“The main theme this week are countries getting ready to dump massive amounts of US debt especially those areas affected by the Japanese disasters.”
Xinhua: China should cap forex reserves at 1.3 trillion U.S. dollars: China banker
China should reduce its excessive foreign exchange reserves and further diversify its holdings, Tang Shuangning, chairman of China Everbright Group, said on Saturday.
The amount of foreign exchange reserves should be restricted to between 800 billion to 1.3 trillion U.S. dollars, Tang told a forum in Beijing, saying that the current reserve amount is too high.
China’s foreign exchange reserves increased by 197.4 billion U.S. dollars in the first three months of this year to 3.04 trillion U.S. dollars by the end of March.
Tang’s remarks echoed the stance of Zhou Xiaochuan, governor of China’s central bank, who said on Monday that China’s foreign exchange reserves “exceed our reasonable requirement” and that the government should upgrade and diversify its foreign exchange management using the excessive reserves. Read more
USA Today: Mainstream Media Puts Good Spin on Bad Real Estate Market
More and more, I am finding stories produced by the mainstream media where the headline doesn’t jibe with the actual story that follows. A USA Today (newspaper) story from the “Money” section yesterday is a great example of what I am talking about. The headline read “Rising home sales point to a recovery.” On the very next line, just under the headline, the sub-headline read “Prices expected to keep falling 5% to 7% this year.” So we have a recovery but prices are falling? What kind of a recovery is that? The story goes on to say, “Sales of existing homes rose slightly in March but prices fell as the U.S. housing market continues to struggle.” (Click here to read the complete USA Today story.) What are the writer and editor at USA Today thinking or even trying to say? This sounds like a story about a struggling real estate market and, in fact, all the evidence says the market is struggling. It is certainly not recovering. Read more
New York Times: Builders of new homes see no signs of recovery
With sales down 80 percent since 2005, analysts expect long-term changes in behavior. RICHMOND, Ill. — In this distant Chicago suburb, a builder has finally found a way to persuade people to buy a new house: he throws in a car. Kim Meier’s spring promotion, which includes a $17,000 credit at a nearby General Motors dealer, has produced seven sales since the beginning of March, a veritable windfall of business for a builder who sold only 20 houses last year. “We needed to do something dramatic,” said Mr. Meier. “The market’s been soft.” Read more
Brother Nathaniel Speaks Out on Glenn Beck
Ok folks, here it is. I am NOT a Glenn Beck fan. In my opinion he is a narcissistic, blind and ignorant Mormon blow-hard. However, he is learning the hard way it would appear. Perhaps now he understands who actually has paid his exorbitant salary the last couple of years. Perhaps now he realizes what happens when barking slave dogs bite the hand that feeds them. Perhaps NOW he may understand exactly who Ruppert Murdock is, and perhaps NOW he MAY take a much closer look into the “Protocols of the Learned Men of Zion.” Who knows, PERHAPS Beck MAY eventually learn exactly how Rothschild, Soros and Murdock are silently pulling the strings behind his Mormon (LDS) Church as well. (Lord Rothschild OWNS the LDS Church corporate stock – and thus controls it.)
Then, perhaps, I may enthusiastically endorse Beck as a truthful and honest host – rather than, perhaps, the naive loud-mouth of the past. (Then, perhaps, Beck will be likewise broadcasting from all that is left to him: a small internet station such as The Micro Effect.)