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A woman's intuition is the envy of Nostradamus, Cayce, and all the rest.
Is it possible that the buck is so strong that attacking it head on is simply not working?
Would it's doom not be in weakening it but it's environment?
Truly an enlightening thought path.
One needs only to look at the effort employed to destroy it(Within and out) to feel pride in its existence.. The United STATES of America.
Really what they are doing is setting up the perfect storm.
They are carefully organizing every nation to collapse at the same time instead of this pansy one at a time crap.
This is the end.
Nothing to see here folks.
Nothing to fear... Look how good they've done "For Us" so far...
Look for the peak and short the euro.. they are sealing their doom 500billion times over.
Truly I can't see any currency or nation or group of nations that are safe from collapse at the moment. The problem with a fiat monetary system is that it can expand only so far before it pops and collapses.
The good thing about the situation is there will be tonnes of volatility in the bursting of all these bubbles... Volatility means big money to be made.
The way I'm seeing it, the EU is screwing Greece pretty bad with this deal... Almost ensuring it's collapse.
Of course that seems to be the goal in every nation at the moment.
Oh exactly correct... They set the system up to fail so they can rescue us from themselves with the same initial plan only bigger..
And the moron mass thanks them for every lash.
The thing is Greece isn't fixed.. far from it.
Half of the EU contries are precariously close to default.. which is great news for us...
A - We know the trend
B - Volatility has returned
Keep an eye on the GBP/EUR pair... BIG trend line in the offing.
April 27 (Bloomberg) -- Greece’s credit rating was cut three steps to junk by Standard and Poor’s, the first time a euro member has lost its investment grade since the currency’s 1999 debut. The euro weakened and stock markets throughout the region plunged.
Greece was lowered to BB+ from BBB+ by S&P, which also warned that bondholders could recover as little as 30 percent of their initial investment if the country restructures its debt. The move, which puts Greek debt on a par with bonds issued by Azerbaijan and Egypt, came minutes after the rating company reduced Portugal by two steps to A- from A+.
The turmoil comes as European Union policy makers struggle to agree on measures to ease the panic over swelling budget deficits. Leaders of the 16 euro nations may hold a summit after the Greek government’s decision last week to tap a 45 billion- euro ($60 billion) emergency-aid package failed to reassure investors, a European diplomat and Spanish official said.
“The markets are demanding their pound of flesh and want everything to be signed, sealed and delivered as of yesterday,” said David Owen, chief European financial economist at Jefferies International Ltd. in London.
The euro fell 1.3 percent to $1.3215 as of 2:58 p.m. in New York. The Stoxx Europe 600 Index slid 3.1 percent to 261.65 points.
Spreads
The spread on Greek 10-year bonds over German counterparts widened 23 basis points to 675 basis points, the highest since at least 1998, as investors increased bets that Greece will restructure its debt. The Portuguese spread jumped 59 basis points to 277 basis points, and the Spanish spread rose 12 basis points to 113.
“This is no longer a problem about Greece or Portugal, but about the euro system,” Eric Fine, who manages Van’s Eck’s G- 175 Strategies emerging-market hedge fund. “My concern is the risk of coordination failure. Policy makers need to get ahead of the curve.”
The crisis worsened this week as German Chancellor Angela Merkel’s government delays a decision on whether to release funds for a Greek rescue. Merkel, who faces an election in the state of North Rhine-Westphalia on May 9, said yesterday that Greece “must do its homework” before getting aid.
Trichet Mission
European Central Bank President Jean-Claude Trichet, who is in Chicago today and declined to comment on the downgrades, travels to Berlin tomorrow to brief German lawmakers on Greece’s deficit-cutting plans. The country is struggling to convince investors it can push its deficit below the EU’s limit of 3 percent of gross domestic product from 13.6 percent last year.
“No one in Europe is suggesting” that “the total amount of financing on the table is going to cover all of Greece’s borrowing needs” over the next three years, said David Beers, Global Head of Sovereign and International Public Finance Ratings, at S&P today.
Greek bonds are still eligible as collateral at the ECB, as long as the other two rating companies don’t follow suit. Moody’s Investors Service rates Greece A3 and Fitch Ratings BBB-.
The EU’s inability to contain the Greek crisis is sparking concern that other countries will have to fend for themselves and will struggle to win support from European parliaments. Portugal’s PSI-20 benchmark dropped 5.4 percent today, the most since the aftermath of Lehman Brothers Holdings Inc.’s collapse. Spain’s IBEX 35 Index dropped 4.2 percent.
Contagion
“There is a clear risk that contagion pressures might intensify in the coming months, perhaps after a brief respite immediately after the Greek package is finalized and money starts being disbursed,” said Marco Annunziata, chief European economist at UniCredit Group in London.
Merkel said yesterday she expects a German decision in “days.” Greece faces 8.5 billion euros of bonds maturing in May, with the first redemption due May 19.
Portuguese Finance Minister Fernando Teixeira dos Santos said today his government needs to react to “attacks by markets” and will do what’s needed to reduce its deficit.
Greek Prime Minister George Papandreou asked for emergency cash from the EU and International Monetary Fund last week to avoid defaulting on its debt. Investors in Greek bonds may get back between 30 percent and 50 percent of the value of their holdings should the government default or restructure its debt, said S&P.
“The financial package has clearly not eased market concerns,” said Colin Ellis, European economist at Daiwa Capital Europe Ltd. in London. The Greek downgrade “together with Portugal and the widening of spreads means that other euro- area countries appear to be sliding to a similar fate.”
To contact the reporter on this story: Andrew Davis in Rome at abdavis@bloomberg.netEmma Ross-Thomas in Madrid at erossthomas@bloomberg.net
Last Updated: April 27, 2010 15:03 EDT
Well if you're about done then I'll take it back.
We can go back to the way it was and enter into a new phase of board building.
I saw a P&F chart about nine months ago pointing towards a 11,200 top.. Pretty close.
The latest projections I've seen have the US debt at 400% of GDP in thirty years.
That's staggering to say the least.
Greek Curve Goes Apeshit: Bloomberg Reports 3 Month Bid At 21.3%
http://www.zerohedge.com/article/greek-curve-goes-apeshit-bloomberg-reports-3-month-bid-213
If they default this week... Watch out...
This might be a VERRRYYYY interesting week.
Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty. This is a relevant segue to a class action lawsuit filed against Morgan Stanley, which was settled out of court, in which it was alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store, yet even despite charging storage fees was not in actual possession of the bullion. It appears that this kind of lack of physical holdings by all who claim to have gold in storage, is pervasive as the actual gold globally is held primarily in paper or electronic form. Lenny Organ who was the person to enter the vault of ScotiaMocatta, says "What shocked me was how little gold and silver they actually had." Lenny describes exactly how much (or little as the case may be) silver was available - roughly 60,000 ounces. As for gold - 210 400 oz bars, 4,000 maples, 500 eagles, 10 kilo bars, 10 one kilogram pieces of gold nugget form, which Adrian Douglas calculates as being $100 million worth, which is just one tenth of what the Royal Mint of Canada sold in 2008, or over $1 billion worth of gold. As Orgen concludes: "The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."
Also note the interesting detour into what Stephan Spicer of the Central Fund Of Canada, said regarding his friend at a major bank, who wanted access to his 15,000 oz of silver, and had to wait 6-8 weeks for its to be flown in from Hong Kong.
It is funny that central bankers thought they could take the ponzi mentality of infinite dilution of all assets coupled with infinite debt issuance, as they have done to fiat money, and apply it to gold, in essence piling leverage upon leverage. They underestimated gold holders' willingness to be diluted into perpetuity - when the realization that gold owned is just 1% of what is physically deliverable, you will see the biggest bank run in history.
http://www.zerohedge.com/article/latest-gold-fraud-bombshell-canadas-only-bullion-bank-gold-vault-practically-empty
Yup hope so, cause I am all over that pair.
Watching the EUR/USD as it too approaches a nine month long trend line.
Read this
Something is finally being done:
http://guardiansofthefreerepublics.com/introduction.html
That would play right into the trendline that the USD/JPY broke up through. Problem is I perceived it to be more yen weakness than buck strength...
That's the perfect time to not be holding anything buck related.
It was a police dog.
You know you can't even look in a cop's general direction now-a-days without incurring some sort of ticket at best.
The first order of business will be a ticker and cusip# change with a reverse split... Explain to me in great (or even wanderingly inadequate) detail how that will be good for shareholders.
I see retirement has finally fried your brain... :D
Anyone looking for a freebie?
USD/JPY just broke a very well tested descending trendline a year old.
Ummm Kinda doubt "They" have the ability or even the desire... Forex is too big for games like that. It was just a quick dip, for whatever reason... Point is I let it scare me when I know for a fact that the pair is reversing... I should have added.. not dumped.
Yup, the hourly chart agrees... Funny thing is I saw it and entered the trade just before that little dip and return it made friday morning... I got scared and closed a losing(at the time) trade just as it was about to reverse... Funny.. Dropped 50 pips for nothing.
It's about to come back. Check out the weekly chart. Really oversold and reversing. Depending on how long you want to hold and how bad in the hole you are, you should be able to see some green.
It's only the beginning as you know. What they are doing is the same that has been done with great success to a lot of us. That is to brainwash us into thinking they are the masters.
If one actually looks at shows like C.O.P.S. objectively one can easily see that all that show is is pro gubbment propaganda. Just watch it and count all the times the offender is charged with nothing more than evading police, or resisting arrest.
What is being done now in schools is very much the same in that the children are shown examples as one of their classmates attempts to show an ounce of spine and is quickly punished by father gubbment. They are being taught to never question gubbment and to walk softly when it is close.
I'd say that this sort of thing can't continue for long... But then again I've often marveled at just how stupid people generally are.
Thinking you "KNOW" anything in this game is a pretty quick way to usher yourself out of the game.
Odd since our guys have calculated that it won't hit at all...
Does make one wonder..
I asked a few years ago about the worry for resources when we are clearly better than we have ever been at procuring them...
Almost as though we were stocking up for something but we weren't being told why...
Dunno.. just wandering thoughts.
The way I hear it, all nations are pumping currency into their systems, just as we are. Hard to say who is diluting more at what rates. I do know it is not a solution but an avoidance technique...
World currency coin handed out by Russian Pres. Medvedev at G8 meeting.
Royal Mint of Belgium
The announcement by the United Nations this week that it will license the minting of silver and gold bullion coins bearing the UN logo may be the button that launches metal prices into orbit.
In its wide-ranging report this fall, the UN Conference on Trade and Development (UNCTAD) stated that the system of currencies and international banking practices within today’s economies were inadequate, and responsible for the present economic crisis. The report advocates that the present monetary system, wherein the dollar acts as the global reserve currency be re-examined “with urgency”.
The UNCTAD Report was the first time a major multinational institution had forwarded such a suggestion or measure, although a number of countries, including Russia and Brazil have supported replacing the dollar as the world's reserve currency. China's central bank chief Zhou Xiaochuan has mentioned that the dollar could become a basket of currencies instead.
The UN commission dismissed such a widening, saying a multiple-country system "may be equally unstable, and not transparent."
The panel is seeking more monetary balance for developing countries, and a means for them to retain their reserves and domestic savings independent of foreign agencies and arrangements.
Panel Chair US economist Joseph Stiglitz, a Nobel economics laureate, has made plain that there was "a growing consensus that there are problems with the dollar reserve system. Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves," Stiglitz stated.
"It's indicative of the nature of the problem. It's a net transfer, in a sense, to the United States, a form of foreign aid."
A report contributor, Detlef Koffe, concluded that "Replacing the dollar with a bullion currency would solve some of the problems related to the potential of countries running large deficits and would help stability,"
US Fed spokesperson Patrick Paulsen acknowledged that there could be some strong reaction in the US to the global currency, and that it would “…be viewed as a step toward a New World Order. But those same people have probably lost patience with the money-changers as well.”
He clarified that he would “…nonetheless anticipate that the western currencies will continue to depreciate, given Asia’s ascendancy in trade and manufacturing, to find their own value and enable their economies to compete. This is a UN perogrative we cannot and should not control, it’s returning to what we had with Bretton-Woods.”
The UN decided to provide a “public option” savings currency, whereby currency mints will be licensed to mint two kinds of bullion coins the size of the 1€ coin - the Uno (silver ~$5) and the Oro (gold, ~$500). The names were adopted from the book “The Humanist”, which foresees the UN being better funded by 2015 via its licensing fees, expected to be 10-15%.
The coins have a marker chemical in them that enables their authentication and processing by modified retail ATM and exchange machines in Europe, which will be distributed globally. Any licensee, public or private, can produce such bullion coinage under contract. The United Nations is doing no more than what most countries do already, except that the value of its coins will reflect their bullion weight.
Armand Dufour of the European Bank welcomes their introduction. “People have enough Fiat currency options, government and banks cannot intrude on bullion coins – they will have their own inviolable value.”
He does have one concern, however. “If we see a dismounting from the US dollar, as is inevitable in the main view, there will be a strong move to the Oro, which may drive its price up to the point where governments will not allow its circulation; they will try to isolate it.”
“That’s when the fun begins.” he said.
http://www.examiner.com/x-32916-Vancouver-Humanism-Examiner~y2009m12d15-UN-to-produce-bullion-coins-as-world-currency
Those are absolutely great graphs, and give key insight into long term trends of certain pairs.
When I was running this board I harped on one major thing. That was if you did not know the long term trends you could never accurately see the shorter trends you were trading.
We can see from those graphs that the pound/buck should have a mild downward trend. While the euro/buck should have an upward trend.
Just based on dilution rates alone.
Now as we know nothing lasts forever, and what is not discussed in that article is the reason for the dilution. At some point during hyper-inflation there will be a push (a successful one) to combine currencies much as the euro did in europe. My crystal ball is on the fritz at the moment so I can't say for sure if it will be a regional combining or a global one. Listening to the latest rounds of scripted remarks (http://en.wikinews.org/wiki/Asian_countries_call_for_global_currency) would lead one to believe a global currency is on it's way.
This is a very interesting time to be alive to be sure.
lol.. you were the only assistant that ever took it seriously.
Absolutely. Global politics are key to trading forex. And trading forex soon leads to curiosity into global affairs.. and not the BS we see on the tube everyday, but the real workings and who is doing the working.
Reality is NOTHING like what is displayed.
The world is not a happy place with nothing but opportunity.
It is a sinister plot with a select few leading us all to our deaths while chuckling at the irony.
So very true... We're like cat nip dosed cats chasing a laser dot as our master leads us again and again head long into a wall... and kackles as we dizzily get back up and continue the chase.
I'd not like to be caught arguing that our government is democratic at any level... I'm a pretty darned good arguer.. as far as arguin' folk go.. But I couldn't win that one.
But you two have it backwards as to who's waggin' who.
Always liked that song...
With the exception that it's always needed a harder chorus...
There's a band out there covering it with a much harder edge, but they keep the tempo fast for the whole song.
Oh that we agree upon... Last I heard they traced Ubuma's lineage back to the same group.. SHOCKING!!! lol
Don't remember where I saw it or which family he was related to but it was a big one.
an act of Congress
The Fed entails government involvement in a massive way. Without the special monopoly privileges legislated by Congress that sustain the Fed, it disappears.
Much of the reasoning behind the mistaken notion that the Federal Reserve is a private corporation lies in court cases such as LEWIS vs. United States on June 24, 1982. In that case, the 9th Circuit Court ruled: "We conclude that the [Federal] Reserve Banks are not federal...but are independent, privately owned...corporations...without day to day direction from the federal government."
There are numerous cases like this where the courts have ruled that the Reserve Banks of the System are privately owned and controlled corporations.
Wittily put, but no, Government's ownership of the FED is not a reality by practice or by law.
Listen to Greenspan say it himself:
Not really...
The FED is still kept somewhat in the shadows while the good cop bad cop routine that keeps us all so captivated is between the two political parties.
They are keeping the FED in the shadows and hardly spoken of to allow the future move of transferring all monetary policy to the world banks. Can't very well be bad mouthing the central banks when you are hoping to make a bigger one to save us from this engineered downturn.