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post #11 of 14 (permalink) Old 10-09-2008, 11:28 PM Thread Starter
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Originally Posted by torontomichael View Post
Hedge Funds have been actively involved in currency plays on the Icelandic currency for some time.Because it is a less-dynamic currency,it allowed (allows) speculators to abuse it via legal contracts...perhaps we could say manipulating,the spreads on the Krona vs Euro/Dollar and especially the Yen. Currency Crisis will cause varying damage on various economies/currencies.Once this crisis abates,the US dollar will recommence its' downward move.This'll help your economy because frankly,your consumer debt is already too high to allow for the needed financial activity to pull the USA out of your "situation".The last thing the USA needs is a high dollar as it makes repayment of your foreign debt more expensive.Essentially lower US dollar = less taxpayer money goes to pay off foreigners holding your debt.The cheapest way to pay off your debt while honoring the integrity of the USA and not defaulting...or having your bonds subject to attack & debasement... is with a cheap dollar.For those who believe that "power" is ultimately the higher relevant exchange rate of one currency over another; wrong.While a strong currency is good,provided it reflects a healthy economy & is not "strong" due to artificial support, power comes from holding government debt of another nation; the more debt you owe to others,the fewer choices you have politically & currency-wise.Ironically your two old enemies,Japan & China,now finance your military forays.But "your" power is not exclusively your own when others finance the power itself.Economic war will become more prevalent going forward.Witness the damage unfolding globally at present.Now,imagine if that carnage can be manipulated against your enemies' currency,banking system and economy and all without firing a single shot. Nuclear is a well-defined deterrent; financial calamity is a as-yet untapped weapon and is now manifesting itself simply as a weapon of greed and not much more.Not yet.As an aside,I also think it incredible how banks say "trust us with your investments/mortgages/credit cards/business financing" yet the banks don't trust eachother enough to lend eachother money.So if the banks don't trust eachother,why should we trust them? (Right,we shouldn't and thats why greater regulation is forthcoming...)

ps looking forward to our trip to Chicago next Spring.A Great City!
Only if the payment of the debt is in a real currency, otherwise the US will merely crank up its presses.
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post #12 of 14 (permalink) Old 10-09-2008, 11:57 PM
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Originally Posted by Difflock View Post
Tsk tsk
Putin is, as I understand, Russian
Now which side of the Urals he hails from I do not know
So he could be Asian
Good point. A longstanding misconception has been to regard Russians as the Easter most Europeans.
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post #13 of 14 (permalink) Old 10-10-2008, 12:08 AM
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Speking of EU graft, on cue
Small potatoes. I am closely watching the City Bank, WAMU, Wells Fargo triangle.
The Wells Fargo pairing being far better for the tax payer.
Any bets on the outcome.
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post #14 of 14 (permalink) Old 10-13-2008, 09:35 PM Thread Starter
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Is the package real or will it devolve to saving their own banks ?
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