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Content By: The Coming Depression Editorial Staff (dates cited below)
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world currency

The Banksters have destroyed our currency. Time to wake up your fellow citizens of the Republic of the United States. Get rid of your cash. Take your 401K and switch to a Roth IRA, and then Gold certificates. You won’t be penalized.

Buy cheap silver as currency if the economy collapses, but stockpile some gold for long-term… and, if you can, platinum, but emphasize stockpiling silver, as it is much cheaper than gold, but appreciates when gold does, sometimes at a higher rate.

Also, stockpile other things like canned goods, sugar, yeast, toilet paper, paper towels, coffee, beer, cigarettes, diapers, guns, ammo, knives, tools, fuel, hunting and fishing equipment.

Dollar loses reserve status to yen & euro
By PAUL THARP

Ben Bernanke’s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

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.

Currently, dollars account for about 62 percent of the currency reserve at central banks — the lowest on record, said the International Monetary Fund.

Bernanke could go down in economic history as the man who killed the greenback on the operating table.

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.”

Investors and central banks are snubbing dollars because the greenback is kept too weak by zero interest rates and a flood of greenbacks in the global economy.

Excerpt


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.

“That’s a cure, but it’s also going to stifle any US economic growth,” said Schiff. “The economy is addicted to the cheap interest and liquidity.”

Economists warn that a jump in rates will clobber stocks and cripple the already stalled housing market.

“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.”

You can find the original article at NYPOST.com

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This entry was posted on Tuesday, October 13th, 2009 at 6:52 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1 Comment

  1. August 16, 2010 @ 4:41 am


    In today’s economy one must be weary of those out to buy gold as we’ve seen on the television over recent months. People are even advertising that they will buy your unwanted gold, and I am quite sure there are those not buying, but selling at an alarming rate to make a little cash for it. The one’s selling are going to lose, while the one’s buying are the ones who will weather an economic storm that is approaching giving little or no concern to those selling it. It’s like a gold pawn shop, and we all know what pawn shops do ` pay you little for your goods with the hopes you will not return for it, and then sell it at an inflated price for their own profit.

    The twentieth century has left the Republic of the United States in a no-win scenario that is headed for harder times in the near future for those who were not fortunate enough to (a) get a good education right out of high school; (b) get a good paying job that allowed them to save money for the future; (c) be smarter than those out there who are ready, willing, and able to rip them off at a moments notice; (d) spent their money foolishly over the years of their working careers.

    People are looking for wealth and materialism in this nation everyday, and the Bible tells us clearly that money is NOT the root of all evil, but how one spends it and gains it is, for they will have pierced themselves through with many sorrows. And we’re seeing it everyday of our lives in the most recent years as Biblical prophesy comes to pass in these troubled times. Yet, most people in America claim to believe in God, but do not live as if they do from day to day. Most who claim Christianity as their priority, live more like the world and conform to it than living for the Living God of Creation. It’s no wonder they’ve pierced themselves through with many sorrows. Mammon has become America’s most worshiped god in the world, and more nations are following suit since the end of WWII.

    In the coming Great Tribulation when the anti-Christ finally rises to power, he will create the things those left behind in this world have been looking for over countless generations: (a) a one world government ~ ruled by him alone; (b) a one world currency; (c) a one world religion free of divisions and characterized by his words and sayings of this earthly conformity; and (d) finally that “world peace” everyone has been seeking for a long time.

    I don’t see an economic depression for 2010, but in the coming years, if the people along with their elected representatives do not do something, a Great Depression will be coming and it will make the one in the twentieth century look like a picnic in the park. More people will be affected, and more people will eventually find themselves on the welfare roles or starving in the streets and homeless while the government categorizes and catalogs them and herds them into poverty camps awaiting a solution to the problem.

    Yes, I hope indeed that we learn from the mistakes of Liberalism and its affects on societies, and that we need to address each and every problem brought about by both parties in this nation and the concerns of all people around the world who have found Mammon as an object to be worshiped. Flip-flopping parties in each election is no solution to the problems we face today, because one side wants total government control over we the people while the other side gets in power and says cheaper labor is the way to go to economic recovery. Neither are correct, and neither have offered any solution for the long term nor the short term. Both are causing high inflation, higher than ever deficit, higher than ever taxes, and the old thing of the rich getting richer while the poor keep on getting poorer and more dependent on the government for everything in life from food, money, to clothes and housing. Even those who do manage to get a college education are suffering from the effects of our idiocy and are hunkering down with their tail between their legs into the welfare system that is growing by leaps and bounds every day for those who may qualify. And the qualifying agents for it are getting stronger in this poverty stricken nation where most businesses who fail to see the problem of living are uprooting themselves (even after a hundred years) and moving to lands where the labor is cheaper and their profit margins grow for their own selfish “needs” (wants) in life.

    In the next several upcoming elections for those who like to just go in and vote “party politics” by selecting either “Republican” or “Democrat,” I suggest that you take a good look at your ballot and go line by line, candidate by candidate, issue by issue and vote accordingly. Party-politics is not the answer either. In it we give up more rights and freedoms with each election that comes along.

    Posted by Edgar

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