Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says

Started by CrackSmokeRepublican, October 15, 2009, 10:27:41 PM

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CrackSmokeRepublican

October 15, 2009, 10:27:41 PM
Bloomberg
Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says
By Shigeki Nozawa

Oct. 15 (Bloomberg) -- The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.'s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.

"The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger," said Daisuke Uno at Sumitomo Mitsui, a unit of Japan's third- biggest bank. "The dollar's fall won't stop until there's a change to the global currency system."

The dollar last week dropped to the lowest in almost a year against the yen as record U.S. government borrowings and interest rates near zero sapped demand for the U.S. currency. The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners, has fallen 15 percent from its peak this year to as low as 75.211 today, the lowest since August 2008.

The gauge is about five points away from its record low in March 2008, and the dollar is 2.5 percent away from a 14-year low against the yen.

"We can no longer stop the big wave of dollar weakness," said Uno, who correctly predicted the dollar would fall under 100 yen and the Dow Jones Industrial Average would sink below 7,000 after the bankruptcy of Lehman Brothers Holdings Inc. last year. If the U.S. currency breaks through record levels, "there will be no downside limit, and even coordinated intervention won't work," he said.

China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency. Hossein Ghazavi, Iran's deputy central bank chief, said on Sept. 13 the euro has overtaken the dollar as the main currency of Iran's foreign reserves....

Posted by Jesse at 11:42 AM

http://jessescrossroadscafe.blogspot.com/
After the Revolution of 1905, the Czar had prudently prepared for further outbreaks by transferring some $400 million in cash to the New York banks, Chase, National City, Guaranty Trust, J.P.Morgan Co., and Hanover Trust. In 1914, these same banks bought the controlling number of shares in the newly organized Federal Reserve Bank of New York, paying for the stock with the Czar\'s sequestered funds. In November 1917,  Red Guards drove a truck to the Imperial Bank and removed the Romanoff gold and jewels. The gold was later shipped directly to Kuhn, Loeb Co. in New York.-- Curse of Canaan

§N9sh2bj

#1
October 15, 2009, 11:29:41 PM
Does this have *anything*, you think, to do with the announcement by Hal Turner, of the Japanese Finance Ministry agents showing up in Italy, on their way to Switzerland, to convert U.S. Bonds? Of course right afterwards, Hal was picked up and slimed, and in him they probably had excuses.
moved on.
the author does not adopt jewish \'race theory\' or \'darwinism\'.
and believes \'jewish culture\' is mostly one of supporting their organized crime syndicates, with a enough veneer and an organized system of destroying and reshaping other cultures, to obfuscate the truth to most people.
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