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Posts Tagged ‘one world currency’

What will it be like here when people wake up to our situation?  We are in a similar and in some ways worst situation.  We must learn from the situation some of the European nations find themselves in.  We must prepare as we are in the line of dominoes.  What will it be like?

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Thousands protest against Irish bailout

More than 100,000 people gather in Dublin to demonstrate against four-year austerity plan to reduce debts

Ireland

Thousands of demonstrators march through Dublin to protest against budget cuts and an EU-IMF bailout. Photograph: Peter Morrison/AP

More than 100,000 Irish citizens took to the streets of Dublin today to protest against the international bailout and four years of austerity.

Despite overnight snow storms and freezing temperatures, huge crowds have gathered in O’Connell Street to demonstrate against the cuts aimed at driving down Ireland‘s colossal national debt.

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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We must watch this round of G20.  It appears if we will be standing alone, we have turned everyone against us and it is yet to be seen if we will be strong enough to stand, I don’t think so, we have rotted through extreme over spending and over-extension.

The current EU leader has called the G20 our global governance, could it already be here?  Watch and see…

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Analysis: German tempers fray as U.S. policy gulf widens

(Reuters) – Germany‘s undiplomatic outbursts against U.S. policy, calling it “clueless” before a G20 summit, show growing estrangement on economics as America’s focus shifts away from transatlantic ties to domestic challenges and Asia.

“The Atlantic is getting wider,” said Anton Boerner, head of Germany’s Foreign Trade Association, who spoke of a “creeping alienation” between America and Europe, which has been exacerbated by the global financial crisis.

Germany and the United States often criticize each other’s approaches to aiding economic recovery, with U.S. calls for more expansive policy falling on deaf ears in fiscally disciplined Germany. But Berlin has taken the rhetoric to a new level.

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This is the root of where we went wrong back in the 1930’s.  We strayed significantly from the constitution and we are paying dearly for it now…  They are destroying our currency, and our countries sovereignty along with it…

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Is the Fed’s Debt-Buying Unconstitutional?

Is the Federal Reserve violating the U.S. Constitution’s separation of powers in its new purchases of $600 billion worth of U.S. Treasuries? Is the Fed engaging in an unconstitutional monetization of the   U.S. Congress’ out of control spending spree that is really a bridge loan to fiscal insanity?

At minimum, should the Fed be avoiding these purchases until the fiscally debauched U.S. Congress, packed to the ceiling with fiscal dipsomaniacs, follows Great Britain’s lead in its fiscal abstinence that may “out Thatcher” even Margaret Thatcher?

Isn’t the problem fiscal incontinence and regulatory misfeasance, and business uncertainty about all of that, which is creating joblessness? Not a lack of liquidity and not deflation, which is not a clear and present danger, as instead inflation is still with us?

And isn’t the Fed dangerously habituating the stock, bond and commodities markets to a “new normal” of constant quantitative easing?

Open Revolt

Germany, China, Russia and Brazil are attacking the Fed’s move. President Barack Obama is now defending the Fed in his (more…)

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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This is the crazy territory we ar now entering, where commodities are beginning to be priced higher than what they end up making, at least for a short time…can you see how hyperinflation is going to strike?

(I will also call attention to the comments posted to the original blog post.  The US has made the same mistake with the National Park Service coins that are going on sale in December this year, by law they have to sell them and keep selling them until demand stops…)

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Germany Unwittingly Adopts A Silver Standard Due to Soaring Price

By Toni Straka of The Prudent Investor

Germany Unwittingly Adopts A Silver Standard Due to Soaring Price

Silver’s sky-shot to a new 30-year high of $27.73 per ounce has led to a new phenomenon in Germany. For the first time in history it is theoretically possible to buy two last series of silver coins with a denomination of €10 and a silver content of 0.535 ounces for less than the silver equivalent. According to a report in German Daily “Welt” the soaring silver price has forced the German government to bring forward the starting time of sales of the 2 commemorative coins into October to save face. The coins now have a value of €10.66 but have to be sold at the denominated Euro value.

As this story is widely circulating in Germany it can be expected that these coins will be sold out by tomorrow.
Germany’s time on a theoretical silver standard – the country was on a bi-metallic standard before the Weimar Republic in the 1920s – won’t last long, though.

In order to counter soaring silver prices and keep the denominated value below the silver value the country has announced it will reduce the silver content to 10 grams or 0.3215 ounces in its commemorative silver coin line from January 2011.

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Comment posted to above article:

by Sudden Debt
on Tue, 11/09/2010 – 14:12
#712749

The US is in even deeper shit.

They have to distribute the national park set in the 5 OZ blown version for 120 dollars a piece.

As this also needs to be done according to US law, they’ll be sold out in 1 day when they sell them.

Launch will be in december and the maximum order quantity is 1000 pc for national parks and 50 sets per citizen.

AND!!!!

THEY HAVE TO MAKE THEM UNTILL DEMAND STOPS!!!

That’s why they wait untill the end of the year to do so because at first it was planned after the summer.

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Click on the article title for a link to full original referenced article.

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Looks like this G20 meeting is going to be very “interesting” and maybe a turning point…

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Russia to `Insist’ U.S. Coordinate With G-20 Members on Monetary Measures

Russian President Dmitry Medvedev will “insist” on global coordination of any so-called quantitative easing measures by government when he meets with counterparts from the Group of 20 nations this week.

Such actions will need to be planned in advance in order to avoid creating risks for other markets and economies, senior Kremlin economic adviser Arkady Dvorkovich told reporters in Moscow today.

Russia will also argue against instituting targets on current account surplusses or deficits, Dvorkovich said.

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Click on the article title for a link to full original referenced article.

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Quite astounding number of the week…do you remember when we use to think a Billion was a big number?

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Number of the Week: $10.2 Trillion in Global Borrowing

By Mark Whitehouse

Number of the Week
$10.2
Trillion

$10.2 trillion: The amount of money advanced-nation governments will need to borrow in 2011

As the debts of advanced countries rise to levels not seen since the aftermath of World War II, it’s hard to know how much is too much. But it’s easy to see that the risk of serious financial trouble is growing.

Next year, fifteen major developed-country governments, including the U.S., Japan, the U.K., Spain and Greece, will have to raise some $10.2 trillion to repay maturing bonds and finance their budget deficits, according to estimates from the International Monetary Fund. That’s up 7% from this year, and equals 27% of their combined annual economic output.

Aside from Japan, which has a huge debt hangover from decades of anemic growth, the U.S. is the most extreme case. Next year, the U.S. government will have to find $4.2 trillion. That’s 27.8% of its annual economic output, up from 26.5% this year. By comparison, crisis-addled Greece needs $69 billion, or 23.8% of its annual GDP.

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We should all start preparing for inflation, immediately.  Buy stored food, I have a link on the right side bar, and store some water.  Any big purchases are necessary in the next year, you should consider now.  Anything made with petroleum especially, which is just about everything…

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Dollar at Risk of Crashing, Triggering Inflation: Strategist

Federal Reserve policies have put the US dollar the risk of crashing, which will hammer consumers through higher prices, strategist Axel Merk told CNBC.

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China will be key to how this all ends…

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U.S. dollar printing is huge risk -China c.bank adviser

Nov 4 (Reuters) – Unbridled printing of dollars is the biggest risk to the global economy, an adviser to the Chinese central bank said in comments published on Thursday, a day after the Federal Reserve unveiled a new round of monetary easing.

China must set up a firewall via currency policy and capital controls to cushion itself from external shocks, Xia Bin said in a commentary piece in the Financial News, a Chinese-language newspaper managed by the central bank.

“As long as the world exercises no restraint in issuing global currencies such as the dollar — and this is not easy — then the occurrence of another crisis is inevitable, as quite a few wise Westerners lament,” he said.

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We are entering very dangerous waters.  The backlash will be severe, we are already seeing the effects…

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QE2 risks currency wars and the end of dollar hegemony

As the US Federal Reserve meets today to decide whether its next blast of quantitative easing should be $1 trillion or a more cautious $500bn, it does so knowing that China and the emerging world view the policy as an attempt to drive down the dollar.

By Ambrose Evans-Pritchard, International Business Editor
Published: 9:56PM GMT 01 Nov 2010

QE2 risks currency wars and the end of dollar hegemony 

QE2 risks currency wars and the end of dollar hegemony Photo: AFP

The Fed’s “QE2” risks accelerating the demise of the dollar-based currency system, perhaps leading to an unstable tripod with the euro and yuan, or a hybrid gold standard, or a multi-metal “bancor” along lines proposed by John Maynard Keynes in the 1940s.

China’s commerce ministry fired an irate broadside against Washington on Monday. “The continued and drastic US dollar depreciation recently has led countries including Japan, South Korea, and Thailand to intervene in the currency market, intensifying a ‘currency war’. In the mid-term, the US dollar will continue to weaken and gaming between major currencies will escalate,” it said.

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List of articles in the headlines today by prophecy topic…(I will continue to update it with additional articles throughout the day.)

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Prophecy Headlines for Monday

November 8th, 2010

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Here we go, its official.  Watch for price increases over the next 3-6 months…

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Fed to Spend $600 Billion More To Help Boost US Economy

The Federal Reserve launched a controversial new policy on Wednesday, committing to buy $600 billion more in government bonds by the middle of next year in an attempt to breathe new life into a struggling U.S. economy.

Sheet of US one hundred dollar bills
Don Farrall | Digital Vision | Getty Images

The decision, which takes the Fed into largely uncharted waters, is aimed at further lowering borrowing costs for consumers and businesses still suffering in the aftermath of the worst recession since the Great Depression.

The U.S. central bank said it would buy about $75 billion in longer-term Treasury bonds per month. It said it would regularly review the pace and size of the program and adjust it as needed depending on the path of the recovery.

In its post-meeting statement, the Fed described the economy as “slow”, and said employers remained reluctant to add to payrolls. It said measures of inflation were “somewhat low.”

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We are at a dangerous point this week.  Under the cover of all the election hype, the federal reserve is making probably the biggest decision in this century…remain watchful, stock up on food & water, make sure you fill up your cars with gas…pray, trust in God.  It is going to be quite a ride…

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Watch for what the Fed does today, headlines from Drudge on fed’s decision…

Treasury estimates $362B in borrowing for quarter...

Bernanke Faces More Congressional Scrutiny After Republican Election Gains...

PUMP: Fed Likely to Announce $500 Billion of Purchases...

'Biggest decision in decades'...

Fed easing may means 20% drop of dollar value...

'The end of dollar hegemony'...

Sen. Gregg: 'We're Greece' in a Few Years...

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Concerns from China on our openness to devaluing our dollar through the printing press (i.e. quantitative easing.)

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Dollar printing feeding China inflation: minister

Rampant issuance of dollars by the United States is saddling China with “imported inflation”, Chinese commerce minister Chen Deming was quoted as saying by state media on Wednesday.

“Given the current situation, companies have thought ahead and prepared for exchange rate fluctuations as well as an increase in labour costs,” Chen said, according to the state-run China Business News.

“But because the issuance of dollars is out of control, and international commodities prices are continuing to rise, China is confronted with imported inflation, which has created major uncertainties for businesses,” he said.

The comments came ahead of a meeting of the US Federal Reserve next week at which the central bank is expected to announce additional stimulus measures.

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More discussion on the future of the dollar and global currency….

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Dollar at Risk of Becoming ‘Toxic Waste’: Charts

The dollar’s slump could get far worse if the dollar index takes out last year’s low, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.

“If the (dollar index) takes out the low that was made roughly a year ago I really think that will not only encourage more sales, it will cause a little bit of minor panic,” Griffiths said. “A year ago it was deemed too cheap, if it goes any lower than that it’s actually become toxic waste.”

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Deception…look out for QE2 on Nov. 3rd…

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G20 Vows to Avoid Currency Devaluations

GYEONGJU, South Korea — The world’s leading advanced and emerging countries vowed Saturday to avoid potentially debilitating currency devaluations, aiming to quell trade tensions that could threaten the global recovery.

The Group of 20 also said it will pursue policies to reduce trade and current account imbalances that threaten the economic recovery, and agreed to give developing nations more say at the International Monetary Fund, part of what it described as an ambitious set of proposals to reform IMF governance.

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Looks like the world is beginning to tire of our antics…

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U.S. plan hits opposition at G20, FX accord remote

U.S. Treasury Secretary Tim Geithner speaks during the first meeting of the financial stability oversight council to vote on a number of resolutions at the Treasury Department in Washington, October 1, 2010. REUTERS/Jason Reed 

U.S. Treasury Secretary Tim Geithner speaks during the first meeting of the financial stability oversight council to vote on a number of resolutions at the Treasury Department in Washington, October 1, 2010.

Credit: Reuters/Jason Reed

By Abhijit Neogy and Toni Vorobyova

GYEONGJU, South Korea | Thu Oct 21, 2010 11:06am EDT

GYEONGJU, South Korea (Reuters) – G20 officials are unlikely to reach an accord rejecting currency devaluations and capping current account balances, an informed source said on Thursday, after U.S. proposals ran into stiff opposition.

The swift rebuff of a U.S. call for numerical targets for “sustainable” trade surpluses and deficits underscored the difficulties facing Group of 20 finance ministers gathering in South Korea as they try to defuse tensions over currencies and economic imbalances.

The G20 source, who has direct knowledge of deliberations at the meeting, said the proposals had not found favor with India, China and other emerging economies, or even the likes of Germany, which has a large current account surplus.

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Re-balance world economy?  I don’t know about you but that doesn’t seem like it would be a good thing for those on top, us…

It is all the staging for the one world government, God predicted…

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Geithner’s Goal: Rebalanced World Economy

Treasury Secretary Timothy Geithner said he would use weekend meetings of G-20 finance ministers to advance efforts to “rebalance” the world economy so it is less reliant on U.S. consumers, to move toward establishing “norms” on exchange-rate policy, and to persuade others the U.S. doesn’t aim to devalue its way to prosperity.

In an interview with The Wall Street Journal, Mr. Geithner said the world sorely needs to agree on guidelines for exchange-rate policy. “Right now, there is no established sense of what’s fair,” he said.

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More on denials from China, the truth, who knows these days, something to keep your eye on…

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China Denies Plans on Rare Earth Export Quotas: Report

A commerce ministry official denied a report that China would cut export quotas for rare earth metals by 30 percent next year, the China Business News said on Wednesday.

A day earlier, an unnamed commerce ministry official told the China Daily that Beijing would reduce the quotas to protect the country’s rare earth resources and avoid depletion of the crucial manufacturing minerals.

Mining
Jonty Wilde | Iconica | Getty Images

The China Business Daily, also citing an unnamed Ministry of Commerce official, said that report was groundless and that no such measures would be implemented.

The conflicting reports in state media compounded questions about how Beijing plans to manage its reserves of the minerals, used in products from autos, computers and cell phones to missiles and new energy technologies.

China accounts for more than 90 percent of the world’s production of rare earth metals.

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He said this as well before the last round of printing to buy debt, that time it was hidden, this time?  Who knows…

I am always amazed at how someone can say one thing and do the complete opposite.  It is very common place these days.  Deception seems to be the norm…

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Geithner Vows That US Won’t Devalue Dollar

Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

“It is not going to happen in this country,” Geithner told Silicon Valley business leaders of devaluing the dollar.

Geithner broke his silence on the dollar’s protracted slide ahead of this weekend’s meeting of finance leaders from the Group of 20 wealthy and emerging nations in South Korea, where rising tensions over Chinese and U.S. currency valuations are expected to take center stage.

“It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive,” Geithner added. “It is not a viable, feasible strategy and we will not engage in it.”

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Europe is taking China seriously and scrambling in the opposite direction of us…

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Commission breaks taboo on ‘own resources’

ANDREW WILLIS

Today @ 09:26 CET

EUOBSERVER / BRUSSELS – The European Commission has proposed a list of potential methods to enable the EU to raise its ‘own resources’ in future, citing the need to end current wrangling over member state contributions to the Brussels budget.

A separate EU-wide value added tax (VAT) is among the ideas contained in the commission’s “budget review” published on Tuesday (19 October), a document which stems from a Franco-British spat in December 2005 over EU payments.

Other self-funding mechanisms could include a financial sector tax, a share of profits from auctioned greenhouse gas emission allowances, an EU charge related to air transport, an EU energy tax or an EU corporate income tax.

Presenting the review in the European Parliament in Strasbourg, EU budget commissioner Janusz Lewandowski said the EU budget should rely less on member state contributions, as was previously the case.

National contributions, based on gross national income (GNI), represented 10 percent of the EU budget in 1988, but these days amounts to roughly 70 percent as takings from EU customs duties and farm levies have declined.

“The question of EU funding priorities is always overshadowed by debate on ‘net contributors’ or ‘juste retour’,” Mr Lewandowski told the MEPs. “That is why we need to find a way out of this.”

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More on China’s rare mineral shipment stoppage…

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US inquiry into China rare earth shipments

Mini magnets made from chemically processed rare earths are shown in Beijing The 17 different rare earths are found in everything from magnets to hybrid cars and computer monitors

US trade officials say they are looking into a New York Times report that China is blocking shipments of rare earths to the US and Europe.

China mines 97% of the specialist metals crucial to green technology.

The report, citing anonymous industry sources, said Chinese customs officials had broadened export restrictions.

Meanwhile China’s commerce ministry has denied a report by the official China Daily that it will cut quotas by 30% next year to stop overmining.

“The report is completely false,” the ministry said in a statement.

“China will continue to supply rare earths to the world, and at the same time, to protect usable resources and sustainable development, China will also continue to impose restrictive measures on exploration, production and import and export of rare earths.”

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Look out, we have a tiger by the tail, did you know how dependent we are on China for these key minerals?

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China to Halt Some Exports to U.S.

HONG KONG — China, which has been blocking shipments of crucial minerals to Japan for the last month, has now quietly halted shipments of those materials to the United States and Europe, three industry officials said on Tuesday.

Reuters

A worker at the site of a rare earth minerals mine.

The Chinese action, involving rare earth minerals that are crucial to manufacturing many advanced products, seems certain to further intensify already rising trade and currency tensions with the West. Until recently, China typically sought quick and quiet accommodations on trade issues. But the interruption in rare earth supplies is the latest sign from Beijing that Chinese leaders are willing to use their growing economic muscle.

“The embargo is expanding” beyond Japan, said one of the three rare earth industry officials, all of whom insisted on anonymity for fear of business retaliation by Chinese authorities.

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More on Fed’s plans to fire up the printing press…

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Officials hint Fed on the verge of more easing

WASHINGTON (Reuters) – A string of Federal Reserve officials on Tuesday indicated the central bank will soon offer further monetary stimulus to the economy, with one saying $100 billion a month in bond buys may be appropriate.

While internal differences on the unconventional policy are still evident, the consensus view at the Fed appears to be that the economy is weak enough to warrant further support, most likely through increased purchases of Treasury debt.

The U.S. economy is expected to have grown just 1.9 percent in the third quarter, a level considered too low to bring down unemployment. The debt purchases would help lower long-term interest rates in the hope of boosting demand.

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Buckle up…

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Fed’s Bernanke signals new round of quantitative easing

US Federal Reserve Chairman Ben Bernanke has opened the way to a new round of quantitative easing.

“There would appear, all else being equal, to be a case for further action,” he said, in a speech to the Boston regional federal reserve.

The US central bank is expected to back a move to buy up US government bonds in order to lower borrowing costs at its next meeting on 3 November.

Mr Bernanke said unemployment and low inflation lay behind his view.

However, some colleagues at the Fed have expressed much more hawkish views, and Mr Bernanke was careful not to pre-empt the decision of the rate-setting committee due next month.

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The tightrope walk continues, a lot of attention on China, as they may hold our future in their hands…

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US delays China ‘currency manipulator’ report

yuan notes Countries including the US have accused China of keeping the yuan artificially low

The US government has delayed a report – which was expected on Friday – that could officially brand China a “currency manipulator”.

The US Treasury releases two reports a year on the currency practices of its major trading partners.

It has so far held back from naming China. The report is not now expected until after an upcoming G20 summit.

China said the US should not use the weak yuan as a “scapegoat” for its own economic problems.

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How can this end well for the US?  Our ship is running a ground…

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National Debt Up $3 Trillion on Obama’s Watch

(Credit: CBS/iStockPhoto)

New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.

The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.

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Currency war continues…

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Currency tensions persist as markets await Fed

(Reuters) – Recriminations over currencies reverberated worldwide on Friday ahead of a speech by Federal Reserve chief Ben Bernanke, whose loose policies are blamed by China and others for destabilizing capital flows.

Beijing kept up the heat on the United States, saying Washington should not make China a scapegoat for its own problems by constantly pressing for a swifter rise in the yuan.

Speaking hours before the U.S. Treasury Department is due to deliver its semi-annual assessment of whether China manipulates its currency, Commerce Ministry spokesman Yao Jian said it was not fair to criticize Beijing’s exchange rate policy simply by pointing to China’s trade surplus.

“Other countries have no right to comment on what is a reasonable level for a country’s trade surplus,” Yao told a monthly news conference.

Sniping over what exchange rates are appropriate to put the world economy back on course is intensifying ahead of a pair meetings of the Group of 20 leading economies in South Korea.

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What are we doing?  Even with over a trillion and a half of printed dollars from the Fed and we are still running a deficit of $1.29 trillion?  We are digging ourselves a very deep hole…

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Government to report on $1 trillion-plus deficit

WASHINGTON – The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections.

The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 will total $1.29 trillion. That’s down by $125 billion from the $1.4 trillion in 2009 – the highest deficit on record.

Soaring deficits have become a problem for Democrats in an election year focused on the weak economy.

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