Re: OT. Its official the dollar is no longer the preffered reserve currency.

On 13 Oct, 21:58, Alim Nassor <alimnas...@xxxxxxxxx> wrote:
http://www.nypost.com/p/news/business/dollar_loses_reserve_status_to_...

Excerpts;

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.

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
battling two separate monsters that could devour the economy --
ravenous inflation on one hand, and a perilous recession on the
other.

"He's in a crisis worse than the meltdown ever was," said Peter
Schiff, president of Euro Pacific Capital. "I fear that he could be
the Fed chairman who brought down the whole thing."

They grumble that they've loaned the US record amounts to cover its
mounting debt, but are getting paid back by a currency that's worth 10
percent less in the past three months alone. In a decade, it's down
nearly one-third

Economists believe the market rebellion against the dollar will spread
until Bernanke starts raising interest rates from around zero to the
high single digits, and pulls back the flood of currency spewed from
US printing presses.

"Bernanke's other choice is to keep rates at zero, print even more
money and sell more debt, but we'll see triple-digit inflation that
could collapse the economy as we know it.

"The stimulus is what's toxic -- we're poisoning ourselves and the
global economy with it."

I hope you have positioned yourself against the dollars free fall.

"battling two separate monsters that could devour the economy --
ravenous inflation on one hand, and a perilous recession on the
other."
the recession has long existed and continues a jobless
recovery.........the inflation is not yet here, look at
your
SS index.......
.

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