asterisk2a + dollar   82

Banker Leonhard Fischer über selbstzerstörerischen Finanzkapitalismus - SPIEGEL ONLINE
Fischer: Die Globalisierung der Finanzmärkte besteht im Wesentlichen darin, dass die Amerikaner sich in ihrer eigenen Währung verschulden können und den Dollar so in die ganze Welt exportiert haben, um ihr riesiges Leistungsbilanzdefizit zu finanzieren. Ich habe als junger Banker bei J.P. Morgan selbst erlebt, wie die Investmentbanker in Scharen erst nach London flogen, dann nach Tokio und schließlich nach China, um Dollaranleihen für Schuldner aus den USA zu platzieren. Gleichzeitig investierten wir das Geld amerikanischer Fonds weltweit in Unternehmen und Immobilien. Ganz Amerika hat sich wie ein gigantischer Hedgefonds verhalten. So entstand die globale Finanzmarktmaschinerie, die in Wahrheit vor allem eine amerikanische ist.
Bitcoin  Dollar  fiat  currency  GFC  petro  WallStreet  Chomsky  neoliberal  neoliberalism  globalisation  globalization  China  IMF  USA  Empire  Capitalism  exploitation  economic  history  Blyth  Austerity  Chicago  liberalism  trust  oil  OPEC  petrodollar  Fed  bailout  self-regulation  money 
december 2017 by asterisk2a
Tesco pulls Sol, Amstel and Tiger from shelves in Brexit price row | Business | The Guardian
The brewer has also faced unexpected pressure from a surprisingly stiff increase in alcohol taxes in the budget earlier this month.

Philip Hammond raised beer duty in line with the retail price index measure of inflation, but used a forecast rate of 3.9%, rather than the current RPI level of 3.2%.

The higher-than-expected duty rise, coupled with increased costs for bottles, packaging and fuel because of the pound’s slump since the EU referendum, is understood to be behind the Heineken’s decision to ask for higher prices.
Brexit  inflation  British  Pound  Sterling  £  Forex  foreign  exchange  Dollar 
march 2017 by asterisk2a
Saudi Arabia Threatens To Liquidate Its Treasury Holdings If Congress Probes Its Role In Sept 11 Attacks
[...] But the threat is another sign of the escalating tensions between Saudi Arabia and the United States. [...] "Obama has been lobbying so intently against the bill that some lawmakers and families of Sept. 11 victims are infuriated. In their view, the Obama administration has consistently sided with the kingdom and has thwarted their efforts to learn what they believe to be the truth about the role some Saudi officials played in the terrorist plot." //&! http://www.zerohedge.com/news/2016-04-15/one-man-asks-why-was-tritium-found-911-ground-zero
9/11  Saudi  Arabia  gwbush  georgewbush  bush  China  Japan  USA  reserve  currency  USD  Dollar  petrodollar  Middle  East  Taliban  al-Qaeda  al-Qaida  osamabinladen  OPEC  sovereign  wealth  fund  geopolitics  diplomacy  barackobama  foreign  affairs  Intelligence  foreign  relations  War  on  Terror  Pakistan  India  Hegemony  arms  trade  UK 
april 2016 by asterisk2a
Fed chief Yellen says US rate rise still likely this year - BBC News
The US remains "on track" for an interest rate rise this year, Federal Reserve chief Janet Yellen has said. The central bank head said as long as inflation was stable and the US economy was strong enough to boost jobs, the conditions would be right for a rise. Despite expectations of a rise this month, the Fed held rates, in part due to fears about global economic growth. Ms Yellen, speaking at the University of Massachusetts, said US economic prospects "generally appear solid". Speaking a week after the Fed delayed that long-anticipated hike, she said she and other policymakers did not expect recent global economic and financial market developments to significantly affect the central bank's policy. Much recent inflationary weakness is due to special and likely temporary factors, such as a strong dollar and low oil prices, she said. //&! http://www.bloombergview.com/articles/2015-09-25/janet-yellen-s-flip-flop-confuses-markets
Janet  Yellen  Fed  Fed  mandate  inflation  expectation  inflation  targeting  secular  stagnation  western  world  centralbanks  QE  ZIRP  NIRP  Taper  QT  petrodollar  Petroleum  Industry  commodity  prices  China  credit  bubble  BRIC  Brazil  Russia  India  BIS  Richard  Koo  global  economy  global  trade  2015  BOE  monetary  policy  unconventional  monetary  policy  debtoverhang  household  debt  consumer  debt  private  debt  credit  card  car  loan  Student  deleveraging  faultlines  Structural  Impediments  imbalance  wage  stagnation  wage  growth  squeezed  middle  class  disposable  income  discretionary  spending  income  growth  low  income  income  distribution  inequality  Gini  coefficient  Service  Sector  Jobs  job  creation  job  market  labour  economics  labour  market  Niedriglohnsektor  competitive  competition  flat  world  borderless  globalization  globalisation  recovery  fiscal  policy  underinvestment  productive  investment  asset  bubble  FOMO  hunt  for  yield  Super  Rich  1%  hot-money  currency-war  currency  war  currency  debasement  Dollar  speculative  bubbles  asset  allocation  equity  bubble  distortion  irrational  exuberance  property  bubble  macroprudential  policy  USA  UK 
september 2015 by asterisk2a
Bank of England may cut rates, says chief economist - BBC News
Softening employment figures and weakening surveys on manufacturing and construction output suggested growth in the UK could slow in the second half of the year and inflation might not pick up as expected. Furthermore, problems in emerging markets could be a drag on UK growth and the headwinds from those economies were unlikely to abate any time soon, Mr Haldane added. //&! In a wide-ranging speech that called on central bankers to think more radically to fend off the next downturn – including the notion of abolishing cash – Haldane warned the UK was not ready for higher borrowing costs. He described recent events in Greece and China as "the latest leg of what might be called a three-part crisis trilogy."
China  sovereign  debt  crisis  European  Union  BRIC  credit  bubble  2015  headwinds  Fed  mandate  BOE  bond  bubble  Taper  Richard  Koo  fiscal  policy  austerity  monetary  policy  QE  ZIRP  NIRP  QT  British  Pound  Sterling  Dollar  petrodollar  FX  reserves  excess  reserves  liquidity  trap  GFC  economic  history  trickle-down  economics  Pact  Schuldenbremse  George  Osborne  budget2015  David  Cameron  industrial  policy  underinvestment  infrastructure  investment  productivity  output  gap  STEM  Research  competitiveness  competitive  differentiate  differentiation  shadow  banking  banking  crisis  leverage  margin  trading  speculative  bubbles  property  bubble  asset  allocation  capital  allocation  asset  bubble  hunt  for  yield  FOMO  equity  bubble  Gini  coefficient  inequality  social  mobility  crony  capitalism  Wall  Street  business  confidence  business  investment  profit  maximisation  shareholder  value  share  buyback  Niall  Ferguson  secular  stagnation  western  world  deflationary  deflation  macroprudential  policy  microeconomic  policy  education  policy  fairness  Generationengerechtigkeit  bank  bailout  tax  evasion  tax  avoidance  tax  code  corporate  tax  rate  short-term  thinking  short-term  view  monetary  transmission  mechanism  monetary  stimulus  monetary  policy  monetary  monetary  debt  unconve 
september 2015 by asterisk2a
The "Great Accumulation" Is Over: The Biggest Risk Facing The World's Central Banks Has Arrived | Zero Hedge
PBoC’s rapid liquidation of USTs over the past two weeks has added fuel to the fire and effectively boxed the Fed in. On Tuesday, Deutsche Bank is out extending their "quantitative tightening" (QT) analysis with a look at whats ahead now that the so-called "Great Accumulation" is over.  "Following two decades of unremitting growth, we expect global central bank reserves to at best stabilize but more likely to continue to decline in coming years," [...] Less reserve accumulation should put secular upward pressure on both global fixed income yields & USD. [If the shadow actor in Belgium doesnt buy it up @rate everyone else is selling (divesting) ] [...] The current secular shift in reserve manager behaviour represents the equivalent to Quantitative Tightening, or QT. This force is likely to be a persistent headwind towards developed market central banks’ exit from unconventional policy in coming years, representing an additional source of uncertainty in the global economy. ...
bond  bubble  treasuries  Treasury  Market  liquidity  trap  liquidity  squeeze  China  FX  reserves  centralbanks  reserves  USD  Dollar  QE  ZIRP  NIRP  petrodollar  2015  Yuan  RMB  devaluation  global  trade  global  economy  global  imbalances  global  growth  faultlines  OPEC  Oil  price  Asia  emerging  PBOC  Russia  shale  gas  fracking  tarsand  Canada  USA  Taper  Fed  credit  bubble  reflate  reflation  GFC  recovery  monetary  system  financial  monetary  theory  monetary  policy  monetary  stimulus  unconventional  monetary  policy  Saudi  Arabia  UAE  Iran  commodity  prices  Quantitative  Tightening  QT  2016  New  Normal  uncertainty  BOE  IMF  SDR  reserve  currency 
september 2015 by asterisk2a
Why It Really All Comes Down To The Death Of The Petrodollar | Zero Hedge
What might not be as clear (on the surface anyway) is how recent events in developing economy FX markets following the devaluation of the yuan stem from a seismic shift we began discussing late last year - namely, the death of the petrodollar system which has served to underwrite decades of dollar dominance and was, until recently, a fixture of the post-war global economic order. In short, the world seems to have underestimated how structurally important collapsing crude prices are to global finance. For years, producers funnelled their dollar proceeds into USD assets providing a perpetual source of liquidity, boosting the financial strength of the reserve currency, leading to even higher asset prices and even more USD-denominated purchases, and so forth, in a virtuous loop. [...] For the first time in decades, exported petrodollar capital turned negative. [...] the world is now beginning to feel the impact of the petrodollar's quiet demise. // &! Follow-on! bit.ly/1IGh4O3
petrodollar  OPEC  centralbanks  reserves  USD  Dollar  2015  Oil  price  FX  reserves  China  Asia  emerging  market  global  trade  global  economy  global  imbalances  Yuan  RMB  devaluation  PBOC  Russia  shale  gas  fracking  tarsand  Canada  USA  Taper  Fed  credit  bubble  QE  ZIRP  NIRP  reflate  reflation  GFC  recovery  monetary  system  financial  market  monetary  theory  monetary  policy  monetary  stimulus  unconventional  monetary  policy  Saudi  Arabia  UAE  Iran  commodity  prices  liquidity  trap  liquidity  squeeze  treasuries  Treasury  bond  bubble  faultlines  IMF  SDR  reserve  currency 
september 2015 by asterisk2a
James Rickards - 2016 Economic Collapse - YouTube
17:00 - Russia dumping Treasuries. China dumping Treasuries. Belgium (who?) buying them up!? zerohedge reported on that. Why Belgium? Belgium is a front - smoke mirror, smoking gun! // 19:00 petrodollar. Iran. // Financial War Fare (& Cyber War Fare.) // Global Stealth Gold Run as insurance scheme as end of dollar as reserve currency scenario (hedge). Zerohedge has shown that worlds central banks have pulled continuously their gold from NY Fed // 28:00 Fed monetary policy puts dollar status in peril according to IMF. Central banks started long ago to diversify their reserve holdings and reduce dollars for other holdings. //// &! See end of the petrodollar and what it means (bad for all USD denominated assets) - bit.ly/1hBuuWo AND See QT 2015/2016 - China and everyone else selling Treasuries and USD FX reserves because they have to = quantitative tightening. treasury prices up (higher yield). --- bit.ly/1IGh4O3
treasuries  Treasury  Market  USA  Fed  bond  bubble  2015  China  Russia  secular  stagnation  deflationary  deflation  USD  globalization  globalisation  petrodollar  OPEC  QT  Quantitative  Tightening  emerging  book  Dollar  IMF  SDR  reserve  currency 
september 2015 by asterisk2a
The Renminbi Rumba | FT Markets - YouTube
ppl surprised because western market was complacent. should have seen it on the horizon that it was a matter of time! // further competitive QE from Japan (new round of Abenomics post Q2'15 -0.4% results and Chinas three round of devaluations) will infuriate Asian neighbours. // commentary - bv.ms/1I0ucNL - tl;dr - its a correction (with some overshoot in less liquid market and emerging market (currencies)), market participants won't go yet on sidelines. &! bv.ms/1NqY7GS - At the very least, we have been long overdue for a simple 10 percent correction. And while the economic data has been on the mixed side, we don’t see the usual indicators of recession, at least in the U.S.
Yuan  RMB  China  devaluation  2015  Dollar  Taper  Fed  BOE  PBOC  monetary  policy  IMF  SDR  liberal  economic  reform  Asia  emerging  market  Developing  World  Frontier  Markets  Abenomics  QE  currency  war  currency  debasement  fiat  currency  Yen  economic  history 
august 2015 by asterisk2a
Global economy woes spark share falls - BBC News
Fed released minutes from its meeting on 28-29 July, showing that one policymaker was ready to vote for an interest rate rise at the meeting. Overall, the Fed thought conditions for a US rate rise "were approaching", but the economy was not ready yet. Other policymakers remained concerned that inflation would remain weak because of the strong dollar and falling commodity prices, which act as a double depressant on imports. The Fed's key interest rate has been kept near zero since December 2008. There has been speculation that the Fed will raise rates at its meeting in September, and last month Fed chair Janet Yellen said she thought a rate rise this year was likely. Following the release of the Fed's minutes, US stocks rallied briefly but then fell back, while the dollar weakened on the currency markets. The Dow Jones index ended Wednesday trading down 0.9%. [...] The committee also cited China as a potential problem, [...] [econ growth has 2 be sufficiently strong, incl labour mrkt]
China  Yuan  RMB  inflation  expectation  inflation  targeting  disinflation  inflation  wage  inflation  dis-inflation  deflationary  deflation  Fed  PBOC  currency  debasement  devaluation  currency  war  currency-war  Dollar  Japan  Yen  BOJ  Abenomics  economic  history  Taper  2015  recovery  labour  market  participation  rate  unemployment  structural  unemployment  long-term  unemployment  productivity  output  gap  distortion  ZIRP  NIRP  QE  secular  stagnation  UK  USA  Europe  BIS  Oil  price  OPEC  energy  price  New  Normal  FOMC  commodity  prices  global  trade  global  economy  headwinds 
august 2015 by asterisk2a
A Fireside Chat Jason Calacanis - YouTube
>> be short, sharp, compelling, have at least a mock-up if not better a MVP, or even better a product w traction. DONT ASK INVESTORS WHAT THE HAVE LEAST, TIME. ... and no dissing of unicorns (billion dollar exist, business),
Jason  Calacanis  Start-Up  lesson  Start-Up  advice  focused  focus  execution  communication  Unicorn  MVP  Minimal  Viable  Product  Hustle  billion  dollar  exit  Venture  Capital  VC  angelinvestors  angelinvestor  seedround  seedfunding  traction 
june 2014 by asterisk2a
Debatte um die US-Schuldenobergrenze: Schlüsse für Privatanleger - SPIEGEL ONLINE
"Vertrauen ist das Fundament der Rolle des US-Dollars als Weltleitwährung. Daher erlaubt das Top-Rating der USA auch ein höheres Schuldenniveau als das anderer Staaten", schreibt etwa die Rating-Agentur Fitch. An der höchsten Rating-Note drehe man nur im Falle eines echten Zahlungsausfalls, gab Moody's 2011 bekannt und hat diese Meinung bis heute nicht verändert. Und auch Standard & Poor's gibt sich lässig und lässt wissen, ein Tanz am Abgrund wie derzeit sei ja der Grund gewesen, warum man die USA vor zwei Jahren leicht herabgestuft hätte. Alle drei verweisen zudem auf das seit 2009 halbierte Defizit.
debtceiling  Career  Politicians  fiatmoney  complexity  financial  market  barackobama  fiat  money  political  folly  policy  error  policy  folly  2013  complacency  creditrating  trust  fiat  currency  budget  deficit  confidence  political  error  trustagent  USA  unknown  unkown  WallStreet  global  imbalances  ratingagencies  Dollar  presidency  faultlines 
october 2013 by asterisk2a
Article: Aussie Dollar Suffers Growing Pains | ForexLive
This article makes the point that the AUD is about to included separately in IMF data as a ‘reserve currency’ That liquidity is much improved That the National Australia Bank reckons the data could show that as much as 2% of the near $11 trillion of total global reserves, or the equivalent of $200-250 billion, is being held in AUD >> "continued demand from central banks could make it harder for the RBA to drive the currency lower. But the upside is that, as central banks tend to keep their reserves for years, the Aussie is unlikely to face a selloff at the first sign of trouble, as is often the case when foreign investors dominate a market. In other words, fears of capital flight from the Aussie are overdone and the Australian currency is showing signs of growing up." >> http://blogs.wsj.com/moneybeat/2013/06/18/aussie-dollar-suffers-growing-pains/?mod=WSJBlog&utm_source=feedly
Australian  Dollar  reserve  currency  Australia  RBA  AUD  centralbanks  IMF 
june 2013 by asterisk2a
Everything You Need to Know About the Fiscal Cliff - YouTube
Last August, President Obama and Congress put the U.S. economy on course to go over a "fiscal cliff." WSJ's David Wessel tells you everything you need to know about the "cliff" but were afraid to ask.

> If USA goes over the Cliff, markets and sentiment would dive, probably. But what is worst, even if things get patched up - that the trust of the market, overseas investors have, how fiscally responsible the USA - especially with problems at hat - that trust and confidence would be severely damaged.
> Still, the Dollar is THE Reserve Currency of the World.
fiat  money  Dollar  confidence  trustagent  trust  Politics  election2012  budget  deficit  deficit  fiscal  policy  barackobama  presidency  USA  Cliff 
november 2012 by asterisk2a
A Very Different Take On The "Iran Barters Gold For Food" Story | ZeroHedge
Finally, the big question: How can one profit from this evolving situation? Playing with currencies is always very risky and, with the global game set to shift to significantly, it would require a lot of analysis and a fair bit of luck. The much more reliable way to play the game is through gold. Gold is the only currency backed by a physical commodity; and it is always where investors hide from a currency storm. The basic conclusion is that a slow demise of the petrodollar system is bullish for gold and very bearish for the US dollar.
foreignexchange  foreignaffairs  2012  barter  economy  Asia  India  Gold  Dollar  USA  Iran  China  currencies  currency-war 
february 2012 by asterisk2a
Barofsky Says Fed's Secret Loans Needed More Oversight - YouTube
Neil Barofsky, former special inspector general for the Troubled Asset Relief Program and a Bloomberg Television contributing editor, talks about the Federal Reserve's emergency loans during the financial crisis. Fed Chairman Ben S. Bernanke's effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress. Barofsky speaks with Erik Schatzker on Bloomberg Television's "InsideTrack."
barofsky  Fed  bailout  discountwindow  monetary  policy  transparency  oversight  TARP  GFC  financialcrisis  meltdown  FinancialCrisisInquiryCommission  centralbanks  2008  dollar 
august 2011 by asterisk2a
Anleihenkufe: Euro-Retter riskieren Inflation - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Das nächste Tabu ist gebrochen. Die Europäische Zentralbank will jetzt auch italienische Staatsanleihen aufkaufen.  Mit dieser Politik nähert sie sich immer weiter ihrem amerikanischen Pendant, der Fed, an. Die Gefahr dabei: Die Inflation könnte steigen.

"Die Fed ist nicht mehr unabhängig", sagt Scheide. "Geldpolitik und Finanzpolitik sind in den USA vermischt worden. Das ist genau das, was Europa nicht will. Denn das würde das Vertrauen in die EZB untergraben."

 "Kauft die EZB Anleihen am Kapitalmarkt, so steigt die Basisgeldmenge"  "Sollte die Geldmenge letztlich in der Privatwirtschaft ankommen, würde sie sich, so lehrt die Erfahrung, früher oder später in steigenden Preisen entladen."
Noch ist dieser Effekt in Europa überschaubar. Zu gering war bisher das Volumen der Anleihenkäufe. Zudem hat die EZB stets versucht, das neu geschaffene Geld dem Markt an anderer Stelle wieder zu entziehen. Dieses "Neutralisieren" wird jedoch umso schwieriger, je größer die Beträge werden.
ECB  Fed  monetization  Sterilization  debt  sovereign  crisis  trichet  PIIGS  USA  EFSF  inflation  stability  credibility  Euro  Dollar  expectations  economics  monetary  policy  fiscal  folly  bailout  dilemma  QE  quantitative-easing 
august 2011 by asterisk2a
Currency Intervention Revived as Fed May Ease - Bloomberg
Just eight months ago, Brazilian Finance Minister Guido Mantega declared a “truce” in competitive currency devaluations. Now, Japanese and Swiss moves to weaken the yen and the franc show reviving tension in foreign-exchange markets as the deteriorating U.S. economy weighs on the dollar.
Fed  QE3  unintended  consequences  global  stability  Dollar  reserve  currency  hot-money  ZIRP  growth  greatrecession  recovery  2011  monetary  policy  easing  QE  BOJ  SNB  RBA  RBNZ  BOE  ECB  benbernanke  quantitative  intervention 
august 2011 by asterisk2a
Affluent Buyers Reviving Market for Miami Homes - NYTimes.com
In the meantime, the South Florida market is busy, although it offers a problematic blueprint for a national recovery. For the traditional buyer who wants to put down no more than 20 percent, loans are somewhere between tough and impossible. Many of the sales are to investors, rich people or foreign citizens benefiting from a weak dollar.

- Dollar down, wealthy outsiders in - especially urban attractive cities and escape destinations. Families and others forced to rent.
USA  housing  housemarket  urban  subprime  bubble  2011  recovery  dollar  inequality 
july 2011 by asterisk2a
Opening Bell: 06.28.11 Dealbreaker: A Wall Street Tabloid Business News Headlines and Financial Gossip
Dollar seen losing global reserve status (FT)The US dollar will lose its status as the global reserve currency over the next 25 years, according to a survey of central bank reserve managers who collectively control more than $8,000bn…UBS surveyed more than 80 central bank reserve managers, sovereign wealth funds and multilateral institutions with more than $8,000bn in assets at its annual seminar for sovereign institutions last week. The results were not weighted for assets under management. The results are the latest sign of dissatisfaction with the dollar as a reserve currency, amid concerns over the US government’s inability to rein in spending and the Federal Reserve’s huge expansion of its balance sheet.
dollar  currency  reserve  survey  outlook  Fed  ZIRP  QE  USA 
june 2011 by asterisk2a
Business Line : Columns / S S Tarapore : Drifting back to gold standard
The International Monetary Fund (IMF) must give up its strong aversion for the precious metal. The SDR basket should include gold with an initial weightage of, say, 15 per cent and this should be progressively raised over the next five years to a third. Gold is no country's liability and it does not suffer the inherent disadvantages of other reserve currencies.
SDR  IMF  reserve  currency  Gold  dollar 
may 2011 by asterisk2a
Schwarzman Says Cheap Financing Is Pushing Up Prices of Buyouts - Bloomberg
“We’ve seen prices higher than we expected as a result of very low levels of interest rates,” he said. “The Fed has created a lot of liquidity.”
Fed  2011  monetary  policy  Blackstone  liquidity  liquidity-trap  privateequity  account  LBO  USA  Dollar 
april 2011 by asterisk2a
Presenting John Paulson's Complete Les Echos Interview In Which He Is Bearish On Housing, Bullish On Gold | zero hedge
 "Over time, the price of gold will rise in proportion to the creation of paper dollars. In an inflationary environment where the demand for protection increases, the price of gold can rise even further. Historically, gold has always been a safe haven against inflation and a safe haven in times of political instability. Today we face both risks." As for whether or not we will have QE3: Paulson is not the guy to ask. He is as confused as the Fed presidents.
JohnPaulson  2011  gold  Dollar  inflation 
april 2011 by asterisk2a
China Central-Bank Adviser Urges Yuan Reform - WSJ.com
Xia Bin, a member of the Chinese central bank's monetary advisory committee, said China should aim for full yuan convertibility over the next 10 years.
Such a move is important, Mr. Xia said, for a "rising power" like China. "Our longer-term goal must be integrating into the floating exchange rates of the international system," he said. But he wouldn't comment on whether the current pace of yuan appreciation versus the dollar is moving rapidly enough to fulfill that goal.
Yuan  China  Forex  USD  dollar 
march 2011 by asterisk2a
Chavez Currency Market Takeover Spurs Bank Lines for Dollars - Bloomberg
“My partners go to the bank everyday at 5 a.m. to get in line and maybe once a month are they given dollars for imports,” Botti said in a telephone interview. “Managers are spending more time in bank queues than working to make the company more efficient.”
venezuela  forex  currency  2011  inflation  Dollar  hot-money  capital  monetary  policy 
february 2011 by asterisk2a
Axis of Depression - NYTimes.com
China and Germany are on the warpath against the Fed, accustomed to running huge trade surpluses. But for some countries to run trade surpluses, others must run trade deficits — and, for years, that has meant us. The Fed’s expansionary policies, however, have the side effect of somewhat weakening the dollar, making U.S. goods more competitive, and paving the way for a smaller U.S. deficit. And the Chinese and Germans don’t want to see that happen.

For the Chinese government, by the way, attacking the Fed has the additional benefit of shifting attention away from its own currency manipulation, which keeps China’s currency artificially weak — precisely the sin China falsely accuses America of committing.

But why are Republicans joining in this attack?

Milton Friedman, who blamed the Fed for not acting more forcefully during the Great Depression — and who, in 1998, called on the Bank of Japan to “buy government bonds on the open market,” exactly what the Fed is now doing.
politics  Fed  QE-2.0  QE  presidency  barackobama  benbernanke  paulkrugman  tradedeficit  germany  china  currency  currencies  dollar  monetary  policy  republicans  democrats  miltonfriedman  japan  lostdecade  2010 
november 2010 by asterisk2a
At Asia-Pacific Forum, Geithner Defends U.S. Policy - NYTimes.com
He said that capital inflows into emerging markets were a vote of confidence in their fast-growing economies, and that a healthy American economy would benefit all its trading partners. “I think that confidence is justified,” he said, “and something that should be welcomed. It does come with pressures, and they’re going to have to manage those pressures.”

But Asian countries remained concerned about the effect of American policy.

“In the long term, there’s a hope that capital inflows will become good investments, but in the short term, they work to strengthen local currencies and that’s a problem,” the Japanese finance minister, Yoshihiko Noda, told reporters here. He said that Japan would work particularly closely with emerging economies in Southeast Asia to find solutions.
QE-2.0  Fed  timgeithner  G20  APEC  Brazil  currency  currencies  devaluation  2010  monetary  policy  Dollar  China  hot-money  Japan 
november 2010 by asterisk2a
G-20 Leaders Pledge to Avoid Currency War - NYTimes.com
Moving to shore up the “fragile and uneven” recovery, officials from the world’s 20 biggest economies promised Saturday to refrain from weakening their currencies, agreeing to let the markets exert more influence in setting foreign exchange rates.

The officials also decided to give fast-growing countries a greater say at the International Monetary Fund, which monitors nations’ fiscal and monetary policies, an acknowledgment that the fund’s credibility required more representation from these nations. They also strengthened the I.M.F.’s role in assessing whether G-20 members were meeting their commitments.
G20  2010  currency  dollar 
october 2010 by asterisk2a
Currency wars are necessary if all else fails - Telegraph
Currency wars are necessary if all else fails
The overwhelming fact of the global currency system is that America needs a much weaker dollar to bring its economy back into kilter and avoid slow ruin, yet the rest of the world cannot easily handle the consequences of such a wrenching adjustment. There is not enough demand to go around.
2010  USD  dollar  greatrecession  currency  currencies  BRIC  Next-11  hot-money  QE  QE-2.0 
october 2010 by asterisk2a
G-20 Clash Over Recovery Risks ’Sub-Potential’ Growth (Update1) - Bloomberg.com
At a meeting of Group of 20 finance chiefs in Busan, South Korea, June 4-5, Treasury Secretary Timothy F. Geithner said the world cannot again bank on the cash-strapped U.S. consumer to drive growth and urged other nations to stimulate their own demand. European Central Bank President Jean-Claude Trichet said fiscal tightening in “old industrialized economies” would aid the expansion by shoring up investor confidence.

Each strategy carries threats for the global rebound that the G-20 said faces “significant challenges.” Continued stimulus risks bondholder revolt over rising debt burdens, while spending cutbacks could worsen unemployment. Relying on exports leaves the world prone to trade wars and competitive currency devaluations as countries seek to give their companies an edge.

Each strategy carries threats for the global rebound that the G-20 said faces “significant challenges.” Continued stimulus risks bondholder revolt over rising debt burdens, while spending cutbacks coul
G20  june  fiscal  monetary  policy  greatrecession  tobin-tax  banking  recession  2010  recovery  demand  growth  Europe  timgeithner  germany  USA  PIIGS  austerity  capital  liquidity  basel2  export  exports  currency  currencies  euro  yen  dollar  yuan  protectionism  economics 
june 2010 by asterisk2a
World economy: Fear returns | The Economist
Unfortunately, Germany’s government seems to be drawing exactly the opposite conclusions, promising to set an example with tough cuts when it should be helping to stimulate growth. The worry is that, under German pressure, the ECB will have the same misguided tendency to toughness, condemning the euro area to years of stagnation.

Governments outside the euro zone are also at risk of drawing flawed conclusions, especially on exchange rates and fiscal policy. China seems to think that the euro’s decline makes it less urgent to allow the yuan to appreciate. The opposite is true. With its biggest export market in a funk, China needs to accelerate the rebalancing of its economy towards domestic consumption, with the help of a stronger currency.
PIIGS  Europe  stagnation  austerity  Spain  Greece  Euro  ECB  monetary  fiscal  policy  trichet  Germany  China  yuan  currencies  Dollar  growth  deflation  deflationary 
june 2010 by asterisk2a
The Fed's Voodoo Economics | zero hedge
Not only is inflation dependent on MV
it is also dependent on trust of money as storage of value and means of exchange.
inflation  deflation  monetary  policy  double-dip  history  stagflation  dollar  stagnation  Fed  exitstrategy  toxicassets  moneysupply  economics  theory 
may 2010 by asterisk2a
The Safest Bet During Uncertain Markets | zero hedge
Three reasons.



ONE: Commercial investment firms do not earn fees from their clients buying gold and silver. Thus, the reason they perpetually discourage it. Precious metals are the enemy of all fraudulent fiat money including the SDRs of the IMF and the financial derivative products of Wall Street. Consider this story in which HSBC ordered their clients to remove their gold from their vaults, all at their own expense.



TWO: Commercial investment firms do not educate their financial consultants regarding precious metals. Most of their consultants probably could not even properly explain something as basic as the difference between ounces of metals classified as resources and those classified as reserves and the significance of the different categories among these classifications. Having no
....
gold  silver  PM  stockmarket  alangreenspan  dollar  propaganda  volatility  advice 
may 2010 by asterisk2a
First Fed Invoice For Bailing Out Europe Is In: The Damage - $9.2 Billion | zero hedge
The first bill to US taxpayers for volunteering to bail out Europe is in. It appears in the past week the New York Fed executed an FX swap with the ECB for $9.2 billion notional of FX swaps. As we reported earlier by demonstrating the lack of bids for the BOE's dollar repo operation, only the ECB is (currently) in need of dollars. Yes America, in addition to the IMF contribution of ~$50 billion, with each passing week you will see more and more billions of dollars collateralized by a rapidly devaluing foreign currency serve as the backstop for your currency.

And below, fresh from the just released H.4.1 statement is the offical settled amount as of May 12: $9.2 billion.

And lastly don't forget - this extra Fed "asset" is now a liability in the form of excess reserves, which are calmly collecting 0.25% for the benefit of some Wall Street banks.

In other total BS news courtesy of the Fed, the notional value of Maiden Lane I holdings is now at a few year+ high.
bailout  europe  greece  PIIGS  may  2010  germany  ECB  Fed  dollar  Euro  swapline  currency  currencies 
may 2010 by asterisk2a
ECB Releases Collateral Schedule, Announces Will No Longer Accept Non-Euro Denominated Collateral | zero hedge
What is notable, however, is that the ECB has highlighted it will no longer accept non euro-denominated collateral after 2010. This is not good for countries which plan on syndicating dollar-denominated debt, as has been recently the case for Portugal, and, currently, Greece. Although in Greece's case we tend to think the country doesn't give a rat's behind about whether new issuance will be eligible, and is much more focused on just avoiding default.
ECB  euro  dollar  collateral  2011  2012  2010  china  worldtrade  yuan 
april 2010 by asterisk2a
PIMCO Is Long CAD, AUD And CNY; Short EUR, GBP And JPY, And Other Disclosures By Paul McCulley | zero hedge
Q: What structural headwinds stand in the way of recovery in the U.S.?
McCulley: We believe the U.S. is in the second stage of a three-stage recovery. The economy was first propped up by policy response – low interest rates and fiscal stimulus. Currently, we are moving from the dark to the sunny side of the inventory cycle. The final stage – job creation, private income creation and self-sustaining demand growth – has yet to materialize, due to headwinds of deleveraging and de-risking.

We like to use the analogy of the three-stage-rocket; we are waiting for the thrust from that third rocket. There’s a great deal of uncertainty surrounding the hand-off from stimulus and inventories to job creation, and that is reflected in the Federal Reserve’s continued exceptionally low interest rate policy.
We believe the severe austerity measures brought on by the fiscal problems in the periphery countries, such as Greece and Spain, will lead to a chronic shortfall of Euroland-wide aggregate demand
recovery  usa  2010  inventory  greatrecession  QE  MBS  treasuries  Fed  monetary  policy  greece  spain  bailout  ECB  demand  economics  richardkoo  deflation  inflation  output-gap  china  currency  yuan  dollar  politics  timgeithner 
april 2010 by asterisk2a
Geithner Delays Congressional Currency Report To Avoid Insulting China
The Obama administration is delaying a report to Congress on currency policies amid calls from some lawmakers that it should cite China as a currency manipulator harmful to the U.S. economy.

Treasury Secretary Timothy Geithner said Saturday that he will delay publication of the report, due April 15, because several high-level international meetings in the coming months will be a better way to advance the United States' position.

Still, Geithner said in a statement that China should adopt "a more market-oriented exchange rate" to balance the U.S. trade deficit with China, which totaled $226.8 billion last year – the largest imbalance with any country. U.S. manufacturers say China's yuan is undervalued by as much as 40 percent and is a big reason for the massive trade deficit.
timgeithner  china  usa  currency  currencies  dollar  tradedeficit  yuan  barackobama 
april 2010 by asterisk2a
FT Alphaville » The next leg of the great bear market has begun…
Balance sheet repair and prudence are the new drivers of the bus, in turn driven by The People (the private sector).
austerity  usa  policy  error  recovery  recession  greatrecession  outlook  comment  2010  2011  forecast  dollar  europe  china  markets  financialmarket  UK  debt  public  private  savings 
february 2010 by asterisk2a
Google's Eric Schmidt on why bankers deserve little sympathy and Obama does - Telegraph
"The number of people who were hurt by the activities of the financial industry is so large, it is very hard to have a lot of sympathy with that industry given the high-flying nature of its behaviour," he said.
banking  ericschmidt  recession  google  fanniemae  freddiemac  history  greenspan  monetary  policy  politics  economy  economics  moneysupply  financialmarket  causes  cause  creditcrunch  deficit  britian  uk  debt  dollar  pound  usa  inflation 
january 2010 by asterisk2a
2010: The Year to Focus on Sovereign Debt | The Big Picture
Sovereign debt is likely to be the big headline issue for 2010. This commentary will look at some debt-related issues of Greece and California in their two respective currency zones and then discuss our view of sovereign debt markets for 2010, particularly with respect to the US dollar and euro currency zones. Some strategy guidance for portfolio management of debt will wrap things up.
sovereign  debt  2010  currencies  dollar  euro  recession  recovery 
december 2009 by asterisk2a
The Future of Gold, the Dollar, and More
Schiff: Part of rebalancing the global economy is going to necessitate a lower dollar. The reason the global economy is so out of balance is because the dollar is artificially strong. It's been propped up by foreign central banks, and this enables Americans to import products they really can't afford. So if we want the global imbalances to be solved, it's going to require a lower dollar -- and that's what's going to happen. The longer foreign central banks artificially prop up the dollar, enabling Americans to keep spending borrowed money, the worse the global imbalances are going to get.
peterschiff  gold  dollar  2009  2010  global  economy  balance 
december 2009 by asterisk2a
Trichet: Unabhängigkeit der Fed wichtig für Marktvertrauen - News - FOCUS Online
"Die Unabhängigkeit der Fed ist ebenso wie die Unabhängigkeit aller Zentralbanken großer Länder wichtig für das Vertrauen", sagte Trichet am Donnerstag in einem TV-Interview mit Dow Jones Newswires. Vertrauen sei etwas, was nach den Ereignissen des vergangenen Jahres am meisten gefehlt habe, fügte er hinzu.

Trichet reagierte mit seinen Aussagen auf Fragen zu Vorschlägen von US-Politikern, der Fed bestimmte Kompetenzen zu entziehen bzw. Änderungen vorzunehmen, die ihre Unabhängigkeit gefährden könnten.
trichet  fed  ECB  regulation  oversight  trust  BOE  dollar  reform  independence 
december 2009 by asterisk2a
Why Niall Ferguson is still bearish - The Globe and Mail
The stock market rally has been largely due to near-zero interest rates and a weaker dollar. In foreign currency terms there's been no rally.

Excessively loose monetary policy causes asset bubbles and excessively loose monetary policy is what we have now. It's a little early to start pointing figures and calling things ‘bubbles,' however. Many prices are simply returning to their trend growth line after the collapse that occurred a year ago.
NiallFerguson  VAT  USA  2010  2011  2012  debt  economy  outlook  forecast  ZIRP  bubble  dollar  DOW  rally 
november 2009 by asterisk2a
Guest Post: Gold Is Rallying Because… « naked capitalism
It resists the attempts by the monetary authorities to debase it, because except for concerted attempts to suppress its price through non-profitseeking selling at key market points by central banks, and naked short selling by the global commercial banks in the paper markets, gold cannot be created and controlled by financial engineers like Ben Bernanke.
gold  2009  fiatmoney  benbernanke  inflation  monetary  policy  dollar  alangreenspan 
november 2009 by asterisk2a
FT Alphaville » Blog Archive » Fed sees risks in low rates policy
Federal Reserve officials have expressed concerns that near-zero interest rates could fuel “excessive risk-taking in financial markets” but believe the possibility is “relatively low,” according to minutes from the Fed’s November meeting. China and Germany warned this month that the weak dollar and the Fed’s policy to keep US interest rates “exceptionally low” for an “extended period” could lead to a new speculative bubble. The minutes show that the policy-setting FOMC already had discussed this risk.
ZIRP  interestrate  dollar  bubble  2009  2010  carrytrade 
november 2009 by asterisk2a
Is the Fed Creating New Bubbles? - BusinessWeek
As critics see it, the Fed helped inflate the tech and housing markets over the past decade and is setting up the global economy for another doozy with its near-zero short-term interest rates. Global investors can borrow dollars cheaply and invest the borrowed funds in assets ranging from Indonesian stocks to copper futures contracts, a strategy known as a carry trade. During Obama's recent Asian swing, China Banking Regulatory Commission Chairman Liu Mingkang warned that U.S. monetary policy is creating "new, real, and insurmountable risks to the recovery of the global economy, especially emerging-market economies." Bank of Japan Governor Masaaki Shirakawa and Hong Kong Chief Executive Donald Tsang issued similar warnings.
fed  benbernanke  bubble  assets  asset  interestrate  ZIRP  usa  carrytrade  history  dollar 
november 2009 by asterisk2a
Barrick shuts hedge book as world gold supply runs out - Telegraph
The Fall of the Dollar is engineered. Period
Buy things people can't reproduce.
gold  dollar  2009 
november 2009 by asterisk2a
Adjustment and the dollar - Paul Krugman Blog - NYTimes.com
So, the bottom line: to narrow international imbalances, we need a lower relative price of US output. Because prices are sticky, by far the easiest way to get there is dollar depreciation.So something has to give specifically, the relative price of US output, and along with it such things as US relative wages, has to fall.

There are three ways this could happen: (1) deflation in the United States (2) inflation in the rest of the world (3) a depreciation of the dollar against other currencies. Leave (2) aside, on the grounds that central banks will fight it. Then the choice is between (1) and (3).
.
dollar  usa  economy  tradedeficit  reserve  currency  paulkrugman 
october 2009 by asterisk2a
Route to Recovery a Long, Global March at SmartMoney.com
"The stock market is divorced from economic reality," a bearish David Rosenberg reminded readers in an Oct. 13 report. To Rosenberg, chief economist at Gluskin Sheff, the parade of positive reports for the key third-quarter earnings season is a matter of nominal success, not a sign of recovery.
.
Barry Knapp, U.S. strategist at Barclays Capital, said earnings will look good, but only because government stimulus money is fueling a rally.
.
"While Fed-supplied liquidity remains the most important determinant of equity prices, in our view, we know that investors will spend the next three weeks immersed in earnings season and many will be looking for top-line revenue growth," he wrote Wednesday. "We believe that top-line growth will be hard to come by at the market level. However, we should see some evidence of revenue generation in the early-cycle sectors, financials and consumer discretionary, though we expect the growth to be slow over the next four quarters."
stockmarket  rally  2009  recession  recovery  USA  liquidity  excess  liquidity-trap  monetary  fiscal  policy  dollar  currency  weakness 
october 2009 by asterisk2a
Fed boss says US should cut budget deficit - Yahoo! News
"As the global economy recovers and trade volumes rebound, however, global imbalances my reassert themselves," Bernanke warned. For the United States' part, "the most effective way" to boost national savings in this country "is by establishing a sustainable fiscal trajectory, anchored by a clear commitment to substantially reduce federal deficits over time," Bernanke said. He didn't suggest ways to do so.
Fielding questions after his speech, Bernanke said the United States is in a "difficult fiscal situation" and that Congress and the White House will need to develop an "exit strategy."
That's important to maintain confidence in the U.S. economy and the dollar, Bernanke said. The Fed chief said he believes those stakes are "very well understood in Washington."
benbernanke  budget  deficit  USA  dollar  economy  economics  fiscal  monetary  policy 
october 2009 by asterisk2a
Dollar’s Decline Brings Troubles, but an Upside for Exports - NYTimes.com
The story of Eastman Tool is a small echo of the larger shifts accompanying the dollar’s fastest drop in six years; last week the dollar neared $1.50 against the euro, compared with $1.25 in March.
The weakness of the dollar, if sustained, could force American consumers to get used to paying more for many imported goods as well as trips to their favorite vacation spots.
But there is also an upside: a weak dollar could prove beneficial to the American economy by aiding long-suffering manufacturers, rebuilding a stronger industrial base and lifting exports even if it makes life harder for trading partners around the world, especially in Europe.
“As long as it doesn’t crash, a gradual, orderly decline is healthy,” said C. Fred Bergsten, director of the Peterson Institute for International Economics. “The dollar went up 40 percent between 1995 and 2002, so this is a necessary rebalancing.”
dollar  decline  currency  gold  inflation  trade  euro  economic  affairs 
october 2009 by asterisk2a
The demise of the dollar - Business News, Business - The Independent
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
dollar  currency  economics  politics  recession  petrodollars  oil  currencies  china 
october 2009 by asterisk2a
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