George Pinto wrote: > If you have about 8 minutes, go to The DAILY SHOW > http://www.thedailyshow.com/) and then click on the "CNBC video". Not to > pick on CNBC alone, but similar "advise" was offered around the world in > parrot-like fashion. How many of them are willing to admit they were > wrong, offer an apology, let alone some restitution to the millions of > people around the world who lost their life savings?
Date: Thu, 5 Mar 2009 12:29:35 -0800 (PST) From: Mervyn Lobo <[email protected]> Here is what House representative Ron Paul had to say on the value and future value of the dollar when he was addressing Congress yesterday. It should be of interest to anyone who is interested in where the US dollar is heading with regards to the rupee. http://www.youtube.com/watch?v=6iH77Fj6qCA Mario observes: Just a couple of days after someone who has hijacked George Pinto and is now posting in his name warned us of about financial advice, we see a politician, Ron Paul, being touted as a financial sage and a predictor of where the US dollar "is" heading - not just "may" be heading - relative to the rupee. An experienced sage named Bill Clinton, when questioned about his veracity, once said, "It all depends on what the meaning of "is" is." In the temporarily socialist USA, economic conditions in the past have always moved in cycles of three to eight years, with relatively short downturns and relatively longer upward trends. Thus, if someone said something negative about an economic factor consistently, they would eventually be correct - after being wrong for the most part. We have seen on Goanet consistent predictions of the decline of the US dollar as well as praise for the Canadian and Indian banking systems and for the kind of regulations imposed in those countries and in Europe. Someday these predictions may come to pass, especially with what the new US administration has in mind for us and the world. In the meantime the Rupee, the Canadian dollar, the British pound and the Euro have all weakened relative to the US dollar over the last year, which is the combined opinion of foreign exchange buyers and sellers "with skin in the game", i.e those who are actually putting their money where their mouth is. On the other hand the stockmarket is predicting a further weakening of the US economy, which means bad news for everyone else as well. When the engine is slowing down, the entire train slows down. Be very skeptical when you hear the talking heads on TV say "The Chinese may suddenly decide to stop investing in US securities." The last time I checked the Chinese have few realistic options other than to invest in the US, because they continue to generate US$ from trade, albeit at a slower pace, and there is no other economy that is either large enough or safe enough for them to park their money. They are crossing their fingers like everyone else, buying US assets when they see an opportunity, and hoping that the traditional turnaround in the US economy will eventually come to pass. The Iranians who ostentatiously decided to only accept Euros for their oil are crying in their tiny coffee cups right about now. So, this person masquerading as George Pinto is proving quite perspicacious when he writes, "....the financial community cannot be trusted with your financial future, since recent history proves their dismal (catastrophic) record."
