by Heidi N. Moore, contributor
There are those who would argue that the financial crisis was caused by over-enthusiastic worship of the Almighty Dollar. Call it brutal financial karma, but that church is looking pretty empty these days.
A new report from Morgan Stanley analyst Emma Lawson confirms what many had suspected: the dollar is firmly on its way to losing its status as the reserve currency of the world. We already knew that central banks have preferred gold to dollars, and that they're even selling their gold for cash; now, according to Lawson's data, it seems that those central banks prefer almost anything to dollars.
Lawson found that central banks have dropped their allocation to U.S. dollars by nearly a full percentage point to 57.3% from 58.1%, and calls this "unexpected given the global environment." She adds, "over time we anticipate that reserve managers may reduce their holdings further."
Just last week, America's debt lept $166 billion in a single day. That one-day run-up is greater than the entire U.S. annual deficit in 2007. And Americans, the world's consumers, continue much of the behavior that helped the U.S savings rate drop so low.
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Hmmm--- the statement in the article
ReplyDelete"We already knew that central banks have preferred gold to dollars, and that they're even selling their gold for cash; now, according to Lawson's data, it seems that those central banks prefer almost anything to dollars."
Does not sense why are the banks selling gold? Perhaps it is just an illusion to appear to be selling gold to drive down the price so they can unload dollars and buy cheaper gold or other commodities.
I have heard more and more people pulling their money out of the bank. These are normal hard working people who DO NOT follow the economic news.
Our Debt increased 166 Billion in One day -
ReplyDeleteHoly shit but that's alot of money
I'd like to know what's propping it up at this point. Cannot be much
the reason people are pulling thier money out of banks
ReplyDeleteis because all the goverment tells you is lies
its a lose of confidence
we will see a collapse thats why people bought gold just like 1929
i meet many people that just cant stand the bs
with the banks
its the control we control you! your money your healthcare we are in control!!!! but your free
bp dumping millions of gallons of oil and the epa up the normal homeowners butt.
and its not going to get any better.
the tracking. in the loss of freedom in the effort to protect is no freedom. overtaxed.
never forget the wars destroyed america!!!!!!!!!!!
never ending.............
but many americans are to stupid to see this
loss of faith in god and faith in man has doomed us.
banks are needed. but these people are guilty
of treason.
so yes i know of many that have no money in the banks.and they dont even give you intreast
to keep up with inflation.
ill keep my gold you can have your paper
the dollar is worthless the bank will get thier money back
Th elite controllers have so much gall that they even go so far as to design DEMONS in the smoke of the demolitions they create. Now that is TWISTED! LOL.........
ReplyDelete