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Sunday, June 4, 2006 |
ICH: "The great dollar sell-off has begun in earnest, although to a large extent, it is being concealed from the public.
Wary currency traders have been expecting a dollar-slide for months but were nervous about the possibility of widespread panic. Everyone from Bill Gates to Paul Volcker has predicted that the current trade deficit of $800 billion (7% of GDP) would inevitably produce a weaker dollar, so it is only natural that China, Japan and other foreign lenders would begin to cut back on their purchases. The danger to the United States, however, remains extreme. If the transition doesn't go smoothly, it could precipitate a run on the dollar and trigger economic pandemonium. No one wants to see the world's economic powerhouse pirouetting through the ether in flames. By the same token, no one wants to be the last man holding onto stockpiles of scrip that are diminishing in value."
Guardian: "The New York stock exchange (NYSE) and the pan-European exchange Euronext are merging to create the world's largest stock market."
This is a wise move for the dollar camp: buy before the dollar falls and spread the risk abroad. But what is profitable for one party, may be harmful for someone else.
12:39:39 PM 
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BringItOn!: "Earlier this week the Supreme Court gave a sweeping victory to corruption. Government employees who report official misconduct are no longer protected.
It was a 5-4 decision. The two Bush Drones - Roberts and Alito - both sided with the majority.
The chairman of the National Whistleblower Center said, 'The ruling is a victory for every crooked politician in the United States'."
Omertà (the code of silence) imposed by the Bush Mafia.
12:29:05 PM
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