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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.
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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