Thread: US Dollar Doomed as Credit Crisis Turning into a Currency Cr

US Dollar Doomed as Credit Crisis Turning into a Currency Crisis
Currencies / US Dollar
Oct 03, 2008 - 02:18 PM

By: Jennifer_Barry

When the precious metals were smashed out of nowhere and the dollar started climbing this summer I became very worried. I didn't question my conviction that commodities are in a bull market, or that precious metals in particular are undervalued. I felt something sinister was at work. Neither move was justified on a fundamental level. I assumed that something very bad was about to happen and the metals needed to be brought lower in advance of the bad news.

Now we have a glimpse at the ugly consequences foreseen by the Treasury Department and the Federal Reserve. In early September, Fannie Mae and Freddie Mac were nationalized with a financial commitment of USD$200 billion from the taxpayers. Incredibly, the loan limits at the former GSEs were raised from $417,000 to $729,750 in March when it was more than obvious these institutions needed to be reined in. Like most bailouts and bank failures, this one was announced on a weekend to limit the impact on the stock markets.

As I mentioned in last month's issue, Treasury Secretary Paulson was under severe pressure to act, as the Chinese started selling Fannie and Freddie bonds while threatening further retribution. Common shareholders were left with nothing, while bondholders like Pimco and Asian central banks benefited. The small investor was stung again, as taxpayer dollars were used to bail out foreigners and wealthy Americans in a policy that Jim Rogers terms “socialism for the rich.â€

The US Dollar must crash for the next phase of the Amero and the NAU to take hold.

What little money we have, we have stopped depositing into the bank.


Anyone have any suggestions as to what we should convert our $$$ into so we don't end up holding worthless paper?

Originally Posted by azwreath

Anyone have any suggestions as to what we should convert our $$$ into so we don't end up holding worthless paper?

Either gold or Chinese Yuan.

How does one get a hold of Chinese Yuan ?

Snopes site says no such thing as a Amero

http://www.snopes.com/politics/business/amero.asp