Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21
Stock Maket Trading Lesson - How to REALLY Trade Markets - 26th Nov 21
SILVER Price Trend Analysis - 26th Nov 21
Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving - 26th Nov 21
Is the S&P 500 Topping or Just Consolidating? - 26th Nov 21
Is a Bigger Drop in Gold Price Just Around the Corner? - 26th Nov 21
Financial Stocks ETF Sector XLF Pullback Sets Up A New $43.60 Upside Target - 26th Nov 21
A Couple of Things to Think About Before Buying Shares - 25th Nov 21
UK Best Fixed Rate Tariff Deal is to NOT FIX Gas and Electric Energy Tariffs During Winter 2021-22 - 25th Nov 21
Stock Market Begins it's Year End Seasonal Santa Rally - 24th Nov 21
How Silver Can Conquer $50+ in 2022 - 24th Nov 21
Stock Market Betting on Hawkish Fed - 24th Nov 21
Stock Market Elliott Wave Trend Forecast - 24th Nov 21
Your once-a-year All-Access Financial Markets Analysis Pass - 24th Nov 21
Did Zillow’s $300 million flop prove me wrong? - 24th Nov 21
Now Malaysian Drivers Renew Their Kurnia Car Insurance Online With Fincrew.my - 24th Nov 21
Gold / Silver Ratio - 23rd Nov 21
Stock Market Sentiment Speaks: Can We Get To 5500SPX In 2022? But 4440SPX Comes First - 23rd Nov 21
A Month-to-month breakdown of how Much Money Individuals are Spending on Stocks - 23rd Nov 21
S&P 500: Rallying Tech Stocks vs. Plummeting Oil Stocks - 23rd Nov 21
Like the Latest Bond Flick, the US Dollar Has No Time to Die - 23rd Nov 21
Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING! - 22nd Nov 21
Cannabis ETF MJ Basing & Volatility Patterns - 22nd Nov 21
The Most Important Lesson Learned from this COVID Pandemic - 22nd Nov 21
Dow Stock Market Trend Analysis - 22nd Nov 21
UK Covid-19 Booster Jabs Moderna, Pfizer Are They Worth the Risk of Side effects, Illness? - 22nd Nov 21
US Dollar vs Yields vs Stock Market Trends - 20th Nov 21
Inflation Risk: Milton Friedman Would Buy Gold Right Now - 20th Nov 21
How to Determine if It’s Time for You to Outsource Your Packaging Requirements to a Contract Packer - 20th Nov 21
2 easy ways to play Facebook’s Metaverse Spending Spree - 20th Nov 21
Stock Market Margin Debt WARNING! - 19th Nov 21
Gold Mid-Tier Stocks Q3’21 Fundamentals - 19th Nov 21
Protect Your Wealth From PERMANENT Transitory Inflation - 19th Nov 21
Investors Expect High Inflation. Golden Inquisition Ahead? - 19th Nov 21
Will the Senate Confirm a Marxist to Oversee the U.S. Currency System? - 19th Nov 21
When Even Stock Market Bears Act Bullishly (What It May Mean) - 19th Nov 21
Chinese People do NOT Eat Dogs Newspeak - 18th Nov 21
CHINOBLE! Evergrande Reality Exposes China Fiction! - 18th Nov 21
Kondratieff Full-Season Stock Market Sector Rotation - 18th Nov 21
What Stock Market Trends Will Drive Through To 2022? - 18th Nov 21
How to Jump Start Your Motherboard Without a Power Button With Just a Screwdriver - 18th Nov 21
Bitcoin & Ethereum 2021 Trend - 18th Nov 21
FREE TRADE How to Get 2 FREE SHARES Fractional Investing Platform and ISA Specs - 18th Nov 21
Inflation Ain’t Transitory – But the Fed’s Credibility Is - 18th Nov 21
The real reason Facebook just went “all in” on the metaverse - 18th Nov 21
Biden Signs a Bill to Revive Infrastructure… and Gold! - 18th Nov 21
Silver vs US Dollar - 17th Nov 21
Silver Supply and Demand Balance - 17th Nov 21
Sentiment Speaks: This Stock Market Makes Absolutely No Sense - 17th Nov 21
Biden Spending to Build Back Stagflation - 17th Nov 21
Meshing Cryptocurrency Wealth Generation With Global Fiat Money Demise - 17th Nov 21
Dow Stock Market Trend Forecast Into Mid 2022 - 16th Nov 21
Stock Market Minor Cycle Correcting - 16th Nov 21
The INFLATION MEGA-TREND - Ripples of Deflation on an Ocean of Inflation! - 16th Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The Bell Tolls For The U.S. Dollar

Currencies / US Dollar Jul 14, 2011 - 10:53 AM GMT

By: Jeff_Berwick

Currencies

Best Financial Markets Analysis ArticleWhat an incredible day.  I spent most of my day overlooking the beach in southern Mexico and so I was unaware of the buzz of activity that was going on worldwide.  Around sundown, as I do most evenings, I then made my way to my office, Starbucks, and took my place in my usual seat, the red comfortable chair with armrests and began to scroll through the news of the day via the last free place on earth, the internet.  And what a day it was!


I started by watching this interview with US Treasury Secretary, Timothy Geitner, on Meet the Press.

Timothy is hard to watch.  He is a deviant, lying sociopath and he begins with a cartoonish explanation of his economic analysis of the last 3 years.  Making a motion of a plane nosediving - all but missing him actually making the bbbbrrrrrrrrr noise with his mouth - he stated, "The... the.. the American economy," he stammered, "was faaalllllling off a cliff in the fall of '08."

Any ideas why that happened Timmy?  I thought that is why we have the Federal Reserve and the phone book size list of financial rules and regulations, to avoid market panics, no?

He then goes on to state, "(Obama) put in place THE most creative, THE most forceful set of economic measures we have ever done as a country."

Is that what creates good economies Tim?  Creative central planning?  Maybe we should get someone even more creative to design these plans if that's what it takes.  Lady Gaga, maybe?  She's pretty creative with all those funny hats.

He then goes on to say a string of words that can only be described as hallucinogenic, stating how well the economy has done and how good the job market has been since then!

He then states that the problem with the economy is just an unwillingness to legislate things that can help.  Yes, we need MORE government involvement and legislation, that's what we need!  He even gave an example of something that could be legislated to help, stating, "If we can find ways to help rebuild America, we can put more people back to work."

Yes, if only we could find ways to rebuild America!  Sadly, America died somewhere between the time the Federal Reserve was founded and an income tax enacted and FDR's "New Deal" and LBJ's "Great Society".  What we have now is an animated corpse with a President that no one has any recollection of ever seeing prior to his ascendancy who reads platitudes off of pre-scripted teleprompters like Max Headroom to the adderall and prozac lobotomized masses.

He did conclude with one truthful statement, however, saying, "I think for a lot of people (this is going to be) very hard, harder than anything they've experienced in their lifetime for a long time to come."

Meanwhile, Ben Bernanke was meeting in front of Congress and stated that "the economy is growing more slowly and the central bank stands ready with more accomodative measures".  The free markets, what's left of them, went to work immediately, setting fire to the dollar like the busted out old jalopy that it is.  The dollar was in freefall against most currencies and gold flew to a new all-time high of $1,593.30, up nearly $30 on the day.

As much as we despise Ben for being the figurehead under which the financial elite rape, pillage and impoverish the planet, our gold-endowed portfolio couldn't have picked a better Keynes-head to be in charge of US monetary policy.

Ben then got lambasted by Ron Paul who asked him if he watches gold.  Ben said he did - his voice quivering like a schoolgirl - before he was cut-off by Ron Paul repeatedly, a very nice thing to see.  There is no need to be overly polite to thieves and criminals.

 

Paul then asked a few questions that left Bernanke quite stumped, including the final one, "Why doesn't the Federal Reserve hold diamonds (instead of gold) if gold isn't money?".

Ben stood silent for a few awkward seconds before shrugging his shoulders, "Well, it's a tradition."

It's a tradition?  Yeesh.  Holding anything else as reserves for tradition Ben?  Perhaps some of those Russian matryoshka dolls?  They're fun.

While Ben B. was being roasted, Vladimir Putin, a sick individual in his own right, also laid on the attacks on the Federal Reserve, calling them "a bunch of hooligans" because of their extreme money printing.  You must be doing something when a KGB hitman and Stalin loving psychopath thinks you are a hooligan!

Meanwhile, in another part of Washington, the fight over the debt ceiling reached extreme levels with Barack Obama getting visibly angry with Republican Majority leader, Eric Cantor.  Cantor, by the way, owns one of our holdings - the Proshares UltraShort Treasuries (NYSE:TBT).  Some may see Cantor being short Treasury Bonds as a slight conflict of interest, given his position in negotiating the raising of the debt ceiling - but no one seems to care much about integrity in D.C. (District of Criminals).

The funniest part of today's debate about whether to admit bankruptcy today or to forestall admitting bankruptcy a few months into the future, was when Barack Obama stormed out of the meeting after angrily stating, "Don't call my bluff!"

Obama appears to know about as much about poker as he knows about the financial affairs of the US Government.  The statement itself makes no sense.  Does he mean he was bluffing?  If so, in poker, if someone is bluffing, the thing you want to do is call it.  You might say, "Call my bluff", to state that you are going to prove you aren't bluffing... but to say "don't call my bluff" makes no sense from any perspective.

Obama just doesn't make any sense when he's not connected to his teleprompters!  Someone get him plugged back in, please.

Still not to be finished for the day, Moody's then warned that US Government debt was close to being downgraded.  This was yet another nail in the dollar coffin.  The funny part is that they said they may downgrade it from AAA to AA.  Earth to Moody's: If the US Government doesn't raise the debt ceiling they will have to default on their debt obligations... in other words, if they are going to downgrade it they shouldn't downgrade from AAA to AA, it should be from AAA to the lowest rating they have, C - denoting bonds that are in default and a new term for the US Treasury Bond should be created in their honor - Super Junk Bonds works.

Ah well, who listens to Moody's anymore anyway?

All in all it was a crazy day... and I didn't even mention Europe, which is on the brink of the abyss as well.

We stand on the precipice of The End Of The Monetary System As We Know It (TEOTMSAWKI) and today is proof of that.  Dozens of countries are evolving - not devolving - into revolutions, mostly caused by this non-free-market fiat money financial system.  The European Union stands on the brink of collapse.  And today the Federal Reserve was under attack more than at any other time in history while the US Government is straining under the weight of debts too large to ever be payable.

Indeed the bell tolls for thee, the US dollar based financial system, the central banks and the modern day version of tax farms - the State.  And, good riddance.

Subscribe to TDV today (90 day moneyback guarantee) to access our Special Report on How to Own Gold as well as get complete access to our newsletter and portfolio selections.

The Dollar Vigilante is a free-market financial newsletter focused on covering all aspects of the ongoing financial collapse. The newsletter has news, information and analysis on investments for safety and for profit during the collapse including investments in gold, silver, energy and agriculture commodities and publicly traded stocks. As well, the newsletter covers other aspects including expatriation, both financially and physically and news and info on health, safety and other ways to survive the coming collapse of the US Dollar safely and comfortably. The Dollar Vigilante offers a free newsletter at DollarVigilante.com.

© 2011 Copyright Jeff Berwick - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in