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Thread: Dollar loses reserve status to yen & euro

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    Dollar loses reserve status to yen & euro

    Dollar loses reserve status to yen & euro

    Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

    Over the last three months, banks put 63 percent of their new cash into euros and yen -- not the greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves, according to Barclays Capital. The dollar's share of new cash in the central banks was down to 37 percent -- compared with two-thirds a decade ago.

    Fed boss Ben Bernanke may be forced to raise rates in order to restore faith in the dollar — and help bring the euro and the yen back to earth.
    Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund.

    Bernanke could go down in economic history as the man who killed the greenback on the operating table.

    After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy -- ravenous inflation on one hand, and a perilous recession on the other.

    "He's in a crisis worse than the meltdown ever was," said Peter Schiff, president of Euro Pacific Capital. "I fear that he could be the Fed chairman who brought down the whole thing."
    Dollar loses reserve status to yen & euro

    Yea Bernanke!
    Yea Obama!


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    Re: Dollar loses reserve status to yen & euro

    It's Bush fault. Obama inherited the death of the dollar. Tax cuts killed the dollar. Greedy CEO's killed the dollar. Walmart killed the dollar.

    So now what are the libs going to say?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Banned Goobieman's Avatar
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    Re: Dollar loses reserve status to yen & euro

    Quote Originally Posted by American View Post
    It's Bush fault. Obama inherited the death of the dollar. Tax cuts killed the dollar. Greedy CEO's killed the dollar. Walmart killed the dollar.

    So now what are the libs going to say?
    I think you summed it up pretty well -- they're going to say whatever they can say to deflect the issue away from those really to blame.

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    Re: Dollar loses reserve status to yen & euro

    Central banks had been warning about this monetary policy all year, while at the same time complaining that Treasury wasn't staffed.

    So, congrats, Mr. Obama -- your efforts to usher in a post-American era are proceeding apace.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: Dollar loses reserve status to yen & euro

    Quote Originally Posted by Goobieman View Post

    Your article really does not mean very much. And for me it would be a good thing if the dollar bottomed out.

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    Re: Dollar loses reserve status to yen & euro

    Keep watering down that dollar.
    I'm Finding it Harder to be a Gentleman, White Stripes ~ "You think I care about me and only me. When every girl needs help climbing up a tree."

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    Re: Dollar loses reserve status to yen & euro

    This is a spiral effect from horse**** fiscal policies by a Bush appointee who should have been removed by Obama.

    Both Bush and Obama are douchebags over Bernanke.

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    Re: Dollar loses reserve status to yen & euro

    Quote Originally Posted by dirtpoorchris View Post
    Keep watering down that dollar.
    Yeppers... some day soon we too can use a wheel barrel full of cash to buy a loaf of bread.

    Now there is change we can believe in!!!! Oh, sorry, no change from all that cash.
    Last edited by Crunch; 10-13-09 at 07:28 PM.

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    Re: Dollar loses reserve status to yen & euro

    But hey, at least all that Monopoly money printed for the stimulus kept unemployment below 8%.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: Dollar loses reserve status to yen & euro

    Currency collapse coming soon and of course the chaos, destruction, anarchy, death and possibly civil war 2 right behind it.
    Jackboots always come in matched pairs, a left boot and a right boot.

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