Uh-oh--this isn't going anywhere good

It seems leaders in China just keep pushing and pushing for change when it comes to the monetary system of the world, specifically as the US' dollar is the basis for the rest of the world:

China economist blasts dollar dominance on eve of G20

BEIJING (Reuters) – Dollar dominance is sowing the seeds of financial turmoil, and the solution is to promote new reserve currencies, a Chinese government economist said in a paper published on the eve of a G20 meeting about how to reform the global monetary system.

Let there be no doubt, if this goes their way, the Chinese' way, it won't be pretty for us, ladies and gentlemen.


And after that last financial/economic debacle we caused that went global, what with the creation and then selling of what were supposed to be AAA grade securities that ended up being junk and then, on top of that, not punishing anyone for it or fundamentally changing virtually anything in our system so we're sure it never happens again, you can't too much blame 'em, can you?


I hope this party doesn't end while I'm at it.

Link to original story:  http://news.yahoo.com/s/nm/us_china_g20_dollar

A Weekend of Portents

Three things have come to my attention in the last 12 hours. One I just found out.

First, our knuckleheaded "leader", such as he is, is said to have stood up to say goodbye at the G8 sessions he was attending, and is quoted as saying--I'm not kidding about this--"Goodbye from the world's biggest polluter!". See the full story here:

http://www.huffingtonpost.com/2008/07/10/report-bush-tells-g8-lead_n_111966.html

Can you believe this guy's ignorance and chutzpah? He continues to show himself to be the 6 year old brat he is and that we thought he was. And then I don't know what's worse--my anger about it or my embarassment.

At least I never voted for the fool.

And then this: Federal Regulators seized and closed IndyMac Bancorp last evening, "marking one of the largest bank failures in American history."
See the original story here:
http://www.nytimes.com/2008/07/12/business/12indymac.html?bl&ex=1216008000&en=48af597fcdabd556&ei=5087%0A

It seems they had a good, old-fashioned (as in Depression era) run on the bank. Note that 2nd comparison to the Depression, folks. It's starting to get ever more serious.

Fannie Mae and Freddie Mac, those 2 quasi-independent arms of the Federal Government, dealing with mortgage lenders, etc., may fold, too, we were warned this week.

Finally, the dollar "sinks to within a cent of an all-time low on Fannie Mae and Freddie Mac" news. It just doesn't get any better, does it? See original story here: http://www.bloomberg.com/apps/news?pid=20601087&sid=a4kpsU8pP4QY&refer=home

Greg Salvaggio, a vice president of capital markets at Tempus Consulting in Washington, a currency-trading company is quoted: ``There's a complete lack of confidence right now in the administration's ability to fix these problems.''

No kidding.

It seems to be getting more grave virtually daily and our imperious leader is making jokes about how we're the biggest polluter in the world.

Somehow it's just not funny.

Dollar vs. Euro

You should watch this YouTube video on the US Dollar vs. the Euro. It has some pretty incredible statistics and information in it:

http://www.youtube.com/watch?v=3RhnHo3RDfg&feature=related


Keep in mind, it's in his best interest to give the information the way he is because he's selling the idea to the people in the room of buying gold and silver but he still has some pretty incredible statistics.

Food for thought.