The Dying Dollar _Paul Craig Roberts
Paul Craig Roberts
Infowars.com
November 23, 2013
Since 2006, the US dollar has experienced a one-quarter to one-third drop in value to the Chinese yuan, depending on the choice of base.
Now China is going to let the dollar decline further in value. China also says it is considering undermining the petrodollar by pricing oil futures on the Shanghai Futures Exchange in yuan. This on top of the growing avoidance of the dollar to settle trade imbalances means that the dollar’s role as reserve currency is coming to an end, which means the termination of the US as financial bully and financial imperialist. This blow to the dollar in addition to the blows delivered by jobs offshoring and the uncovered bets in the gambling casino created by financial deregulation means that the US economy as we knew it is coming to an end.
The US economy is already in shambles, with bond and stock markets propped up by massive and historically unprecedented Fed money printing pouring liquidity into financial asset prices. This month at the IMF annual conference, former Treasury Secretary Larry Summers said that to achieve full employment in the US economy would require negative real interest rates. Negative real interest rates could only be achieved by eliminating cash, moving to digital money that can only be kept in banks, and penalizing people for saving.
The future is developing precisely as I have been predicting.
As the dollar enters its death throes, the lawless Federal Reserve and the Wall Street criminals will increase their shorting of gold in the paper futures market, thereby driving the remnants of the West’s gold into Asian hands.
PBOC Says No Longer in China’s Interest to Increase Reserves
By Bloomberg News – Nov 20, 2013
The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policymakers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting.
Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. His latest book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is now available
Source: http://blogdogcicle.blogspot.com/2013/11/the-dying-dollar-paul-craig-roberts.html
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Whistler Blowers, Insiders
The U.S dollar is shrinking as a percentage of the world’s currency supply, raising concerns that the greenback is about to see its long run as the world’s premier denomination come to an end…Since 2001, the US dollar has depreciated in value by a whopping 37%… The average folk walking down the street still believes that the dollar that he earned 5 years ago is still worth a dollar… It isn’t …it’s lost 37%! For most US Citizens , until they travel abroad or go to purchase some imported products, they do not see the damage done to their currency… Those traveling, even across the boarder to Canada are shocked at how little their currency buys, even compared to a year ago…Aug. 15, 2013, marked the 42th anniversary of President Nixon …closing the gold window…Thus, with the stroke of a pen, did the dollar lose its final tether to any sort of hard backing (i.e., gold)…And thus did the political class of America begin its long, no-fault divorce proceeding from the reality of wealth creation within the economy… That is, losing the basic understanding that every dollar in circulation has to be by an equal amount of assets or other equivalent level of productivity out there.