their derivatives portfolio is. If they crash, then their leveraged derivatives position crashes as well, creating a massive ripple effect and possibly systemic failure. Or, what we balance sheet reading accountants refer to as a Bad Thing.
March 19, 2009 at 4:37 AM #369660Arraya
ParticipantBreeze, I agree accept I think Bernake knows what he is doing. He is finishing what Greenspan started. The gutting of America and subsequent collapse of the dollar caused by a final pump and dump scheme a la the “housing bubble”..
It’s all theater folks. Politicians are sycophantic patsies promised riches. The world is preparing to launch new currencies and dollars days are numbered.
from Mish’s blog:
This could be the end of the USD. Bernanke is not doing what he is doing without knowledge of world opinion. This has been in the works for some time, and the Fed is all about getting as much wealth in the banker barons hands as possible, before the USD crashes. He is obviously not looking out for the interests of the US citizen. I wonder where Paulson is now keeping his hundreds of millions. Read the following, because here it comes:
LUXEMBOURG (Reuters) – A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
“It is a good moment to move to a shared reserve currency,” he said.
http://www.reuters.com/article/newsOne/idUSTRE52H2CY20090318
March 19, 2009 at 4:37 AM #369948ParticipantBreeze, I agree accept I think Bernake knows what he is doing. He is finishing what Greenspan started. The gutting of America and subsequent collapse of the dollar caused by a final pump and dump scheme a la the “housing bubble”..
It’s all theater folks. Politicians are sycophantic patsies promised riches. The world is preparing to launch new currencies and dollars days are numbered.
from Mish’s blog:
This could be the end of the USD. Bernanke is not doing what he is doing without knowledge of world opinion. This has been in the works for some time, and the Fed is all about getting as much wealth in the banker barons hands as possible, before the USD crashes. He is obviously not looking out for the interests of the US citizen. I wonder where Paulson is now keeping his hundreds of millions. Read the following, because here it comes:
LUXEMBOURG (Reuters) – A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
“It is a good moment to move to a shared reserve currency,” he said.
http://www.reuters.com/article/newsOne/idUSTRE52H2CY20090318
March 19, 2009 at 4:37 AM #370115ParticipantBreeze, I agree accept I think Bernake knows what he is doing. He is finishing what Greenspan started. The gutting of America and subsequent collapse of the dollar caused by a final pump and dump scheme a la the “housing bubble”..
It’s all theater folks. Politicians are sycophantic patsies promised riches. The world is preparing to launch new currencies and dollars days are numbered.
from Mish’s blog:
This could be the end of the USD. Bernanke is not doing what he is doing without knowledge of world opinion. This has been in the works for some time, and the Fed is all about getting as much wealth in the banker barons hands as possible, before the USD crashes. He is obviously not looking out for the interests of the US citizen. I wonder where Paulson is now keeping his hundreds of millions. Read the following, because here it comes:
LUXEMBOURG (Reuters) – A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
“It is a good moment to move to a shared reserve currency,” he said.
http://www.reuters.com/article/newsOne/idUSTRE52H2CY20090318
March 19, 2009 at 4:37 AM #370156ParticipantBreeze, I agree accept I think Bernake knows what he is doing. He is finishing what Greenspan started. The gutting of America and subsequent collapse of the dollar caused by a final pump and dump scheme a la the “housing bubble”..
It’s all theater folks. Politicians are sycophantic patsies promised riches. The world is preparing to launch new currencies and dollars days are numbered.
from Mish’s blog:
This could be the end of the USD. Bernanke is not doing what he is doing without knowledge of world opinion. This has been in the works for some time, and the Fed is all about getting as much wealth in the banker barons hands as possible, before the USD crashes. He is obviously not looking out for the interests of the US citizen. I wonder where Paulson is now keeping his hundreds of millions. Read the following, because here it comes:
LUXEMBOURG (Reuters) – A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
“It is a good moment to move to a shared reserve currency,” he said.
http://www.reuters.com/article/newsOne/idUSTRE52H2CY20090318
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