Tag Archives: dollar

Who is the world’s most powerful person?

Congressman Ron Paul says it’s TIME magazine person-of-the-year, FED Chairman Ben Bernanke. While I agree that  Bernanke is more powerful than the President, he’s only the front man and a hired hand for the real power — the banking elite and hidden oligarchy who’s agenda is to arrogate to themselves ever more power and control.

The level of fraud, theft, and expropriation being suffered by the American people today has reached such astounding proportions as to be almost laughable. The US is on the verge of financial ruin, civil unrest, and political despotism.

As that drama unfolds, it is crucial that people remain calm and behave in ways that express their highest ideals. It is time to cooperate and share and organize ourselves into mutual support associations to provide all of us with the things we need to thrive as we transition to “the Butterfly economy.” The following prayer from long-time friend and colleague, Rev. John Papworth, expresses very well the kind of sentiment that should inspire us. – t.h.g.

LORD make me an instrument of Thy war against evil;

Where there is vandalism against Thy creation,

Let me campaign to stop it.

Where there is sabotage of Thy genetic ordainings,

Let me fight like hell to prevent it and to safeguard Thy works.

Where there is conspiracy of boardroom greed to dominate and destroy Thy creation,

Let me join with others to wage an unremitting struggle to oppose it.

Where giant political and money forces combine to control local neighbourhood life,

Let me be quick to affirm the overriding need for strong community power so that Thy moral laws may prevail.

Where there is passivity, deference and conformism to the giant powers of darkness which are degrading society and its individual members,

Let me be a powerful witness to oppose them.

DIVINE MASTER, grant that I may not so much seek to live a quiet life as to be in the vanguard of those who would enhance life, not so much to grab as to give, not to evade my social obligations as to shoulder them, not to be afraid of power as to be imbued with courage to control it with others for worthy ends.

For it is in striving to act with love that we affirm love, and in devoting ourselves to noble causes we are redeemed, and in giving ourselves utterly to the service of truth, beauty and the well-being of our neighbours, we rise to the life immortal.  AMEN.

(Based on an old, mush loved, prayer of St. Francis of Assisi).

JOHN PAPWORTH

The days of dollar dominance are coming to an end

An article in The Financial Times reports that Brazil and China are working toward an agreement that will enable the use of their own currencies in trade transactions rather than the US dollar. This will be a major step that will encourage other countries to do likewise, thus reducing the longstanding dependence upon the US dollar as the international payment medium. As foreign dollar holdings stop increasing or are reduced, the US government will have a harder time selling its bonds. The buyer of last resort, of course is the Federal Reserve.  As the Fed and the banking system monetize ever greater amounts of US government debt, the purchasing power of the dollar will drop precipitously.

The only thing that has supported the value of the dollar thus far has been the “great recession” in which the business sector is starved for credit and ordinary people are starved for cash; that and the abiding myth that the dollar will always be “as good as gold.” — t.h.g.

National Debt Clock Needs More Digits

US National Debt Clock – New York City
US National Debt Clock - New York City

According to the Associated Press, the national debt clock maintained by the Durst Organization on a billboard near Times Square in New York City has run out of digits now that the national debt has for the first time exceeded $10 trillion. That’s more than $86,000 for each American family. Whom do we owe it to? Not to ourselves as the “powers that be” would like us to believe, but to all those who own dollars and U.S. Government bonds, notes, and bills. Yes, some are held by pension funds, but vast amounts are held by foreign central banks, especially China, Japan, and the OPEC countries.

An item that appeared in Yahoo News, dated Wed Oct 8, reports that “The late Manhattan real estate developer Seymour Durst put the sign up in 1989 to call attention to what was then a $2.7 trillion debt.” Two more digits will shortly be added to enable the debt to be tracked up to one quarter quadrillion dollars. One must wonder what the dollar will be worth by then.

Brazil, Argentina abandon US dollar

Look for more bilateral agreements like this in the near future. This is a logical thing to do so long as neither country is abusing their currency too badly and the countries have a balance in their trade with one another. Their currencies will quickly find their way back home.
I expect these bilateral agreements to evolve into multilateral agreements that use the credit clearing process to net out accounts amongst the central banks.

The surprising thing here is that the central banks of Brazil and Argentina seem to be taking a course that is independent of the global banking fraternity. Read the article here. – t.h.g


Brazil, Argentina abandon US dollar

Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange.

The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars.

On Thursday, Argentine Central Bank President Martin Redrado and his Brazilian counterpart Henrique de Campos Meirelles signed the enforcement of the agreement for the SML, under which exports and imports between the two countries will take place with the Brazilian real (BRL) and the Argentine peso (ARS).