Ron Paul vs. Marxist, Paul Krugman 04302012 (Bloomberg TV)

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Economy, Election 2012, Federal Reserve, Government spending, Inflation, Paul Krugman, Tax Hikes, Tax Increases, Taxed Enough Already, US Dollar

Ron Paul attempts to educate Paul Krugman on why we cannot inflate our way out of the economic crisis!

China Can Do Without US Dollar?

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Economy, U. S., US Dollar

PRAVDA.RU

“China ’s announcement overnight that it will allow companies to settle international trade claims in yuan shows how serious the Chinese authorities are about building a local currency market.

China will allow companies to use the yuan to settle cross-border trade and let them keep their entitlement to export tax rebates, seeking to reduce the reliance of importers and exporters on the U.S. dollar.

The People’s Bank of China will encourage banks to offer yuan settlement services from today, the bank said in the regulations published on its Web site. Transactions inside China will take place in Shanghai and four cities in southern Guangdong province, including Guangzhou and Shenzhen, while those outside China will occur in Hong Kong, Macau and the Association of Southeast Asian Nations, it said.

‘It’s China’s first step to make the yuan global,’ said Shi Lei, an analyst in Beijing at Bank of China Ltd., the nation’s largest foreign-currency trader. ‘It will protect exporters from swings in exchange rates and boost the yuan’s role in the world currency system.’

China is promoting greater use of the yuan in international trade and finance after Premier Wen Jiabao in March expressed concern that a weakening dollar will cause losses on the country’s holdings of U.S. assets. A Chinese Foreign Ministry official said today he hoped the U.S. currency would remain stable, while reiterating a call for diversification of the international monetary system, Bloomberg reports…”

 

Geithner backs strong dlr, says China’s assets safe

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Timothy Geithner, US Dollar

 

“BEIJING, June 1 (Reuters) – U.S. Treasury Secretary Timothy Geithner on Monday reaffirmed his faith in a strong dollar and reassured the Chinese government that its huge holdings of dollar-denominated assets are safe.

‘We believe in a strong dollar,’ Geithner said in a question-and-answer session after a speech to students at Peking University.

A major goal of Geithner’s maiden visit to China as Treasury secretary is to allay Beijing’s concerns that Washington’s mushrooming budget deficit and ultra-loose monetary policy will undermine both the dollar and U.S. bonds. China is the biggest foreign owner of U.S. Treasury bonds.

‘Chinese financial assets are very safe,’ Geithner said. His response drew laughter from the audience.”

And for what it’s worth, the audience laughed their asses off.  Way to to TurboTax Tim and way to go POTUS.  Send a tax cheat to assure the masses.  ????

 

Dollar falls to 2009 lows against euro

“The dollar fell to fresh 2009 lows against the 16-nation euro on Tuesday, but the greenback was mixed against other major currencies.

The euro cost $1.4322, up 1.2% from $1.4160 late in the day Monday.The euro has been steadily climbing against the dollar since mid-March.

The dollar bought ¥95.76, down 0.8% from late Monday, when the dollar bought ¥96.55.

The greenback also fell against the British pound. The sterling cost $1.6588, up 0.9% from $1.6445.

The dollar has been weakening as investors bet that a recovery is underway. In times of uncertainty, investors shuffle funds into the greenback for safety; when the the economy is stronger, investors head for riskier, higher-yielding currencies….”

 

Obama Says U.S. Can’t Keep Borrowing From China

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obama, Politics, U. S., US Dollar, USA

  NYTIMES

“President Barack Obama raised the prospect on Thursday that China and other nations could stop buying U.S. debt and said the United States needed to tackle its deficit to avoid long-term economic damage.

‘The long-term deficit and debt that we have accumulated is unsustainable. We can’t keep on just borrowing from China or borrowing from other countries,’ Obama told a town hall meeting event in New Mexico.

‘We have to pay interest on that debt and that means that we’re mortgaging our children’s future with more and more debt,’ he said.”

Talk about the pot calling the kettle black.  The Treasury is out of money for the year.  They are either borrowing or printing when they feel the need to do so and Obambi is finally starting to concern himself with the fact that other nations might stop buying our debt?

Is he stupid or what?  When did he reach that epiphany?  And then, why is he still spending the United States up the creek? Talk about being late to the ball.

Impeach this sucker.

Special Alert: U.S. Currency Exchange Controls

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Economy, EUROPE, France, G20 Summit, Germany, Global Summit, Globalization, Gordon Brown, Multi-National Currency, obama, One Global Currency, socialism, Timothy Geithner, U. S., Under the Bus, US Dollar, USA

This article is a must read.  Thanks for the hat tip DianeJ. Excerpt from Special Alert: U.S. Currency Exchange Controls.

“This writer’s conjecture is: Could Obama/Geithner, without any advance notice, slap currency exchange controls on the U.S. that would prevent the repatriation of these excess dollars, and effectively land-lock the dollars already here?

Such a move would immediately set up a two-tiered system of currency for the U.S.: Internal and External.

The pain this would put on America would be sacrificed for the greater global good.”

Patrick Wood, August Review

Answer to Mr. Wood’s question, a resounding YES.  Since Obama’s first day in office, both he and Geithner have done everything possible to undermine and inconvenience the American people turning our lives into a living hell.  Therefore, we should not be surprised if and when Obama throws the United States “under the bus” to achieve his socialist agenda.  Making the United States the ultimate sacrificial lamb is Obama’s viewpoint of “for the greater good.”  Obama would become a hero, hence immortalized amongst socialist nations. Okay, so maybe I’m being a bit melodramatic here, but he might, and you get my point.

Furthermore, Gordon Brown has been told that dispatching more money in a stimulus plan is not an option. 

Therefore, with the spending option off the table and since Brown and Obama’s plan is a no go from the start, then we must ask ourselves, why is Obama really attending the G20 Summit? What is he up to and how much more damage will he do?

For many, it might sound a bit far fetched, but think about it.  Obama speaks of transparency, but provides none.  He is always slipping his dirty deeds into legislation under the radar.

“Anarchists” and the “unemployed” are among the thousands protesting and raising all kinds of sand throughout the streets of London.  One of the reasons they are protesting is due to lack of transparency.  As one interviewee said this morning on CNN, “there is no transparency amongst the G20 leaders.  Everything is done behind closed doors.”

Lack of transparency, empty rhetoric, lies, backroom deals all mean trouble for the people, on a global scale.

I am sure from Obama’s skewered viewpoint, such betrayal would provide several chapters to his book.

Bachmann Demands Truth: Will Obama Administration Abandon Dollar for a Multi-National Currency?

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Economy, G20 Summit, Globalization, Michele Bachmann, Multi-National Currency, obama, RUSSIA, Timothy Geithner, Treasury Department, U. S., United Nations, US Dollar, USA

In response to suggestions by China, Russia, and other countries around the world calling on the International Monetary Fund to explore a multi-national currency, U.S. Representative Michele Bachmann (MN-6) has introduced a resolution that would bar the dollar from being replaced by any foreign currency.

“Yesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would,” said Bachmann. “And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know.”

Asked today about a currency proposal from China at a Council on Foreign Relations event, Secretary Geithner stated he was open to supporting it. Despite attempts to clarify his remarks later in the day, the unguarded initial response calls into question his true intentions.

Although Title 31, Sec. 5103 USC prohibits foreign currency from being recognized in the U.S., the President has the power to engage foreign governments in treaties, and the President is principally responsible for the interpretations and implementation of those treaties according to the Constitution. As a result, legislation prohibiting the President and Treasury from issuing or agreeing that the U.S. will adopt an international currency would need to come in the form of a Constitutional Amendment differentiating a treaty used to implement an international currency in the U.S. from other types of treaty agreements.

http://bachmann.house.gov/News/DocumentSingle.aspx?DocumentID=116036