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A blow to the US$?

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  • Thu, Jul 02, 2009 - 08:35pm

    #1

    SagerXX

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    A blow to the US$?

Here’s this from Bloomberg:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aRi_cZUEs6rk

Brief quote:  "China will allow companies to use the yuan to settle cross-border trade and let them keep their entitlement to export tax rebates, seeking to reduce the reliance of importers and exporters on the U.S. dollar."

Eep!  

Sager

  • Thu, Jul 02, 2009 - 10:46pm

    #2
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: A blow to the US$?

 And cnn’s saying that six more small regional banks were shut down today, bringing the ’09 total to 51 — more than twice as many in all of ’08…  Don’t they usually wait until Friday p.m. to do this stuff?  Does this mean there could be more shutdowns tomorrow?

Who wants a very stiff martini?

 

  • Thu, Jul 02, 2009 - 11:10pm

    #3
    Peak Prosperity Admin

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    Re: A blow to the US$?

Sager at some point this is not going to be pretty. I saw Obama today on CNBC & something just didn’t seem good to me in the way he talked. I keep preparing for what ever is to come down.

  • Thu, Jul 02, 2009 - 11:29pm

    #4
    Peak Prosperity Admin

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    Re: A blow to the US$?

[quote=idoctor]

Sager at some point this is not going to be pretty. I saw Obama today on CNBC & something just didn’t seem good to me in the way he talked. I keep preparing for what ever is to come down.

[/quote]

The resetting of  over a million adjustable rate mortgages, in the next four years, is what’s coming.

Seattle Times:

"Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, Calif., in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years.

http://seattletimes.nwsource.com/html/realestate/2009389569_optionarms280.html

 

  • Thu, Jul 02, 2009 - 11:40pm

    #5
    Peak Prosperity Admin

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    Re: A blow to the US$?

Gents,

The problem with all this, if correct, is timing and relativity. The Dollar was up two Euros today, a big move, even though the Euro’s fall was on the back of the US’s fall following the US’s (un)employment figures…errm, go figure!

DavidC

  • Thu, Jul 02, 2009 - 11:40pm

    #6
    Peak Prosperity Admin

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    Re: A blow to the US$?

[quote]Who wants a very stiff martini?[/quote]

Shaken and stirred…
I find all this stuff to be sobering.

There is little comfort in validation of dire forecasts. We all knew this was coming, and there is absolutely no excuse why all of us should not be ready when it really comes time to close the storm shutters.

…Suppose I aught to see what "Homestead" has posted up on the recipes thread.

 

  • Thu, Jul 02, 2009 - 11:42pm

    #7
    Peak Prosperity Admin

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    Re: A blow to the US$?

SagerXX – thanks for this post, this was a big event.  This was obviously planned and agreed to by many central banks some time back.  That is a major problem in that we, as a nation, never knew what was really going on so, we just watch things unfold. 

The central banks are consolidating into three different global regions, turfs if you will, in co-operating in a bigger cartel. 

The economy is collapsing but it’s just too slow to watch it move. This development comes at the heels of another announcement:

The State Budget Crisis Peaked on June 30th –  Midnight, June 30th marked the end of fiscal 2009 for 46 states in the US, and various state constitutions require 45 of ’em to have a final budget by July 1st.

Thus, 10 states are facing a true blue crisis – California, Connecticut, Pennsylvania, North Carolina, Delaware, Illinois, Ohio, Indiana, Mississippi and Arizona did not have budgets in hand on the eve of the new fiscal year.

Bumpy road ahead, good that we are preparing.

Larry

  • Thu, Jul 02, 2009 - 11:51pm

    #8
    Peak Prosperity Admin

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    Re: A blow to the US$?

[quote=DrKrbyLuv]

Bumpy road ahead, good that we are preparing.

[/quote]

Yep.  Prep is moving from somewhere between "hobby" & "avocation" in terms of the amount of my free (non-working) time I spend on it to somewhere between "second job" and "first job".  

On the positive side — and I insist on a positive side — I’m focusing on the pleasure of creating a Next World that looks like the world I want to live in.  I have the power.  Using it!

Viva — Sager

  • Fri, Jul 03, 2009 - 12:08am

    #9
    Peak Prosperity Admin

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    Re: A blow to the US$?

SagerXXX, Creating a new world, is the way I view it too. Keeps me sane, and there is reason to believe that a lot of the necessary changes will be positive all around, for everybody.

This isn’t about the dollar per se, but a great interview, with a few of my favorite people:

Bathtub Shaped Recovery:

And the longer the bottom of the U, the longer the financial bath we all wind up taking, which brings us to Simon Johnson’s favorite shape for describing the recovery…

SIMON JOHNSON: The bathtub.

PAUL SOLMAN: A U so long it might as well be an L.

SIMON JOHNSON: You go in. You stay in. The sides are slippery. You know, maybe there’s some bumpy stuff in the bottom, but you don’t come out of the bathtub for a long time.

http://www.pbs.org/newshour/bb/business/jan-june09/econshape_06-23.html

 

  • Fri, Jul 03, 2009 - 12:53am

    #10
    Peak Prosperity Admin

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    Re: A blow to the US$?

[quote=SagerXX]

 And cnn’s saying that six more small regional banks were shut down today, bringing the ’09 total to 51 — more than twice as many in all of ’08…  Don’t they usually wait until Friday p.m. to do this stuff?  Does this mean there could be more shutdowns tomorrow?

[/quote]

Make that seven, and $314 million in FDIC cash:

http://www.money.cnn.com/2009/07/02/news/companies/bank_failure/index.htm

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