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Economics is not about things and tangible material objects;
 it is about men, their meanings and actions.
 
Ludwig von Mises

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Dollar May Drop on View Fed to Raise Rates Gradually
 
 
The dollar will resume its three-year decline unless Fed policy makers signal after a meeting on Feb. 2 that they will accelerate the pace of rate increases, said Anton Pil, global head of fixed income, currency and commodities at JPMorgan Private Bank. Microsoft Corp. Chairman Bill Gates and billionaire investor George Soros, at a meeting of the World Economic Forum in Davos, Switzerland, said they are counting on a weaker dollar.
31 jan 05 @ 7:08 am 

If China Shuns Dollar, Look Out U.S. Bonds by William Pesek Jr.
 
 
"The U.S. dollar is no longer, in our opinion is no longer, (seen) as a stable currency and is devaluating all the time, and that's putting troubles all the time,'' Fan said, speaking in English, at the World Economic Forum in Davos, Switzerland. "So the real issue is how to change the regime from a U.S. dollar pegging to a more manageable reference, say euros, yen, dollars -- those kind of more diversified systems.''
 
28 jan 05 @ 12:04 pm 

Fed to Ponder Numerical Inflation Target
 
 
Proponents have been looking for ways the perceived benefits of an inflation-targeting approach, which usually involves a commitment by the central bank to try to hit the target, could be gained without constraining policy makers ability to respond as they see fit to shifts in the economy.
27 jan 05 @ 6:52 pm 

US deficits, dollar drawn into Davos scene
 
 
Top finance ministers from Europe and developing countries are likely to use the annual World Economic Forum in Switzerland from Wednesday to assess the impact of massive US deficits on the health of the dollar and prospects for global growth.
26 jan 05 @ 1:57 pm 

'Confessions of an Economic Hit Man' by Jude Wanniski
 
 
If you happened to glance at the NYTimes Book Review today, you might have noticed a book on the best-seller list for the first time, in ninth place. The blurb tells us: “Confessions of an Economic Hit Man, by John Perkins. (Barrett-Koehler, $14.97.) A former employee of an international consulting firm denounces the American global empire and its ‘corporatocracy.’”
25 jan 05 @ 5:17 am 

Central banks 'shunning dollar'
 
 
The poll carried out by Central Banking Publications found 39 nations of the 65 surveyed raising their euro holdings, with 29 cutting back on the US dollar.
24 jan 05 @ 4:41 pm 

Shades of the Dollar Standard by Hans F. Sennholz
 
 
It is unlikely that the Federal government and the Federal Reserve will soon mend their ways, but it also is doubtful that foreign creditors will continue their support indefinitely. The U.S. dollar is bound to continue to depreciate and gradually surrender its role as the world's primary reserve currency to a multiple reserve-currency system resting on the euro, Japanese yen, Chinese renmenbi, and the American dollar. The multiple-standard system is likely to perform more efficiently and equitably than the dollar standard.
21 jan 05 @ 5:27 am 

Selling the US Dollar Around The World
 
 
Starting in August 2004, at which point it had absorbed a stratospheric seven hundred and twenty-one billion of them, Japan seemed to lose its taste for buying more US dollars. Dollars were going down the Bank of Japan's gullet poorly, just like soba noodles do on bread, or worse. Thankfully for the United States, new long-term buyers for dollars have recently been rallied into action.
20 jan 05 @ 7:03 am 

Thrift is a foreign concept
 
 
Some at America’s central bank, the Federal Reserve, think a little repression is now needed in the United States. In the minutes of its December meeting, concerns were voiced about “potentially excessive risk-taking in financial markets” and “speculative demands…in the markets for single-family homes and condominiums”. Americans are tempted to live beyond their means because they blithely assume that gains in the value of the assets they hold—those houses and flats—will make up the difference.
 
19 jan 05 @ 3:11 pm 

MONEYization #6 by Ned W. Schmidt
 
 
Yes, the dollar can rally in the short-term as the mouse clicking, fund managers attempt to play a change in momentum. Their problem is that the global financial market has far more dollars to sell than funds have the ability to buy. Supply is just a whole lot bigger than potential demand. So as the bobble heads mouth on about growth in the U.S. economy, growth in Europe, the PPI and whatever other nonsense they want, you just keep buying Gold whenever the opportunity presents itself.

 
18 jan 05 @ 11:14 am 

Behind the falling dollar by Alan Tonelson
 
 
Trade policy purists will cry "protectionism." But today's currency turmoil is telling Americans something far more important: If they don't start cutting the trade deficit in ways they prefer, the falling dollar and the resulting drop in U.S. purchasing power will restrict trade for them —in ways they probably won't prefer.

17 jan 05 @ 10:23 am 

Globalism In The Balance by Cliff Droke
 
 
Even more eye-opening was a recent issue of the Journal of Commerce, which contained the words "New World Order" on its front cover of Nov. 29, 2004 with a picture of a garment containing a "Made in China" tag. Thus even the Journal of Commerce recognizes that the march toward a fully integrated global economy is all about China. We might also add that the "Wal-Mart-ization" of the U.S. and other countries is the route through which China gains its competitive advantage on the road to globalization.
 
14 jan 05 @ 5:43 pm 

It's a Dollar-Eat-Dollar World Here in Asia by William Pesek Jr.
 
 
It's pushed massive amounts of liquidity into developing- nation debt, property, commodities and other assets here in Asia. The trend has been particularly acute thanks to a surge in investment into China, and it's helping the global economy run at its fastest pace in two decades.
 
13 jan 05 @ 7:33 am 

US trade deficit widens to $60.3bn by Christopher Swann
 
 
”The US economy is expected to grow at roughly the same pace as the global economy over the next couple of years,” they said. “Given the larger import elasticities of the former, the exchange rate shift would have to be rather large to avoid a widening trade deficit. The one event that could produce a sufficiently large multilateral dollar depreciation is the floating of the Chinese yuan.”
12 jan 05 @ 10:56 am 

Kohn Discusses Fed's Openness Policy
 
 
"We must take care that policy expectations engendered by communication do not unduly constrain policy action. Furthermore, we cannot allow transparency to limit discussion on the committee out of concern about how its publication will affect markets and the economy," Kohn added.
 
11 jan 05 @ 3:23 pm 

Tragedy or Mystery or Both? by Bill Bonner
 

The story in the financial markets had changed from a tragedy to a mystery. The collapsing dollar should have brought down prices of the assets it measures – most notably, the prices of U.S. bonds, which are extremely sensitive to changes in interest rates or currency movement. There are about $10 trillion of U.S. dollar assets in foreign hands. Yet, bonds have not gone down – at least in dollar terms, which leads us to pose the Ten Trillion Dollar Question: Why not?
 
9 jan 05 @ 5:33 am 

PART 2: The center of the doughnut by Andre Gunder Frank
 
 
All Ponzi schemes build a financial pyramid. Many who pay into them also live in a financial world themselves, but others need to derive their in-payment through earnings from production in the real world. In today's world of financial transactions that every day are a hundredfold more than all payments for real goods and services put together, the financial ones put the real ones into the shadow behind their brilliance.

7 jan 05 @ 5:31 am 

Part 1: Why the emperor has no clothes by Andre Gunder Frank
 
 
Uncle Sam has reneged and defaulted on up to 40% of its trillion-dollar foreign debt, and nobody has said a word except for a line in The Economist. In plain English that means Uncle Sam runs a worldwide confidence racket with his self-made dollar based on the confidence that he has elicited and received from others around the world, and he is a also a deadbeat in that he does not honor and return the money he has received.
6 jan 05 @ 5:33 am 

Bond bubble, American-style by Jack Crooks
 
 
In other words, the Fed has engineered the largest one-way bet in history. The bet: long rates will stay low as far as the eye can see. Risk and uncertainty don't enter into the equation when there's such "easy" money to be made. What seems to be coming into focus is our "understanding how people on the scene" are "oblivious to what lay wait for them".

5 jan 05 @ 10:04 am 

Plumbing the depths
 
 
The dollar has hit another record low against the euro. It is set for further falls against major currencies in the coming year, even though American interest rates will rise.

3 jan 05 @ 2:01 pm 


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If an exchange between two parties is voluntary,  it will not take place unless both believe they will benefit from it.  Most economic fallacies derive from the neglect of this simple insight,  from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
Milton Friedman

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The market is a place set apart

 where men may deceive each other

 

Diogenes Laertius

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If you ask me to name the proudest distinction of Americans, I would choose- because it contains all the others . . . the fact that they were the people who created the phrase "to make money."  No other language or nation had ever used these words before; men had always thought of wealth as a static quantity . . . to be seized, begged, inherited, shared, looted or obtained as a favor. Americans were the first to understand that wealth has to be created.
 
Ayn Rand

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