Dollar loses reserve status to yen & euro
RUSH: You have to understand that in the world of Barack Obama and Jeremiah
Wright, Bill Ayers and Valerie Jarrett, Rahm Emanuel, his support staff, the
plight that you've just described for yourself is exactly what they want to
hear.Story #2: Larry Summers: We "Stemmed" Unemployment
RUSH: There's a group of economists out there saying that economic recovery is
underway, which is just laughable. Larry Summers, who is one of Obama's
economic advisors, says that they "stemmed" unemployment, that it would have
been far worse had they not done their stimulus bill, and that they've
increased growth, which would have been worse, thanks to the stimulus. Did you
see retail sales are down again?? Luxury retail sales, that matters. All the
unemployment news rising all over the country, we're approaching 10%, and we're
supposed to ignore all that and listen to what they Obama administration
mouthpieces have to say about this? It's surreal. It really is surreal.
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.
Getty Images
Fed boss Ben Bernanke may be forced to raise rates in order to restore faith in
the dollar — and help bring the euro and the yen back to earth.
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."
VIETNAM INVASION & OCCUPATION OF CAMBODIA IS CONDEMNED:
Oct. 21, 1986 The UN General Assembly adopted a resolution A/RES/41/6, by vote
of 116-21 with 13 abstentions, calling for a withdrawal of Vietnamese forces
from Cambodia.
Again Vietnam, has not respected the 10 UN resolutions calling Vietnam to cease
her occupation of Cambodia and remove all her troops from the country.
America too, she sees the Vietnamese leaders as liars expressed in this
statement made by the US President Reagan.
US president Reagan calls Vietnam to restore Cambodia Independence .
President Reagan's address to the 43d Session of the United Nations General
Assembly in New York, New York,September 26, 1988.
"Mr. Secretary-General, there are new hopes for Cambodia, a nation whose
freedom and independence we seek just as avidly as we sought the freedom and
independence of Afghanistan. We urge the rapid removal of all Vietnamese troops
...."
ALL THE VIETNAMESE INVADERS, AND ILLEGAL VIETNAMESE SETTLERS, MUST RETURN HOME,
TO VIETNAM, AND RESPECT THE 10 UN RESOLUTIONS.
HUN SEN'S VIETNAMESE MINISTERS.
1.
Acting as "Cambodia" Minister of Foreign Affairs , Hor Nam Hong has sent a
Vietnamese woman, in the name Mme You Aiy , as "Cambodian" Ambassador to
Thailand, not to protect Cambodian National interests, but to spy on all
Cambodian in Thailand and the Khmers in Surin, Boreiram,Si Saket as well...
2.
Chan Sarun( VIETNAMESE )
3.THIS VIETNAMESE WEARING THE LABEL "CAMBODIAN"
Khieu Kanharith, the minister of Information, during a press conference held
on 04 January 2009. KHIEU KANHARITH , A VIETNAMESE WEARING THE LABEL"CAMBODIAN"
4. HUN SEN'S VIETNAMESE CPP/MP Chiem Yeap
Radio Free Asia
By San Suwit
5th March, 2009
Reported in English by Khmerization
Mr. Cheam Yeap(vietnamese ) (pictured), MP from the ruling Cambodian People's
Party (CPP),
5. HUN SEN'S VIETNAMESE AT INTERPOLE
6.HUN SEN'S VIETNAMESE WIFE FAMILIES WORKING AT 400
GARMENT FACTORIES ( 300 000 ILLEGAL VIETNAMESE WOMEN AS WORKERS ,STEALING 300
000 WORKERS JOBS FROM THE CAMBODIAN WOMEN IN CAMBODIA HERE )
Female garment factory workers protest slashed wages at a factory in Takhmao in
January. (Photo by: TRACEY SHELTON)
Female workers(OVER 90% ARE ILLEGAL VIETNAMESE WOMEN SETTLERS) protesting a
wage cut at a Takhmao factory in January. (Photo by: TRACEY SHELTON)
WHAT RIGHTS DO THESE VIETNAMESE INVADERS HAVE TO RUN CAMBODIA IN VIOLATION OF
THE 10 UN RESOLUTION?
_________________________________________________________________
Your E-mail and More On-the-Go. Get Windows Live Hotmail Free.
http://clk.atdmt.com/GBL/go/171222985/direct/01/
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Cambodia Discussion (CAMDISC) - www.cambodia.org" group.
This is an unmoderated forum. Please refrain from using foul language.
Thank you for your understanding. Peace among us and in Cambodia.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to
[email protected]
For more options, visit this group at http://groups.google.com/group/camdisc
Learn more - http://www.cambodia.org
-~----------~----~----~----~------~----~------~--~---
