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    Daily Digest – September 9

    by Davos

    Wednesday, September 9, 2009, 3:09 PM

  • UN Wants New Global Currency to Replace Dollar
  • Crack Dealer to Crack Addict: It’s Human Nature, I’m Just THE Enabler (Video on page)
  • Soros & Ron Paul: Collapse (Video, H/T TheComingDepression)
  • China, Bernanke, and the price of gold (H/T SaxPlayer00o1)
  • Swiss topple U.S. as most competitive economy: WEF
  • WEF ranks US among most economically unstable nations (H/T SaxPlayer00o1)
  • Getting better all the time!
  • Keiser on GS (Video)
  • Bullish on Gold (H/T Tonguefu)
  • 80% Tax Hike Needed to pay off debt (Video, H/T TheComingDepression)

Economy

UN wants new global currency to replace dollar

The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world’s monetary system since the Second World War.Crumpled dollar bill - UN wants new global currency to replace dollar

Crack Dealer to Crack Addict: It’s human nature, I’m just THE enabler (Video on page)

Soros & Ron Paul: Collapse (Video, H/T TheComingDepression)

[video:http://www.youtube.com/watch?v=C_Uxvzfu3iM]

China to diversify out of U.S. dollars

According to an account published in the Daily Telegraph by Ambrose Evans-Pritchard, the Chinese government is quite anxious about money printing in the United States and the effect this printing could have on China’s dollar denominated reserve assets.

For months now, the Chinese have signalled growing unease with U.S. monetary policy. And now comes the clearest signal yet that they are moving away from the dollar.  Cheng Siwei, a former vice-chairman of the Standing Committee, said point blank that the Chinese central bank was actively diversifying new reserve assets away from the U.S. dollar and into currencies like the Yen and the Euro.  He also mentioned Gold as an alternative the Chinese are exploring.

China, Bernanke, and the price of gold (H/T SaxPlayer00o1)

Where is the gold going to come from?

Swiss topple U.S. as most competitive economy: WEF

Switzerland knocked the United States off the position as the world’s most competitive economy as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses, a report said on Tuesday.


WEF ranks US among most economically unstable nations (H/T SaxPlayer00o1)

“Repeated fiscal deficits have led to burgeoning levels of public indebtedness, which are presently being exacerbated by significant stimulus spending,” it added.

Getting better all the time!

[video:http://www.youtube.com/watch?v=2tWfU0Wb5Fw]

Keiser on GS (Video)

Bullish on Gold (H/T Tonguefu)

taking a $5.6 billion hit to third-quarter earnings, the world’s top gold miner said on Tuesday.

For Barrick, which expects gold prices to keep rising, the deal should remove what has been a big drag on its shares, the legacy of the company’s past reliance on hedging, a practice it abandoned in 2003.

During times of weak prices, gold miners often sell a portion of their future production to protect, or hedge, against the possibility that prices will fall.

When prices rise, as they have done since 2001, the company suffers because value of the future production they’ve sold does not increase with the gold price.

“It’s long overdue,” John Ing, president of Toronto investment dealer Maison Placements, said of the move.

80% Tax Hike Needed to pay off debt (Video, H/T TheComingDepression)

[video:http://www.youtube.com/watch?v=SGpq0ujAj8I]

 

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