Stacy Summary: Wow. The Mexicans are soon going to be grateful for that fence . . .
Unemployment has hit migrant communities in the United States so hard that a startling new phenomenon has been detected: instead of receiving remittances from relatives in the richest country on earth, some down-and-out Mexican families are scraping together what they can to support their unemployed loved ones in the United States.
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Stacy Summary: Poor @Mike/Liverpool. Like I said in one of our podcasts, all currencies are falling, it’s just the dollar is falling so much faster.
Brazil, South Korea and Russia are losing the battle among developing nations to reduce gains in their currencies and keep exports competitive as the demand for their financial assets, driven by the slumping dollar, is proving more than central banks can handle.
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Stacy Summary: For you afternoon off topic headlines, sense, nonsense, chit chat and jibber jabber.
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Stacy Summary: Your thoughts?
“I hope that as the largest economy in the world and an issuing country of a major reserve currency the United States will effectively discharge its responsibilities,” Wen said at a news conference in Egypt, according to wire reports.
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Stacy Summary: All are speaking as one on the dollar. (Sounds to me like they are encouraging more speculators to pile in on a ‘one way bet’.)
“There are indications that the U.S. dollar is now serving as the funding currency for carry trades,” the IMF said in a report published yesterday. “These trades may be contributing to upward pressure on the euro and some emerging-economy currencies.” While the dollar “has moved closer to medium-run equilibrium,” it is still “on the strong side.”
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Stacy Summary: Reminds me of the opening clip in this promo taken from the Oracle where Max talks about the Bermuda Triangle of debt.
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Stacy Summary: Russia bought 400,000 ounces of gold in September. (They must be getting ready for The Keiser Report). In the meantime, as you can see from the chart below, today, the dollar seems to have fallen out of bed.
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Stacy Summary: Morning. Seems like things are back to where they were in early summer of 2008. Wild currency speculations, commodities rising and dollar diving. That’s not change I can believe in.
“Currencies that have the lack of support of petroleum, metals, and have a liberal central bank posture toward printing money are currencies that will continue to be punished,” said Peter Kenny, managing director in institutional sales at Knight Equity Markets in Jersey City, New Jersey. “The U.S. dollar is a classic example of that.”
Commodities “insist on validation and validity,” while currencies “are subject to politics and perception,” he said.
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Stacy Summary: Over the past year, there certainly has been loads of talk about dumping the dollar. When, however, will we move past the headline stage and to the point where someone acts?
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Stacy Summary: Bankers defrauding both taxpayers and China. What’s new?
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Stacy Summary: Thanks to @maxkeiser for the Pilger link. The other headlines are just as awful for what they hold for the near future of our economies . . . especially for those in the age group here. Anyway, looks like a lot of ‘good’ headlines out there today, so post what you find and I will be posting more soon . . .
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Stacy Summary: The dollar is either imminent toast. Or is it just a last plummet to its ‘major bottom’? Maybe it will reveal more by the time we return in a week . . . yes, it seems we really are going away! Just for a week and I am sure we will be posting new headlines here as often as we can and keeping up to date on comments. Maybe one or two of you want to post guest headlines?
Update:
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Stacy Summary: Will add more headlines after I return from place Concorde where I am walking around with my pitchfork and guillotine looking for some fellow peasants to march with me to La Defense. What headlines are you reading?? I know you have some good ones! Max won’t stop talking about the Sea Shepherd, so if you have anything to add to that discussion . . . do so here!
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Rick Ackerman
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