Currency wars, carry trades and IMF gold

Posted on November 25, 2009 by stacyherbert| 20 Comments

Stacy Summary:   The next stage of the global crisis is clearly happening in the currency grid, led by the collapsing reserve currency.

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20 Responses to Currency wars, carry trades and IMF gold

  1. Ptah | November 25, 2009 at 2:23 am |

    Fulford suggests an attempt by the IMF to make an emergency purchase of as much gold as possible to replace the tungsten they fobbed of on the Chinese:

    http://benjaminfulford.typepad.com/benjaminfulford/

  2. Vega Man | November 25, 2009 at 2:25 am |

    Carl Klang – That is why the banksters keep us dumb

    http://www.youtube.com/watch?v=yYviBBV3Qj8

  3. Phil | November 25, 2009 at 2:52 am |

    This should help …
    LOL !
    Now you might have to pay to keep money at the bank.

    Era of free banking expected to end with landmark court ruling
    The era of free banking is expected to come to end if a landmark ruling on overdraft charges goes against Britain’s high street banks.

    By Myra Butterworth, Personal Finance Correspondent
    Published: 6:45AM GMT 25 Nov 2009
    Era of free banking expected to end

    The Supreme Court will rule whether bank charges, imposed on millions of current account customers, are unfair.

    If the court decides they are, experts predicted banks stand to lose up to £10 billion while customers are likely to see charges imposed on a range of banking services which they have traditionally enjoyed for free.
    …
    …
    http://www.telegraph.co.uk/finance/personalfinance/6607192/Era-of-free-banking-expected-to-end-with-landmark-court-ruling.html

  4. sam | November 25, 2009 at 3:07 am |

    Wow, I cannot believe the IMF can be so dumb. If they sell all their gold, it’s game over for them and they’re powerless.

  5. Mini US | November 25, 2009 at 3:09 am |

    Finally,
    someone listening to Max and throwing Doggy Doos as a form of defence :)

    http://news.ninemsn.com/article.aspx?id=975776

    Will it catch on?

  6. stacyherbert | November 25, 2009 at 3:13 am |

    @Mini US – OMG . . . that’s hysterical!

  7. davem | November 25, 2009 at 3:20 am |

    I thought I’d ask some questions that I know have been discussed many times over here (and on related sites), but I’m sure lots of people are thinking the same:

    - given the imminent predictions of collapse discussed on this site and elsewhere, where would be the safest place to put my savings?

    - I’m selling my house – where should I put the money? Or should I bury the cash under a tree?

    - When (and if) the collapse comes, are the banks likely to close, and we wont be able to withdraw?

    - Which are the safest banks?

    - Is it wise to put everything into gold?

  9. Dedo | November 25, 2009 at 4:39 am |

    @Davem,..Do some research on the Carbon market, it’s going to be the “new” economy for the 21st century.
    http://www.carbonplanet.com/

  10. Donkerdoorn | November 25, 2009 at 4:45 am |

    China Tightens Rules on Transfers to Stop ‘Hot Money’
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aql54raktlLM&pos=5

    Fed Officials Watch Asset Prices for Signs of ‘Excessive Risk’
    http://www.bloomberg.com/apps/news?pid=20601087&sid=atWoGngEpam4&pos=3

    Dollars swiming around the world……

  11. JJ | November 25, 2009 at 5:29 am |

    The Royal Canadian Mint has figured out where their $10 million in missing gold went:

    “Mint officials double-counted some gold bullion they sold, and also underestimated the shrinkage of the gold during processing.”

    Of course they did. Happens all the time. People are always underestimating the shrinkage. Completely understandable. And here I was worried they had sent it to the Comex to help meet delivery demand. Crazy conspiracy thinking, that. Glad it’s all worked out.

    http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20091124/mint_mystery_091124/20091124?hub=Canada

  12. kandela1966 | November 25, 2009 at 6:11 am |

    Hi there I’m interested in buying gold and have been offered Gold ETFs by a brokerage company can anyone advise me if this is a good idea as opposed to physical gold and if not can someone let me know the best way to go ahead thankyou

  13. frances snoot | November 25, 2009 at 6:23 am |

    Fulford has his tin foil hat on a tad tight. US is a part of the G20 political structure, not an independent and paranoid entity as Fulford estimates.

    “There are three major factions ready to replace the Fed, the owners of the world’s gold who want a gold backed financial system, the Chinese and their allies who want a convertible renminbi backed by a basket of commodities and the Feds who just want to reboot the Fed minus the garbage. Ultimately the Chinese and the gold owners are likely to cut some sort of compromise deal, most likely centered on the Hong Kong dollar.”

    Gold bugs don’t own armies. The Chinese are controlled by their central bank and that head’s rhetoric indicates a desire to include the yuan within the sdr-basket and utilize the sdr as a full reserve currency to replace the dollar. The Fed is most likely bankrupt and a mute player.

    Fulford ignores the BIS/IMF bank monopoly cartel moving patiently and forcefully towards a replacement of the dollar as reserve with the sdr which also happens to be the unit of account for their bank and the unit of account for the bond sales coming out of the IMF.

  14. frances snoot | November 25, 2009 at 6:28 am |

    Nice link, Dedo! You forgot to tell Dave about the hotdog carry trade which you indicated to me yesterday yields substantial GAINS.

  15. Dedo | November 25, 2009 at 6:37 am |

    Frances,…..DOE!!,…..That’s my little niche dumbo ! : )

  16. frances snoot | November 25, 2009 at 6:41 am |

    @Dedo:
    O.

  17. Ptah | November 25, 2009 at 7:24 am |

    Francis: Tin hats are very useful in a crash – let them not be underestimated..

    Also, when you say ‘the US is part of the G20…’, do you mean the bit with all of the voters, and debts, and health problems, and poverty… or do you mean the bit with the power, resources, international business connections, zero electoral responsibility, press etc.

    Or do you still concieve of them as being the same thing?

  18. frances snoot | November 25, 2009 at 8:01 am |

    @Ptah:
    I’m not against tinfoil hats seeing as I have six different models hanging in my closet! I just said Fulford’s was pinching: his thoughts seem to be rather primal.

    “Also, when you say ‘the US is part of the G20…’, do you mean the bit with all of the voters, and debts, and health problems, and poverty… or do you mean the bit with the power, resources, international business connections, zero electoral responsibility, press etc.
    Or do you still concieve of them as being the same thing?”

    NO, actually I meant the bit about our governmental structure being dominated by the G20 governing board members: our Timmy Geithner is the sitting head for the US on that IMF board. The meeting of the governors of the IMF board is what is meant by the G20. Decisions are made by the G20 for those that stand to profit through ties or ownership to the IMF/BIS currency conglomerate monopoly. I meant that all financial regulatory reforms are flowing from Basel Committee through the newly empowered Financial Stability Board at the BIS which superceeds ‘sovereign’ heads of state. I meant that the armies of the G7 Western industrial powers are operating under NATO jurisdiction, with the war in Afghanistan being a joint-venture under the auspices of the UN Security Council (why do you think Obama is now their sitting head?)

    To ignore the structure of the financial international world order and to glean information from a myopic pick of personal preference for spook seems to be Fulford’s bias.

  19. Ptah | November 25, 2009 at 9:18 am |

    Francis: Thanks.

    I would say that whilst so much of the international structure is in praxis – there is a risk of talking about entities that no longer exist. For example, we still refer to the US on this board, yet many contributers will also accept the notion that the US no longer exists. Thus we are driven by the reflex or habit of using the US as a reference point.

    Because Fulford writes from an Asiatic perspective, his reference points may not corelate to well with our own, creating an interesting counterpoint to the usual opinion formers often mentioned on this list – not including the site hosts who have most bases covered.

  20. frances snoot | November 25, 2009 at 9:41 am |

    “Because Fulford writes from an Asiatic perspective,”

    The Asians seem less naive than the Americans, so I wonder at Fulford’s stance. He equates agency where none exists, or fulminates rumour as linchpin for a global perspective.

    I would assume that the Chinese students laughed at just such a choice in rhetoric.

    But he’s fun to pick apart, yes.

    “Thus we are driven by the reflex or habit of using the US as a reference point.”
    A reference point or a point of reference?
    I think the latter would do well to service a truly realistic worldview.