Monthly Archives: April 2013

Australia And China To Enable Direct Currency Convertibility

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“The land down under is set to say goodbye to the world’s ‘reserve currency’ in its trade dealings with the world’s biggest marginal economic power, China, and will enable the direct convertibility of the Australian dollar into Chinese yuan, without US Dollar intermediation, in the process ‘slashing costs for thousands of business’ and also confirming speculation that China is fully intent on, little by little, chipping away at the dollar’s reserve currency status until one day it no longer is. This latest development in global currency relations should come as no surprise.”

http://www.zerohedge.com/news/2013-03-31/thanks-world-reserve-currency-no-thanks-australia-and-china-enable-direct-currency-c

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Is Japan’s Devaluation an Attack on China?

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“In an article yesterday we suggested that the reason Japan was embarking on a massive attempt at Keynesian-style stimulation was to promote the efficacy of Keynesian economic ‘cures.’  But there is another possibility as well. Perhaps the idea is to start a currency war aimed at least in part at China.  Japan is a longtime ally of the US, which defeated it in World War II. It is certainly possible that Japan has allied itself with the US to serve Anglo-American interests in this regard.  It is indeed possible to hypothesize that Japan’s current policy is intended to confront China and therefore is being used as a monetary ‘weapon of war.'”

http://www.thedailybell.com/28963/Is-Japans-Devaluation-an-Attack-on-China

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Don’t Sell Your Gold!

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“You would be crazy to look upon the current events in the gold market and presume the golden age is over.  It won’t end until America has a credible plan for dealing honestly with our country’s debt and Washington’s financial diarrhea. That isn’t likely for many more years yet.  As I told attendees at the Global Currency Expo earlier this month, I don’t care if gold goes to $2,000 or $500, I don’t sell.  I don’t cancel my homeowners insurance just because I don’t expect a fire at my house this year. Why would I cancel my lifestyle insurance just because some investors are bailing on gold?”

http://sovereign-investor.com/2013/04/16/dont-sell-your-gold/

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James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA

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James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA

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Peter Schiff: Gold in the Crosshairs

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“While the vast majority of economists see gold as the ‘barbarous relic’ described by Keynes, the sentiment has not stopped many central bankers from holding huge quantities as currency reserves. It is a curious phenomenon that the countries with the most daunting debt problems have the highest percentage of gold in their foreign exchange reserves. Many of these countries were formerly prosperous, and at various points in their histories had gold-backed currencies that required large reserves. These legacy assets now account for the bulk of their reserve wealth.”

http://www.europac.net/commentaries/gold_crosshairs

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Bill Bonner: Gold versus paper cash

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“Maybe there really is a recovery…however weak. Maybe the feds really do have the situation under control. Maybe the central banks are right to print money. Maybe it will be clear sailing from now until Kingdom Come. And we’ll be fools not to be on the boat along with all the other stockbuyers and gold-dumpers.  One day, however…and we won’t say ‘when’…people will stop worrying about the quantity of the paper and begin worrying about the quality of it. They will find that they have plenty of paper…and that more is coming all the time. They will look in their vaults and wonder what they will do with all this paper money.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=04/16/2013&story=1&title=Gold-versus-paper-cash

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A surprising map of the countries that are most and least welcoming to foreigners

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“Buried several hundred pages into a new World Economic Forum report on global tourism, past the sections on air travel infrastructure and physician density (by which they mean the number of physicians per capita, not the mass-per-cubic-meter of individual doctors), are some very interesting numbers. The WEF has compiled survey data from 140 countries estimating the attitude of each countries’ population toward foreign visitors.  The results, mapped out above, seem significant beyond just tourism. The WEF gathered the data from late 2011 through late 2012 by asking respondents, ‘How welcome are foreign visitors in your country?'”

http://www.washingtonpost.com/blogs/worldviews/wp/2013/03/21/a-fascinating-map-of-countries-color-coded-by-their-openness-to-foreigners/?k

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Portugal’s elder statesman calls for ‘Argentine-style’ default

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“Portugal’s leading elder statesman has called on the country to copy Argentina and default on its debt to avert economic collapse, a move that would lead to near certain ejection from the euro.  Mario Soares, who steered the country to democracy after the Salazar dictatorship, said all political forces should unite to ‘bring down the government’ and repudiate the austerity policies of the EU-IMF Troika.  ‘Portugal will never be able to pay its debts, however much it impoverishes itself. If you can’t pay, the only solution is not to pay. When Argentina was in crisis it didn’t pay. Did anything happen? No, nothing happened,’ he told Antena 1.”

http://www.telegraph.co.uk/finance/financialcrisis/9990651/Portugals-elder-statesman-calls-for-Argentine-style-default.html

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Bill Bonner: Turning Argentine…

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“‘Are you kidding?’ said an Argentine friend. ‘Nobody wants to save pesos. You get them. You spend them.’  ‘I’ve seen this show before,’ said another friend. ‘I was here in Argentina in the 1980s, when we had inflation of 1,000% per month. And I was in Moscow when the Soviet Union fell apart. Inflation hit about 800% there in 1993. I see signs of a big takeoff in inflation again. Watch out.’  But for well-to-do Argentines, the quality of life here must be among the highest in the world. There are dozens of restaurants within a five-minute walk. You can sit outside. The weather is nice. And prices are cheap, if you convert your money on the black market.”

http://lewrockwell.com/bonner/bonner582.html

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Now It’s The Netherlands’s Turn

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“The Netherlands, Berlin’s most important ally in pushing for greater budgetary discipline in Europe, has fallen into an economic crisis itself. The once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs.  No nation in the euro zone is as deeply in debt as the Netherlands, where banks have a total of about €650 billion in mortgage loans on their books …”

http://www.thedailybell.com/28936/Now-Its-The-Netherlandss-Turn

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