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The Library => The SGA => Topic started by: Tarheel on October 13, 2009, 05:16:30 PM

Title: US Dollar Losing Reserve Currency Status
Post by: Tarheel on October 13, 2009, 05:16:30 PM

I try not to be an alarmist buying into this 'end of the world' rubbish but it's really difficult to do with this kind of news.  What makes it even worse is the lack of broad media reporting on an issue that will affect all of us (unless you hold gold or foreign currency).

According to this excerpt of a report from the craptacular New York Post the IMF is reporting a significant drop in Reserve Currency held in the US Dollar (versus the Euro and the Yen), all emphasis is my own, and it's all highlighted because of the significance of the subject:

Quote

Dollar loses reserve status to yen & euro

By PAUL THARP

Last Updated: 3:16 AM, October 13, 2009

Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

Over the last three months, banks put 63 percent of their new cash into euros and yen -- not the greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves, according to Barclays Capital. The dollar's share of new cash in the central banks was down to 37 percent -- compared with two-thirds a decade ago.

Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund.

Bernanke could go down in economic history as the man who killed the greenback on the operating table.
...
After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner
...

Full article:
http://www.nypost.com/p/news/business/dollar_loses_reserve_status_to_yen_hFyfwvpBW1YYLykSJwTTEL;jsessionid=65E301CF47ED50D15170F8D6530791C5 (http://www.nypost.com/p/news/business/dollar_loses_reserve_status_to_yen_hFyfwvpBW1YYLykSJwTTEL;jsessionid=65E301CF47ED50D15170F8D6530791C5)


And to make matters worse we have the "Brain Trust" that we call Congress wanting to spend TRILLIONS more for a nationalized healthcare program that we obviously cannot afford.

Title: Re: US Dollar Losing Reserve Currency Status
Post by: AUTailgatingRules on October 13, 2009, 05:22:51 PM

Fixed your mispelling in the title.  Changed loosing to losing, don't know why that bothers me.

Title: Re: US Dollar Losing Reserve Currency Status
Post by: Tarheel on October 14, 2009, 01:46:34 PM

Quote from: AUTailgatingRules on October 13, 2009, 05:22:51 PM

Fixed your mispelling in the title.  Changed loosing to losing, don't know why that bothers me.

Thanks, I had dropped into using the Hanoverian-Baden spelling...and I'll overlook your misspelling of misspelling.

 :poke:

Title: Re: US Dollar Losing Reserve Currency Status
Post by: AUTailgatingRules on October 14, 2009, 02:05:11 PM

Quote from: Tarheel on October 14, 2009, 01:46:34 PM

Thanks, I had dropped into using the Hanoverian-Baden spelling...and I'll overlook your misspelling of misspelling.

 :poke:

Thanks

Title: Re: US Dollar Losing Reserve Currency Status
Post by: CCTAU on October 14, 2009, 04:09:51 PM

Get a room!

Title: Re: US Dollar Losing Reserve Currency Status
Post by: bottomfeeder on October 14, 2009, 05:35:14 PM

Ahh, the slippery slope becomes a free fall. It doesn't matter which side is in control, every K-streeter is wanting their piece of the pie at one time or another (it's just a matter of who controls the house and senate that dictates who wins the pie). The perpetual losers are the people.

:popcorn:

Title: Re: US Dollar Losing Reserve Currency Status
Post by: Tarheel on October 15, 2009, 05:51:16 PM

Quote from: bottomfeeder on October 14, 2009, 05:35:14 PM

Ahh, the slippery slope becomes a free fall. It doesn't matter which side is in control, every K-streeter is wanting their piece of the pie at one time or another (it's just a matter of who controls the house and senate that dictates who wins the pie). The perpetual losers are the people.

:popcorn:

Revolution is coming sooner or later.