The status of the US dollar as the world reserve currency gives the US a number of advantages over other countries. The world’s most important commodities are priced and traded in dollars, even if most of these commodities are not produced in the US.
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Category Archives: Economy
As more and more countries within the European Union struggle economically, the euro – the union’s common currency – becomes more embattled, with its founder now even predicting its demise. “The euro has become an austerity suicide pact.”
George Soros knows something dreadful is coming. The Rockefellers know something big and bad is about to happen. That something big is the imminent collapse of all fiat paper money currencies around the world. In their secret Bilderberg meetings, the globalists have positively planned the exact date of our financial demise.
Panic, depression, rage, suicidal ideations: watching the US mainstream media, one would think that these are the prevailing sentiments among those who unlike the prevailing “developed world” speculative class, are invested most heavily in physical old – Indians, who collectively comprise the largest end-demand consumer segment for gold products. One would be very wrong.
The stock market is not crashing yet, but there are lots of other market crashes happening in the financial world right now. Just like we saw back in 2008, it is taking stocks a little bit of extra time to catch up with economic reality. But almost everywhere else you look, there are signs that a financial avalanche has begun.
If the American economy were to fail because of some international crisis like a major war in the Middle East or a severe oil shortage, the rest of the world could rapidly lose faith in the U.S. dollar. The dollar and other dollar-based currencies and international stocks would lose much of their value and, as a result, banks and financial markets worldwide would likely fail.
Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is “time for responsibility” as they progressed towards a final solution; and yet today, as Cyprus’ Famagusta reports, he believes the ‘Troika-imposed’ responsibility will, “turn Cyprus into a colony of the worst possible type.”
Can’t afford coffee? No matter. In Bulgaria, an old Italian tradition that sees good souls buying hot drinks for those who struggle to make ends meet has taken hold after weeks of tensions over deepening poverty.
More than 150 cafes across Bulgaria have joined a goodwill initiative modelled on the Italian “caffe sospeso” tradition, which literally means “suspended coffee”, according to a Facebook page devoted to the movement.
First, it is Merkel’s turn, which last week was furious at Cyprus for daring to reject the first flawed Eurogroup plan impairing insured depositors, only to praise it for now… rejecting said plan. To wit: Chancellor Angela Merkel, “as well as the government, is very happy that the troika, the euro group and Cyprus were able to reach an agreement,” German government spokesman Steffen Seibert says in Berlin. He added that difficulties will arise in the short term because of measures aimed to scale back Cyprus’s banking sector.
Back in August 2011, one of the most prescient European (ex) central bankers, Cyprus’ very own Athanasios Orphanides was optimistic, but with a caveat: “I am optimistic that with the right actions and effort by all we will pull through this,” Orphanides told reporters after a meeting with Finance Minister Kikis Kazamias. They were Orphanides’ first public comments since warning authorities in a July 18, 2011 letter that Cyprus ran the risk of requiring an EU bailout unless urgent action was taken to shore up its finances.”
ATMs were drained over the weekend in Cyprus after European Union chiefs decided late Friday night to raid private savings accounts to help pay for the country’s $13 billion bailout.
Of course it was a holiday weekend and banks are closed on Monday, preventing a panicked bank run. It is now being reported that the Cypriot cabinet has extended the bank holiday until Thursday in an effort to calm the growing unrest.
I have been watching articles pour forth about Cyprus all weekend. I am almost as aggravated with the majority of them as I am with what took place. People are dancing around the edges while the propaganda machines of Europe are churning out the usual bunk. There was no tax on the bank accounts in Cyprus. There still is no tax; the Cyprus Parliament has not passed it and will not vote on it until tomorrow so whatever action takes place it is retroactive.
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