Monday, October 26, 2009

Google Wave

Saturday, October 24, 2009

DRS System on My FX Book

Tuesday, October 20, 2009

EES joins Microsoft Biz Spark

100 words to make you sound smart

Below is a complete list of the words in 100 Words to Make You Sound Smart:

bona fide
carte blanche
déjà vu
fait accompli
faux pas
Freudian slip

non sequitur
nouveau riche
quid pro quo
red herring
white elephant

Thursday, October 15, 2009

Total Collapse Will Come - Marc Faber

“We can no longer stop the big wave of dollar weakness,”

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.

Dollar collapse, hyperinflation, geopolitics, and a new gold backed currency update

New York Commercial Real Estate Collapse

Dollar weakness, curious comments from Japan

Wednesday, October 14, 2009 11:35:00 PM

* 15 Oct 09: 03:35 GMT (SGA) - FX NOW! USD/JPY, GBP/JPY Flows - MoF Fujii (after Minezaki yest): stable FX important

Alas! Some comments from MoF Fujii after "curious" comments from MoF Naoki Minezaki yesterday. MoF Hirohisa Fujii says stable FX is important both domestically and internationally - Jiji- Reuters. On FX, USD/JPY at 89.40-43, with MoF seen cautious of USD/JPY breaking toward 88.00 handle and January 87.10-12 lows - lows since 1995 - even as MoF Minezaki comments yesterday that no need to intervene when JPY rises, pushed USD/JPY from 89.30 to 88.83 - something which MoF Fujii may not want? USD/JPY bids at 89.00-20, offers still 89.80-90.00, stops on break of 90.00-05.WL

* 15 Oct 09: 03:31 GMT (SGA) - FX NOW! GBP/JPY, USD/JPY Flows - USD/JPY offers 90.00; but Cross/JPY demand to push it over

USD/JPY at 89.44-46, capped by exporters, Asian selling, but supported on back of Cross/JPY demand - with higher Aussie, Kiwi, and Euro, including Cable supporting Cross/JPY. Offer 90.00, stops above 90.00 level, while bids at 89.00-20 on the downside. Talks M.E. accounts, real money have been good buyers on dips, not surprised to hear more support at 88.50-60. GBP/JPY edging back up, to 143.55-65, while Cable up at 1.6050-55, as BoE MPC Paul Fisher rejects market views that BoE is talking down Cable to boost exports. GBP/JPY Bids at 143 lows, eye stops above 144.00. WL

US Dollar Crashes Through Major Support Level

Posted: Oct 14 2009     By: Dan Norcini      Post Edited: October 14, 2009 at 12:51 am

Dear Friends,

This evening in Asian trade, the Japanese Minister of Finance once again restated the new view out of Japan that the level of the Yen is no longer an obsession with the monetary authorities of that nation. His comments were interpreted by the Forex markets that intervention to stem the advance of the Yen is most unlikely. With that, market participants wasted little time bidding the Yen into a strong advance.

Those statements of his, combined with that of Federal Reserve Vice Chairman, Donald Kohn, that the US economy would not experience a quick or sharp recovery out of its recession, were both read by traders that US interest rates were not going anywhere anytime soon. Carry traders then beat the Dollar down below critical support near the 76 level on the USDX as they rushed into higher yielding currencies such as the Aussie and Loonie. The Euro also shot up to another new yearly high.

It is looking more and more like the current Administration has set on a course of deliberate destruction of the US Dollar and with it, the economic might that the US has enjoyed since post World War II. As said many times on the pages of this web site, the profligacy of the US has inescapable consequences and we are now seeing a rapid acceleration of the same. The fall in the Dollar is picking up momentum and that is why we are witnessing gold moving into new highs.

But gold is more than a Dollar phenomenon – Gold priced in terms of British Pounds and in Euros is relentlessly moving higher as both Great Britain and Europe, the fading West, are debasing their currencies as well.

Protect yourself from the theft of your wealth by these conscienceless politicians and monetary officials for they have sold their citizenry down the river and plundered them in the process far more thoroughly than Attila and his army of Huns ever did to Rome of old. At least the Roman inhabitants were aware of the rape and pillaging of their substance – when the general public finally awakens to the despicable looting of their treasures by these reeking buzzards, they will rush into gold with a fury that will shock even many of the readers of this site.

Click chart to enlarge this evening's action in the US Dollar in PDF format with commentary from Trader Dan Norcini

Tuesday, October 6, 2009

Seeking Alpha: Is the world conspiring against the US Dollar? It is not unusual to see the U.S. dollar down against the Canadian dollar, and other currencies, on a day when stock market indexes are rallying. In the old days of this stock market recovery, this action would be attributed to investors leaving the safety of U.S. Treasuries and embracing risk overseas.

However, on Tuesday, the U.S. dollar's downturn is being blamed on something a little scarier: The Independent newspaper has a scoop whose headline says it all: "The demise of the dollar."

The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.

"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.

Speaking at the annual meetings of the International Monetary Fund and World Bank in Istanbul, he said: "It is timely to emphasise that such a system also creates a more equitable method of sharing the seigniorage derived from providing global liquidity."

He said: "Greater use of a truly global reserve currency, such as the IMF?s special drawing rights (SDRs), enables the seigniorage gained to be deployed for development purposes," he said.

The SDRs are the asset used in IMF transactions and are based on a basket of four currencies -- the dollar, euro, yen and pound -- which is calculated daily.

China had called in March for a new dominant world reserve currency instead of the dollar, in a system within the framework of the Washington-based IMF.

Monday, October 5, 2009

New Currency Announced – Dollar Alternative

The demise of the dollar

In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading

The demise of the dollar

In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading

Sunday, October 4, 2009

Roubini warns stock markets have risen too fast as Fujii Japanese Finance Minister warns against JPY rise Oct. 5 (Bloomberg) -- New York University Professor Nouriel Roubini, who predicted the financial crisis, said stock and commodity markets may drop in coming months as the gradual pace of the economic recovery disappoints investors.

"Markets have gone up too much, too soon, too fast," Roubini said in an interview in Istanbul on Oct. 3. "I see the risk of a correction, especially when the markets now realize that the recovery is not rapid and V-shaped, but more like U- shaped. That might be in the fourth quarter or the first quarter of next year." Oct. 5 (Bloomberg) -- Japanese Finance Minister Hirohisa Fujii issued his clearest warning yet that his nation is open to intervening in the currency market even as the Group of Seven declined to criticize the tumbling dollar.

"If currencies show some excessive moves in a biased direction, we will take action," Fujii said Oct. 3 in Istanbul after a meeting of G-7 finance ministers and central bankers. He declined to say if the yen is now trading in such a way.

Thursday, October 1, 2009

Socialnomics: Social Media Revolution

TONY Blair is set to be made the first President of Europe in weeks, The Sun can reveal.

TONY Blair is set to be made the first President of Europe in weeks, The Sun can reveal.

The essence of the banking industry

Democratic Fundraiser Gets 24 Years For Fraud

Former Democratic fundraiser Norman Hsu was sentenced to more than 24 years in prison Tuesday by a judge who accused him of funding his fraud with a "conniving use of the political process."

U.S. District Judge Victor Marrero sentenced Hsu to 20 years in prison for his guilty plea to fraud charges and another four years and four months in prison for his conviction at trial for breaking campaign finance laws.

The judge said Hsu stole more than $50 million from hundreds of investors in a 10-year fraud by winning their confidence with a pristine reputation, even as he ripped them off in a complex Ponzi scheme, a recipe that the judge noted fits many white-collar crimes.

He called Hsu a "wolf in sheep's clothing."

He said his "conniving use of the political process to fund his fraud" made his crimes "much more sinister and reprehensible."