Rick Mercer Reports on the Amero Currency

Rick Mercer Reports on the Amero Currency

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Gold nears $850 on Greenback slump

Gold nears record-high on dollar, Pakistan turmoil

December 30, 2007

Gold rallied to a 7-week high on Monday and close to a record high of $850 on speculative buying driven by a weak U.S. dollar and tensions in Pakistan following the assassination of opposition leader Benazir Bhutto.

But thin trading in Asia ahead of the New Year holidays meant gold and other precious metals were prone to sharp fluctuations. Platinum dropped but held near last week’s record high of $1,542 an ounce.

Spot gold hit an intraday high of $842.90 an ounce before dipping to $842.00/842.80. This was still higher than $837.80/838.50 late in New York on Friday.

“There’s still a potential for further unrest in Pakistan following Bhutto’s assassination. I guess there’s a potential for us to push higher and test the highs around $847 at least,” said Darren Heathcote of Investec Australia in Sydney.

“I think $847 will be the initial technical point to breach. When London comes in, more stops get taken out,” he said.

Gold hit a record high at $850 January 1980 on high inflation linked to high oil prices, Soviet intervention in Afghanistan and the effects of the Iranian revolution. After adjusting for inflation, that level was equal to $2,079 at 2006 prices.

Gold has risen more than 30 percent this year — the biggest annual gain since 1979 — as a number of factors, including a weak U.S. dollar, record-high crude prices, credit market turmoil and falling U.S. rates, boosted its safe-haven appeal.

The latest safe-haven buying was sparked by Bhutto’s killing last week, which plunged Pakistan into crisis. Electoral officials hold an emergency meeting on Monday to decide whether to go ahead with a January election that is aimed at shifting the country from military to civilian rule.

Bhutto’s killing in a suicide attack on Thursday triggered bloodshed across the country and rage against President Pervez Musharraf, casting doubts on nuclear-armed Pakistan’s stability and its transition to civilian rule.

“I think it’s possible to touch $850 in the near term. It moved in a massive range already in the past 24 hours,” said David Moore, a commodity analyst at the Commonwealth Bank of Australia in Sydney.

“It’s possible it might go higher in the near term. It’s obviously been supported by a number factors but probably the thin trading conditions are sort of exacerbating the movements in the gold price at the moment,” he said.

Read Full Article Here


Dollar Heads for Annual Declines Against Euro, Yen on Fed Cuts

December 31, 2007

The dollar fell for a second year against the euro and declined against the yen, snapping two years of gains, as traders raised bets the Federal Reserve will cut interest rates again to bolster the slowing economy.

The dollar traded at a two-week low versus the euro and yen, after weakening against 14 of the 16 most active currencies this year, as the Fed reduced borrowing costs three times to temper the worst housing slump in 16 years. A U.S. report today may show sales of existing homes held at the lowest since the National Association of Realtors began keeping records in 1999.

“Going into the end of the year, clearly markets have taken another bounce of dollar negativity on board,” said Jeremy Stretch, senior market strategist in London at Rabobank Groep, the third-biggest Dutch bank. “The slowdown in the U.S. economy is clearly going to happen.”

The dollar fell to $1.4712 per euro as of 9:48 a.m. in London from $1.4723 in New York on Dec. 28. It has lost 11.4 percent this year, and reached $1.4967 on Nov. 23, the weakest since the euro began trading in 1999. The dollar slipped to 112.11 yen, from 112.28 on Dec. 28 and 119.05 at the end of 2006.

The British pound headed for a second annual gain versus the U.S. currency, rising 2 percent to $1.9986. The Canadian dollar was poised for its biggest yearly advance since 2003, climbing 16 percent to 97.91 Canadian cents per U.S. dollar.

Read Full Article Here

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Billionare To Canada: We Need An Amero

Billionare To Canada: We Need An Amero

World Net Daily
November 27, 2007

Stephen Jarislowsky, a billionaire money manager and investor the Canadian newspaper Globe and Mail bills as the Canadian Warren Buffet, has told a parliamentary committee Canada and the United States both should abandon their national dollar currencies and move to a regional North American currency as soon as possible.

“I think we have to really seriously start thinking of the model of a continental currency just like Europe,” Jarislowsky told the Canadian House of Commons’ finance committee, according to the Globe and Mail in Toronto.

Jarislowsky’s call for immediate action belied an article published in the Boston Globe on Sundaythat said the call for the amero to become the new North American regional currency was “purely theoretical.”

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Economic Expert Says Global Crash Imminent

Economic Expert Says Global Crash Imminent
Echoes former world bank leader with prediction of global recession

Steve Watson
November 20, 2007

A leading economic expert has warned that a global crash and recession is imminent on the back of record highs in real estate, stocks and energy, combined with a devaluation of the dollar and continued “speculative bubble thinking”.

Robert Shiller, the Stanley B. Resor Professor of Economics at Yale University told an audience at the annual Dubai International Financial Centre (DIFC) Week that a sharp downward correction is due in the global markets.

Shiller stated:

“Perhaps we have gotten a little too confident in the global economic growth,” said Shiller. “The problem is high oil, stock and real estate prices. I believe that a substantial part is speculative bubble thinking. We have gotten too confident of the prices in these markets,”.

“The unwinding of these markets is the most serious risk facing these markets today,” Shiller added.

With the effects of the credit crunch hitting more and more lower level lenders, it is clear to see that the fallout is spreading and propagating a general decline. We are seeing the unfolding of an overall meltdown that represents a gutting of the United States by neo-mercantilist institutions bent on the formation of a new global monopoly.

Shiller also pointed to the futures market, such as that of the CME in Chicago, which now predicts a major, ongoing decline over the coming four years.

We are witnessing the unfolding of a crash exactly as predicted by Former World Bank Vice President, Chief Economist and Nobel Prize winner Joseph Stiglitz last year.

Stiglitz agreed that the process of hijacking and looting key infrastructure on the part of the IMF and World Bank, as an offshoot of predatory globalization, has now moved from the third world to Europe, the United States and Canada.

Stiglitz warned that the signs were there with plummeting real estate prices in the U.S., stating that a global economic depression could only be avoided if a correction was made.

But no correction will be made because the World Bank/IMF/Globalist doctrine betrays a focused agenda to deliberately foment economic turmoil, riots, and then enforced bondage to eternal debt. We have witnessed this time and time again, their own documents even confirm this as the chosen method of social control.

The shareholders of Federal Reserve, part of the same group of elite families that owns the bank of England, created the IMF and World bank to siphon government funds. Then they effectively steal the real assets of the third world countries that take their loans in some cases at 42% interest. These global loan sharks secure the water, power and roads which are then handed over to private, piratical, letter of mark companies.

China Voices Alarm at Dollar Weakness

Financial Times
November 19, 2007

China on Monday expressed concern at the decline in the dollar, joining a growing chorus of global policymakers alarmed by the weakness in the world’s main reserve currency.

Premier Wen Jiabao told a business audience in Singapore it was becoming difficult to manage China’s $1,430bn foreign exchange reserves, saying that their value was under unprecedented pressure.

“We have never been experiencing such big pressure,” Mr Wen said, according to Reuters. “We are worried about how to preserve the value of our reserves.”

China keeps the currency composition of its reserves a state secret, but some analysts believe that more than two-thirds are probably still held in dollars.

Mr Wen’s comments came as top international economic officials spoke out in support of a strong dollar in the aftermath of the weekend’s Group of 20 summit in South Africa and Opec meeting in Riyadh.

Hank Paulson, US Treasury secretary, told reporters in Ghana: “A strong dollar is in our nation’s interest.”

He said the US economy had its “ups and downs” but he believed that “our long-term economic strength will be reflected in currency ­markets”.

Mr Paulson and other top US officials, including President George W. Bush, have become increasingly vocal on the dollar in recent days in an apparent effort to signal that they are not indifferent to its fate.

Zhou Xiaochuan, China’s central bank chief, said Beijing wanted a strong dollar because it would help to ensure an orderly resolution of the recent market instability caused by US mortgage lending problems.

“So in this sense, actually we hope to see a strong dollar,” Reuters quoted Mr Zhou as saying. “We support a strong dollar.”

Jean-Claude Trichet, president of the European central bank, told reporters that Mr Zhou’s remarks “echoed what has been said by the monetary authorities of the US”.

“What we are witnessing is unco-ordinated verbal intervention,” said Stephen Jen, head of currency research at Morgan Stanley. “This is useful as in the absence of it, investors and speculators would have interpreted it as the authorities condoning what was going on in the currency markets.”

The Japanese yen rallied against a range of currencies on Monday, notably commodity-based rivals such as the Canadian and Australian dollars. The prospect of China allowing its currency to appreciate against the dollar drove sentiment, traders said.

The dollar was largely unchanged in early US trading. The US currency has shown some tentative signs of stabilisation in the past few days, but many analysts remain bearish.

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Gold hits fresh peaks near $850, Oil hits $98 a barrel

Gold hits fresh peaks near $850, Oil hits $98 a barrel

November 7, 2007

LONDON (Thomson Financial) – Gold raced to a series of fresh 28-year highs and is currently just 1 pct below its historic peak as the dollar sank against major currencies and record oil prices stoked inflation jitters.

The precious metal moves in the opposite direction to the dollar as gold is seen as an alternative asset and moves in line with high oil prices as investors hedge against energy-led inflation.

The weak dollar, which hit yet another low against the euro this morning, spurred buying as it made commodities denominated in the greenback cheaper for those trading in other currencies.

At 10.16 am, spot gold was trading at 839.38 usd an ounce, against 821.30 usd in late New York trade yesterday, having earlier hit 845.58 usd, its fresh peak in almost 30 years.

Analysts are now calling for the metal to hit and even surpass 850 usd, the all time high set in January 1980.

‘With this weaker dollar we will see it (gold) push through 850 usd and even 860 usd today,’ said Ben Coleman, commodities trader at Trade Index. ‘Currency is having a big call on what’s going on with gold, oil and metals,’ he said.

Meanwhile, risk aversion in the equity markets, as fears the US subprime debacle will mean slower growth going ahead, sparked a rush towards safer assets like gold.

‘As long as the financial markets remain fragile and investors risk averse, gold prices will be a beneficiary in our view,’ said HSBC (nyse: HBC news people ) analyst James Steel.

Looking ahead, oil is expected to top 100 usd a barrel in the very near future. Today, markets will see if US crude stocks are shown to have fallen last week, as expected, in a weekly report due out at 3.30 pm London time.

New York’s WTI benchmark hit a record of 98.43 usd a barrel this morning, sparking already intense fears inflation is going to impact markets.

‘The flood of speculative cash pouring into oil has resulted in a breach of 100 usd a barrel very much on the cards for today,’ said Bank of Ireland (nyse: IRE news people ) analyst, Paul Harris (nyse: HRS news people ).

Gold has gained over 30 pct since January, oil’s price has almost doubled and the dollar has lost over 10 pct of its value against the euro since the start of this year.

With the yellow metal near its all time record, not many participants are calling a price top.

‘If we see a sell-off it will be aggressive,’ said Coleman at Trade Index. ‘(But) levels here mean it’s hard to pick a top.’

Elsewhere, other precious metals surged, following in gold’s footsteps and as they garnered strength from the dollar’s weakness.

Silver is now comfortably over 15 usd, previously seen as key resistance level, platinum hit a record high and palladium hit its highest price since April.

Silver was trading at 15.86 usd an ounce against 15.32 usd in New York yesterday, having hit 16.18 usd — its highest price since April last year.

Platinum was steady at 1,471 usd an ounce from 1,472 usd, having earlier set a historic peak at 1489.50 usd. Palladium rose to 376 usd from 375 usd, after striking its highest price of the year of 384.50 usd.


Dollar Slumps to Record on China’s Plans to Diversify Reserves

November 7, 2007

Nov. 7 (Bloomberg) — The dollar fell the most since September against the currencies of its six biggest trading partners after Chinese officials signaled plans to diversify the nation’s $1.43 trillion of foreign exchange reserves.

The dollar fell against all 16 of the most-active currencies, declining to the weakest versus the Canadian dollar since the end of a fixed exchange rate in 1950, a 26-year low against the pound and a 23-year low versus the Australian dollar. The New York Board of Trade’s dollar index dropped to 75.21 today, the lowest since the gauge started in March 1973.

“Further weakening of the dollar is very likely,” said Teis Knuthsen, the Copenhagen-based head of foreign-exchange, fixed-income and derivative research at Danske Bank A/S, the Nordic region’s second-biggest lender. China may “diversify out of dollar holdings.”

The U.S. currency slumped to $1.4704 per euro, the lowest since the 13-nation currency debuted in January 1999, before trading at $1.4671 as of 7:15 a.m. in New York, from $1.4557 late yesterday. The dollar dropped the most in two months against the yen, trading as low as 112.87 yen. The euro fell against the yen to 165.84, from 166.99 yesterday.

The U.S. dollar index may be due for a reversal, according to a technical indicator. Its 14-day relative-strength measure fell to 21.38 today, below the 30 mark, which may signal the currency’s decline has bottomed out.

In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index.

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Relative of Merrill Lynch Founder Predicts Stock Market Crash

Relative of Merrill Lynch Founder Predicts Stock Market Crash

Kerri Panchuk
October 30, 2007

In a market where fears over the subprime shakedown are spreading pessimism nationwide, Charles Merrill, the cousin of the man who founded Merrill Lynch & Co., is predicting a stock market crash that will put the 1929 crash to shame.

Merrill, in an exclusive interview with a financial author, said, “There is going to be a major stock market crash, so protect your assets. Buy physical gold and hide it.”

Merrill also discussed all the changes at Merrill Lynch that indicate a potential market crises—even alluding to the company’s chief executive officer, who stepped down this week.

“Merrill Lynch is crashing, due to the ineptness of the CEO,” Merrill said. “No matter who is running Merrill Lynch & Co., it’s going to need a regimen of restraint and recuperation after getting badly bruised by the global credit market shakedown. I predict a house of dominos, and the whole stock market is going to crash.”

Lynch’s less-than-encouraging remarks were part of an interview with writer Michael Grace, who is writing a book called, “The Final Great Depression.”

During the interview, Merrill concluded, “There is so much wealth in Palm Springs … from inherited to funny money, and I’m advising my friends to buy gold. Grace’s book on the ‘final depression’ sounds like a novel or fantasy but unfortunately it is a picture of our horrible future here in America. My cousin Charlie must be turning over in his grave.”


Oil Crisis in Summer ’09: War in Iran. Gasoline rationing. A military draft. A Chinese takeover of Taiwan. Double-digit inflation and unemployment

Herald Tribune
November 2, 2007

WASHINGTON: War in Iran. Gasoline rationing. A military draft. A Chinese takeover of Taiwan. Double-digit inflation and unemployment. The draining of the strategic petroleum reserve.

This is where current energy policy is going in the United States, according to a nightmare scenario played out as a policy-making exercise on Thursday by a group of former top government officials.

Two bipartisan business-supported groups sponsored an elaborately staged role-playing game called Oil ShockWave that tried to dramatize the effect of American dependence on oil imported from unstable and unfriendly parts of the world.

The organizers have an agenda: They hope to prompt Congress to act on energy legislation and to push the issue into the presidential campaign.

Read Full Article Here


CDS traders warn of ‘blood on streets’

October 27, 2007

The mood in credit derivatives markets turned ugly on Thursday, with the cost of insuring corporate debt hitting multi-week highs on both sides of the Atlantic.

Speculation was rife that leading major investment banks were facing additional losses linked to complex mortgage-backed securities, while worries mounted over the health of major financial guarantors.

“It’s scary out there — there’s blood on the streets,” a trader at a US brokerage said. “It’s a real mess.”

In the US, the perceived risk of owning corporate debt jumped to a seven-week high, with the cost to insure a $10m portfolio of investment-grade debt reaching $67,000, data from Phoenix Partners Group showed.

Confidence in Citigroup and Merrill Lynch, as measured by their credit default swaps, slumped to lows not seen since the height of the credit squeeze in August.

Five-year credit default swaps tied to Citigroup widened to 60 basis points, meaning it cost $60,000 annually to insure Citigroup’s debt against default for five years. A couple of weeks ago, that figure stood at $27,000.

Contracts on Merrill Lynch, which last week posted the largest quarterly loss in its 93-year history, rose $18,000 to $103,000. CDS on UBS rose 10bp to 51bp, Deutsche Bank said. The contracts stood at about 6bp in May. Contracts on Credit Suisse rose 4bp to 52bp from 10bp in June.

Bond insurers, or monolines, were also hit hard.

“[These triple-A rated companies are] exposed to the crumbling housing market,” said Gavan Nolan, an analyst at derivatives data provider Markit. “Investors in monolines will be waiting for the coming months of housing data with trepidation,” Mr Nolan said.

CDS on MBIA Insurance rocketed to a four-year high, of 345bp, CMA Datavision said.

Last week the insurer posted $36.6m net loss and halted its share buy-back programme.

Contracts on the bond insurance unit of Ambac Financial climbed to a five-year high of 310bp.

Gimme Credit, an independent research term, downgraded both MBIA and Ambac this week.

In Europe, the iTraxx Crossover index of 50 mostly high-yield companies widened by 18 bp to 338bp, the biggest rise since August, according to Deutsche Bank data.

The iTraxx Europe index, which tracks 125 investment-grade companies, rose 3.75bp to 41bp. It was the biggest one-day jump since early September.

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Oil strikes record near $94

Oil strikes record near $94

Matthew Robinson
October 29, 2007

Oil jumped to a record high near $94 a barrel on Monday as stormy weather disrupted supplies from giant exporter Mexico and the dollar wallowed near record lows.

Mexican state oil company Pemex has shut a fifth of the nation’s crude production and halted the bulk of exports as storms kept ships bottled at ports across the country, a top U.S. supplier.

U.S. crude settled up $1.67 at $93.53 a barrel after striking a record $93.80 earlier. London Brent settled $1.63 higher at $90.32 a barrel.

Oil prices have soared by more than a third since mid-August as a stand-off between Turkey and Kurdish rebels, dollar weakness, easing interest rates and winter supply fears have lured a fresh wave of investment capital.

“Every new bullish factor pushes U.S. crude irrationally closer to $100 barrel,” said SGCIB, adding: “Prices will fall if the FOMC does nothing.”

The U.S. Federal Reserve’s Federal Open Market Committee meets on October 30-31, and Wall Street is betting on another rate cut as the U.S. housing downturn deepens.

Expectations of a cut have helped push the dollar to record lows against a basket of currencies and boosted the price of dollar-denominated commodities.

Full article here.


Canadian Dollar Hits 47-Year High

October 29, 2007

The Canadian dollar reached on Monday a 47-year high versus the US greenback, gaining on the US currency’s recent weakness, as well as soaring demand for oil and other natural resources.

At 1500 GMT, the American dollar was worth only 95.47 Canadian dollars, while the loonie, a sobriquet given to the Canadian dollar, was being traded for 1.0474 US dollars.

According to the Bank of Canada, the loonie had last seen such heights in March 1960.

Analysts noted that all major currencies were increasing in value against the US dollar in anticipation of an interest rate cut by the US Federal Reserve on Wednesday.

Most observers expect the Fed to cut its key lending rate by 25 percentage points, bringing it in line with Canada’s rate of 4.50 percent.

As well, demand for oil, gold and other natural resources, of which Canada is a major exporter, has given the Canadian dollar a big boost of late.

Since the beginning of this year, the Canadian dollar has increased 20 percent, and jumped 69 percent since 2002, when it was trading at a historic low of 61.70 US cents.

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Strong loonie may lead Canadian economy to collapse

Strong loonie may lead Canadian economy to collapse

Pravda Russia
October 29, 2007

Cross-border shoppers will rob the Canadian economy of billions of dollars in economic growth, an economic think-tank is warning.

The surge in cross-border shopping due to the strong dollar, not to mention the slump in exports, could knock nearly three-quarters of a percentage point off growth in the Canadian economy, says Action Economics, an online economic research firm.

However, the U.S. economy could get a much needed boost from the rise in cross-border shopping, as well as an increase in exports and drop in imports resulting from the relative weakness of its currency against the loonie, the report adds.

“Overall, the rapid rise in the Canadian dollar should resonate through both the Canadian and U.S. economies well into next year,” it said, as the loonie traded near a 33-year high of more than $1.03 US.

“Canadian dollar strength adds to the downside risk for Canada’s domestic economy via deflection of consumer spending, and will likely exacerbate an already difficult environment for some Canadian exporters,” it said. “In contrast, the U.S. economy stands to benefit via increased retail sales and export demand, which would provide a timely offset to what is shaping up to be a sizable drag from residential investment.”

Read Full Article Here


Dollar plumbs fresh lows as Fed cut anticipated

Dollar plumbs fresh lows as Fed cut anticipated

Toni Vorobyova
October 29, 2007

The dollar slid to a record low against a basket of major currencies on Monday, weighed down by expectations of a Federal Reserve interest rate cut this week and perhaps another move by the end of the year.

The dollar’s woes helped to drive oil prices to a new record peak above $93 a barrel and sent gold to a 28-year high above $794 an ounce, boosting the Australian dollar to its highest levels in 23 years and the Canadian dollar to a 33-year peak.

The Fed is widely forecast to cut rates by a quarter percentage point to 4.5 percent on Wednesday, while expectations are building for a follow-up cut in December to limit economic damage from the housing market’s downturn.

The likelihood of lower U.S. rates sent investors away from U.S. assets and into other currencies, particularly European currencies and those of commodity producers such as the Australian and Canadian dollars.

“It’s all about the Fed, of course. We are not surprised that we are trading around these levels,” said John Hydeskov, senior analyst at Danske Bank in Copenhagen.

“Our models based on oil, stocks, stock volatility and rates suggest that we could see much higher levels, around $1.47. But to the extent that we’ve taken a really, really long rally now, we would not be surprised if we see some profit taking around $1.45,” he added.

Danske, which entered a long euro/dollar trade on October 10 at $1.4115, raised the target on its position for the third time on Monday, to $1.4510.

Full article here.


IMF: USD Due For Disorganized Fall

Political Affairs
October 29, 2007

Washington, Oct 27 (Prensa Latina) IMF (International Monetary Fund) director, Rodrigo Rato, forecast that the dollar is due for a disorganized and pronounced fall.

In declarations to the press, Rato said that the greenback may continue to fall rapidly, which, he added, would complicate the credit crisis in the United States.

Rato said there was a possibility of a worldwide recession in 2008 but this would not be his most important forecast.

“There is another scenario. A lesser economic growth in the United States, which would have an impact on Europe and Japan,” maintained Rato who is soon to leave his post in the IMF.

He also indicated that there is danger of a growing inflation as a result of the high oil prices, but also the hike in food product prices.

World markets suffered strong turmoil during the past two months from the mortgage risk in the United States.

“All these dangers come at a time when the world economy now confronts risks, unbalances, protectionism and high oil prices,” Rato concluded.

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