- Counterpunch
How the world could stop Bush, Dump Dollars, ... The US is totally
dependent upon foreigners (China, Japan, largest) to finance its
budget and trade deficits. By financing these deficits, foreign
governments are complicit in the Bush Regime's military aggressions
and war crimes
- Cultural
Economics The relationship between oil consumption, expenditures
and recessions ... oil price hike recessions (1973, 1979, 1990 and 2000)
- Democratic
Underground "Saudi Arabia has refused to cut interest rates
in lockstep with the US break the
dollar currency peg in a move that risks setting off a stampede out
of the dollar
-
- DissodentVoice,
Socialism, 1 percent of US population owns 50 per cent of the
wealth.
- Information
Clearing House Saudi Arabia, South Korea, China, Venezuela,
Sudan, Iran, Russia among first countries to sell dollars, fall 2007
more at NFU finance page
- JackLessinger
The fall of the consumer economy and the rise of the responsible
capitalist. ... Mercantile
Aristocrat of the 1700s through to the intersection of the Consumer
Economy and the Responsible Capitalist
- Online
Journal "China’s "nuclear option" to dump the
dollar is real"MarketOracle.co.uk
depress consumer spending,
- Rediff
US current account deficit is current account surplus in countries
that export to US, to cover US borrows from those countries, holding
up the value of the dollar. Asian countries are just as much to
blame as US. Limitations to system. Global
imbalance. US has to have 5% interest rate to keep foreign
investment flowing in... so can't cut rates to stimulate in face of
'housing' recession
- Notes: Among those filing
bankruptcy were New Century Financial Corp., Quality Home Loans,
Aegis Funding, HomeBanc Mortgage Corp. and People's Choice Financial
Corp. ...
- RealityZone,
The Creature of Jekyll, you'll never trust a banker again
-
 - notes: five reasons why we are
closer to a recession, (1) Inverted Yield Curve is followed by a
recession, demand for short term loans is down, indicating a cooling
economy, (2) Falling housing prices, 10-25 % predicted, no telling
how long it will last, consumer spending slowing, (3) Credit
Crunch, subprime mess, check LIBOR for indicator of resistance in
interbank loans, fear, (4) (5) Falling dollar, foreign
countries don't want to buy our debt in a currency that is losing
value,
- Fed cut rates to fix emerging
markets stock collapse in 1997, 1998 ... cut rates for tech bubble
crash, cut rates for housing crash, what's next, credit cards?
- WhatEverHappened,
Federal Reserve, legalized counterfeiting
- notes: "While history shows
emerging markets have the greatest potential for growth, they are
also susceptible to some of the biggest declines. The Mexican peso
devaluation in December 1994 led to a 24 percent drop in developing
nations' stocks, while Thailand's decision to let the value of its
currency fall on July 2, 1997 spurred a 37 percent loss in six
months. Emerging- market shares fell another 19 percent after Russia
defaulted on $40 billion of debt on Aug. 17, 1998." Bloomberg
- Roadblocks, in subprime
solutions,
|
-
- Summary, Saving the Dollar
- Bloomberg
Rising Euro is what China needs to dump dollar, the R-word,
- Democratic
Underground Saudi Arabia has refused to cut interest rates
in lockstep with the US
- Bloomberg,
Bank of Korea urges shipbuilders to settle contracts in won,
- Rediff
US current account deficit is current account surplus in countries
that export to US
- Financial
Sense, China dumping dollars, and Financial
Sense, China
- Tehran
Times Japan Corporations pay
for Iran oil with Yen. Iran requested this.
- Bloomberg
yield curve, Oct 2007
- Bloomberg,
Currency controls, Nov 2007
|
- Action
Economics, repo market, no employee is associated with any
financial ...
- BBC
Market Data
- Bankrate,
foreclosures formula
- Bloomberg
Rising Euro is what China needs to dump dollar, the R-word,
- Bloomberg,
Canada, Subprime Panic Freezes $40 billion of Canadian Commercial
Paper, search terms: September 25, 2007, Baffinland Iron Mines Corp,
freeze in market for short-term debt, Toronto, defaults on subprime
mortgages in Southern California and Florida, cash in commercial
paper, debt backed by mortgages, corporate bonds, auto loans, all
stable for decades, yielded 1 percent more than commercial paper,
government debt sales fell because of government surpluses,
Libor is benchmark for commercial paper rates, no alternative plans
for liquidity, locks up system,
- ChartingStocks
market crash
- CommodityOnline
The Fed saved the stock market Aug 2007
- CSM
Missing $2.9 Trillion
- DailyFX
- DailyReckoning
- Energy
Bulletin News by region, industry, company
- Everbank
- Financial
Sense, China dumping dollars, and Financial
Sense, China
- Financial
Sense, Is This the Modern Day 1931
- Financial
Times Foreign investors flee US securities, TIC report, ... how
vulneralble the dollar is to a continuation of the credit
crunch-risk averse environment, lack of corporate bond
inflows,
- Financial
Times,
- GATA
Gold Anti-Trust Action Committee, Times of London, doubts about the
quality and disposition of gold reserves in UK, British and US
governments don't want citizens to know about their gold
reserves,
- Generational
Dynamics stock market crash 2007
- Gold
Eagle, book value, Dow and GE
custodial holdings of treasuries for foreign central banks
- Gold.org
- GoldandSilverInvestments.com
- Gold Field Mineral Services,
- GoldSeek,
meltdown, sept
22
- GravMag
oil
- Gulf
News "Qatar last week said its $50 billion sovereign wealth
fund has cut its exposure to the dollar by more than half to about
40 per cent of its portfolio."
- Gulf
Times "Middle
Eastern investors, led by the Arabian Gulf, will spend as much as
$300bn on Chinese equities through 2020 to build relationships in
Asia and secure higher returns, according to Merrill Lynch.
- Hometrack.uk housing price index
- International
Energy Agency tracks China oil demand
China data
- IPODesktop
- JSMinset
Foreign Central Bank holdings of treasuries ...Fed Custodial Account
holdings for Foreign Central Banks
- KYIVPost
As the US Dollar continues its slide, Ukraine’s central bank is
likely to strengthen the country’s national currency, a move that
would boost the purchasing power of average Ukrainians while taking
a bite out of the margins of export-oriented big business tycoons.
- MarketOracle.co.uk
recessions Third Leg of Bear Market
- Metal Bulletin trying to ascertain
the quality of UK gold reserve condition, does it meet London Good
Delivery (LDG) standards, substandard condition,
- MoundReport
- New
York University, Voodoo economics, debt,
- SafeHaven,
Dow 36000 or 3600?
- SFGate
Fed Rate Cut Can't Pull Home Builders Out of Free Fall"
- StockMarketCrash.net
- Stabroek
News, Guyana, depreciating dollar, causes, consequences,
devaluation after decades of dominance, status as an international
currency, world stock market equities valued in dollars, nominal
anchor for exchange rates, is the hegemony threatened,
- Strong,
Ed .. run on the dollar,
- Telegraph.uk
China threatens 'nuclear option',
 - This
is Money.uk dfg
- TreasuryDirect.gov
- Treasury
Department Treasury International Capital System TIC reports,
historical data
- Wikipedia,
Velocity of Money
- WorldWatch Institute
|
- Barclays \
-
$80 Billion, Dubai construction projects,
2007 and see Taiwan ETF: EWT
- Bank of
England hedge funds
raid,
- Money
CNN.com deterioration of gold reserves, mint condition?
99.9 pure? adulterated by a base metal? assay marks not as important
as assay certificates,
- Bloomberg
"Sept. 19, 2007 ... Bloomberg
yield curve, Oct 2007
- Bloomberg,
Bank of Korea urges shipbuilders to settle contracts in won, spread
sales of currency forward contracts, hedging activities, to curb
won's gains against the dollar,
 no
more Bush Clinton?- BreakingNewsUpdate,
Debka, Situation Room, October Market Crash, commodities, inflation
- Citigroup, gold being used for the
surreptitious manipulation of markets,
- CNBC,
editorial policy of avoiding negative news? like a stock
market crash 2007
- Cosmo Oil, Japan, will pay for Iran
oil with yen. Oct 2007 ... pressure from Washington to limit Iran's
dealings with US financial system
- Credit
Derivative Research, Corporate default insurance, super senior
debt, corporate debt, pension funds, hedge funds, write-downs,
credit crunch, tranches,
- DLC
Democratic Leadership Council
- Fars
News Agency (IRAN)
Japan Corporations pay for Iran oil with Yen. Iran requested
this. 1944 Bretton Woods, allowing the US to accumulate
trade deficits and fiscal debts without consequence,
- Fool.com
Market crashes
- FoxNews, five reasons why we are
closer to a recession, Inverted Yield Curve is followed by a
recession, demand for short term loans is down, indicating a cooling
economy,
- HSBC,
gold used to prop up currencies in times of adversity, used to
finance emergency imports, Gordon Brown decision to sell 400 tonnes
of gold between 1999 and 2000, Chancellor, government sales of
reserves down.
- Japan Energy Corp will pay for Iran
oil with yen, Oct 2007
- Library
of Economics and Liberty
- London Bullion Market Association
- Market
Watch Bond reinvestment risk, in a interest rate cut environment
- Merrill Lynch
- Minyanville
Ron Paul " ... I think moral hazard begins at the very moment
that we create artificially low interest rates which we constantly
do.
- Mortgage
Bankers Association mortgage applications data
- MSN,
Epic Bear Market
- New
York Federal Reserve, search data on China dollar
- Nippon Oil, Japan refiners pay for
Iran Oil with yen
- Royal Institution of Chartered
Surveyors
- Tehran
Times (IRAN)
Japan Corporations pay
for Iran oil with Yen. Iran requested this.
- Zillow
notes:Defaults are soaring. Home sales and prices are falling.
Business is thin for real estate agents and mortgage brokers. But
the money keeps pouring into Zillow, a Web site that computes the
value of homes
- New
York Times, remember Judith Miller and all her lies leading up
to the Iraq war Business
- StockPickr
- TheStreet
dollar daize
- The Creature from Jekyll Island,
about the true origination and character of the Federal
Reserve Minyanville
- notes: 11% solution, Barron's, Wall
Street Journal, Murdoch, in any 20 year period since 1920, market is
constant, in average earnings, growth, 1996-2007 bubble true then,
so next nine years have to compensate, average earnings are 11% of
book value, makes no difference what's going on politically,
economically ...etc.
 billionaires
list- notes: shipbuilders sell dollars
and buy won in the forward market, hedge foreign-exchange-rate
risks, regulators probing surge in sales of forward contracts that
caused elevation of won to dollar, ... export boom expected to
continue, look into how forward sales and rising short-term
borrowings affect currency market, Iran sells more than 70 % of its
oil in euro and yen. source: Bloomberg
- notes: Citigroup BOD ...C. Michael
Armstrong , Chairman - Board of Trustees, Johns Hopkins Medicine,
Health System Corporation and Hospital; • Alain J.P. Belda, CEO,
Alcoa Inc.; • George David, CEO, United Technologies Corporation;
• Kenneth T. Derr, Chairman, Retired, Chevron Corporation; •
John M. Deutch, Institute Professor, Massachusetts Institute of
Technology; • Roberto Hernández Ramírez; Chairman, Banco
Nacional de Mexico; • Andrew N. Liveris; CEO, The Dow Chemical
Company; • Anne Mulcahy, CEO, Xerox Corporation; • Richard D.
Parsons, CEO, Time Warner Inc.; • Judith Rodin, President,
Rockefeller Foundation; • Robert E. Rubin, Chairman, Citigroup
Inc.; • Robert L. Ryan; Chief Financial Officer, Retired,
Medtronic Inc. • Franklin A. Thomas, Consultant, TFF Study Group
|
- PIMCO’s
Bill Gross "... view is that a U.S. Fed easing cycle
historically has required a destination of 1% real short rates or
lower. Under a conservative assumption of 2½% inflation, that
implies Fed Funds at 3¾% or so over the next 6-12 months. Actually
that’s only two, 50 basis point reductions, something that could,
but probably won’t, be accomplished by year-end. Don Kohn’s
asymmetric elevator will likely be interrupted by false hopes of a
housing bottom, fears of a dollar crisis, or misinterpreted one
month’s signs of employment gains and faux economic strength. The
downward path of home prices, however, will dominate Fed policy over
the next several years as will the lingering unwind of related
financial structures and derivatives that have yet to be discovered
by the public, and marked to market by their conduit holders."
-
- Rediff
US current account deficit is current account
surplus in countries that export to US, to cover US borrows from
those countries, holding up the value of the dollar. Asian countries
are just as much to blame as US. Limitations to system. Global
imbalance. US has to have 5%
interest rate to keep foreign investment flowing in... so can't cut
rates to stimulate in face of 'housing' recession
- Telegraph.uk
Sept 2007, "The
Chinese government has begun a concerted campaign of economic
threats against the United States, hinting that it may liquidate its
vast holding of US treasuries if Washington imposes trade sanctions
to force a yuan revaluation. ... such action could trigger a dollar
crash at a time when the US currency is already breaking down
through historic support levels. ... It would also cause
a spike in US bond yields, hammering the US housing market and
perhaps tipping the economy into recession. It is estimated that
China holds over $900bn in a mix of US bonds. ... He Fan, an
official at the Chinese Academy of Social Sciences, went even
further today, letting it be known that Beijing had the power to set
off a dollar collapse if it choose to do so. ... gold
bullion, regarded as the best insurance against any turmoil in
global money markets, but reserves in UK, US may not be pure gold,
cracks fissures,
- Bloomberg
The dollar dropped to a record low against the euro, now worth more
than $1.40. While a weakening dollar can give a lift to shares of
companies that are big exporters, it also threatens to make
inflation worse because of the United States' heavy reliance on
imported goods. ...
- it would take a "change in attitude from the
investment side of the market" to send gold prices
significantly lower, ... A big stretch We're really
talking about something short of a miracle for gold prices to drop
from their current levels ... India could slow its
consumption, the U.S. could go into a recession, the U.S. stock
market could rally further, taking the attention away from gold, and
the credit crunch could continue and spur massive gold sales, ...
The credit crisis would have to abate, western housing markets
stabilize and the U.S. consumer continue on the merry spending spree
...
- CommodityOnline
(market crash) "The second act is when
the market finds out how big the losses are and who has them. This
is what happened in 1998. The market fell hard in August of that
year due to turmoil in the international bond market, bounced, in
September, and then dropped hard again to form a double bottom when
the Long-Term Capital hedge fund blew up ... the first act of
a financial crisis - and normally those unfold in two stages.
The first being when people realize there is a big problem causing
huge frightening losses the extent of which are unknown and are
forcing institutional investors to selling due to margin calls and
redemptions. ... The second act is when the market finds out
how big the losses are and who has them. This is what happened in
1998. The market fell hard in August of that year due to turmoil in
the international bond market, bounced, in September, and then
dropped hard again to form a double bottom when the Long-Term
Capital hedge fund blew up. ... The
Fed is supposed to lower rates as you approach the trough of a
business cycle, not right up near the top when there is inflation.
To do so is very dangerous and if Bernanke continues this course he
will destroy
the value of the dollar.
 Citigroup,
off balance sheet structures, SIV, isn't that also called fraud?- TheStreet
How the Market Will Unravel ... "Lower Business Spending Based
on a Weakening Domestic Economy: In the coming months, the credit
market's unwind will most likely be felt by a reduction in hirings
and delays in business fixed investment. Last week's ISI Group
surveys -- trucking and shipping, U.S. CFO Diffusion Index (Fuqua),
U.S. Small Business Optimism Index, the North America Business
Confidence Index, U.S. CFO Employment Expectations (Fuqua), U.S. CFO
Capital Spending Expectations (Fuqua) and U.S. Small Business Trends
(NFIB) Capex Plans -- all point to multiyear lows in confidence and
are supportive of a marked slowdown in business spending.
- A point is 1% of the total mortgage amount, charged
as prepaid interest. A "repo" is a short-term
agreement that allows dealers to sell government securities to
investors and buy them back the following day.
- Strong,
Ed "Central banks around the world no
longer have to load up on dollars simply because there is no
alternative; the euro is one, the Chinese yuan will soon become
another. As far as the economy is concerned, the strong dollar
has allowed the US to live beyond its means for far longer than has
been healthy either for America or the global economy as a
whole. A high dollar meant exports into the US were cheap, and
that kept both inflation and interest rates low. Easy credit
terms meant that the US has had not one but two speculative booms
over the past decade, the first in dot com shares, the second in the
housing market. Growth has been artificially boosted and the trade
deficit has exploded."
- Long-term Treasury prices increase on drop in new
home sales, Treasuries, which carry a government
guarantee, often perform well when data indicates the economy is
weakening and investors should buy low-risk assets. Auctions include
an an indirect bid, a category that is carefully monitored
because it includes foreign central banks. High indirect bids soothe
worries that foreign governments are scaling back their holdings in
Treasuries. The benchmark is the 10-year Treasury note ...
Prices and yields move in opposite directions. The 30-year
long bond The 2-year note The yield on the 3-month
Treasury bill
- Comptroller
General Walker / WMR "Comptroller General Walker:
Financial tsunami coming ... David Walker, the
Comptroller General of the United States, urged journalists gathered
in Washington for the annual meeting of the Society of Professional
Journalists to start covering with more honestly the impending
financial crisis facing the United States. Walker is the head of
Congress' Government Accountability Office (GAO), a non-partisan
oversight and chief accountant position with a 15-year term. ...
Walker warned that with the first "baby boomer" retiring
on January 1, 2008, a tsunami of increased non-discretionary
spending for Social Security, Medicare, and Medicaid will bankrupt
the United States government and may force U.S. bonds into
"junk" status in 20 years. ... The Comptroller
General also warned that the U.S. work force is decreasing and, as a
result, so will the tax base. He also said that the United States
currently ranks 16 out of 28 among industrialized nations in leading
quality of life indicators, including health care, the environment,
personal savings, and education.
- Bloomberg
"Central banks from Bogota to Mumbai are imposing
foreign-exchange curbs to take control of their soaring currencies
from traders dumping the dollar. In Colombia, international
investors buying stocks and bonds must leave a 40 percent deposit at
Banco de la Republica for six months. The Reserve Bank of India
created a bureaucratic thicket to curb speculation by foreign money
managers. The Bank of Korea is investigating trading of currency
forward contracts to limit gains in the won, now at a 10-year
high. Instead of using currency reserves or interest rates to
influence foreign exchange markets, central banks and finance
ministries are setting up obstacles to keep the falling dollar from
threatening company profits and economic growth. The U.S. currency
slumped 10 percent this year against its biggest trading partners,
the steepest decline since 2003, while Treasury Secretary Henry
Paulson has reiterated that the U.S. supports a ``strong'' dollar."
- Any country with loads of debt, even the US, is
tempted to inflate its currency, reducing its value, but erasing the
debt, destructive spiral ... poor economic policy.
- Bloomberg
"School districts, counties and cities across Florida sought to
raise cash after being denied access to their deposits in a $15
billion state-run investment fund. The Jefferson County school
district was forced to take out a short-term loan to cover payroll
for the 220 teachers and other employees in the system after $2.7
million it held in the pool was frozen yesterday. At least five
other districts also obtained last-minute loans, said Wayne Blanton,
executive director of the Florida School Boards Association. ...
terms ..classic run-on-th-bank, and Bloomberg
"Money market rates rise ...
- Bloomberg
Survey companies: 4CAST Ltd., Action Economics, Aletti
Gestielle SGR, Ameriprise Financial Inc, Argus Research Corp., Banc
of America Securitie Bank of Tokyo- Mitsubishi, Bantleon Bank AG,
Barclays Capital, BMO Capital Markets, BNP Paribas, Briefing.com,
Calyon, CIBC World Markets, Citi, ClearView Economics, Commerzbank
AG, Credit Suisse, Daiwa Securities America, Danske Bank, DekaBank
Desjardins Group, Deutsche Bank Securities, Deutsche Postbank AG,
Dresdner Kleinwort, DZ Bank, First Trust Advisors, Fortis Helaba,
Herrmann Forecasting, High Frequency Economics, Horizon Investments,
HSBC Markets, IDEAglobal, IHS Global Insight Informa Global Markets,
ING Financial Markets, Insight Economics, Intesa-SanPaulo, J.P.
Morgan Chase, Janney Montgomery Scott L, JPMorgan’s Private
Wealth, Landesbank Berlin, Landesbank BW, Lloyds TSB, Maria Fiorini
Ramirez Inc, Merrill Lynch, MFC Global Investment Man, Moody’s
Economy.com, Morgan Keegan & Co., Morgan Stanley & Co.,
National Bank Financial, National City Corporation, Natixis, Newedge
, Nomura Securities Intl., PNC Bank, RBC Capital Markets, RBS
Greenwich Capital, Ried, Thunberg & Co., Schneider Trading
Associa, Scotia Capital, Societe Generale, Standard Chartered, Stone
& McCarthy Research, TD Securities Thomson Financial/IFR, UBS
Securities LLC, Unicredit MIB, University of Maryland, Wachovia
Corp., Wells Fargo & Co., WestLB AG Westpac Banking Co.,
Wrightson Associates
|
