45% world's wealth destroyed - page 12
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fxnewbie,
No they won`t,they never had a saying in economy for the long term,government will touch your balls for a couple years at worst,then they will be gone.
I don`t know about yamahas,but I know that all the call centers and market research data processing I am managing in my real world businesses are done in India much better and much cheaper than anywhere else..so,if these guys do it better,they deserve the job..and,I know,that in regards to trading,those guys(Indian,Russian,Chinese) usually can code my ideas faster,cheaper and better than anyone else,so,I hire them..because they deserve it.
Devaluation doesn`t turn savings into nothing,only if the country is not producing enough goods and providing enough services,as long as America produces good cars,devaluation helps Ford against Toyota,both in USA and in the export markets...But,if the country is not competitive,then,that is the cause why they had to devaluate,to achieve temporary and fictitious competitiveness..if this doesn`t correct the problem,then,yes,assetts are going to be devaluated too,internally,trough deflation,but the cause is not devaluation,the cause is that devaluation didn`t work
.
You are not the only country suffering this scenario,some countries adapt,some stick to the political agenda...Bet who are going to be the ones that solve their problems first?
Regards
SI am not against countries exploting their competitivness. That's the soul of a healthy economy and improvment.
But many countries (as Japan in the begining, South Korea or China now) support their companies with big state aids and protective policys. Thats not very fair for the rest of competitors, isnt it ?....First time I see that model was in the Hitler's Germany. It works, of course....And if Hilter was not so stupid to begin war, maybe my PC brand was german by now. Because is very difficult for a private company to compete with a state with almost endless pockets and resources. Many things distort true competition....
About inflation: Its just a tool if you are in control, but a weapon if you are not. As any tool, is suited to special tasks, and its dangerous. Its like a saw: Its good if a surgeon uses to cut a leg in order to save the body. But it can cut necks too....
I agree that if a country is not competitive, it only creates a fictitius scenario (althoug some creates the scenario first, an later with state money and state policy, creates the competence). Countries use this tool only to give some air for his industry to improve, to motivate investment in production and to gain more external markets. That if you are in control... But things can easy go out of control if some unexpected event intervene the equation...
As you can see, inflation makes me very nervous...
World Bank says don't take dollar's place for granted
WASHINGTON (Reuters) - World Bank President Robert Zoellick said the United States should not take the dollar's status as the world's key reserve currency for granted because other options are emerging.
In excerpts released on Sunday from a speech that he is to deliver on Monday, Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources.
"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," he said. "Looking forward, there will increasingly be other options."
Zoellick said that a meeting of Group of 20 rich and developing countries in Pittsburgh on Thursday and Friday had made "a good start" toward increased global cooperation but they will have accept global monitoring of their activities.
"Peer review will need to be peer pressure," he said.
Zoellick said that the G20, as the new chief forum for international economic cooperation, also must not forget the 160 countries left outside its structure and should try to open opportunity for them.
"We need a system of international political economy that reflects a new multi-polarity of growth," Zoellick said. It needs to integrate rising economic powers as 'responsible stakeholders' while recognizing that these countries are still home to hundreds of millions of poor and face staggering challenges of development.".
World Bank says don't take dollar's place for granted | Reuters
Nice reading !
The greenback will not loose supremecy during our life time....the future will be corporations, corporation A will be super powers, corporation B will be european countries, and C smaller 3rd world, that is comprised of 2 or 3 different world currencies, investments, and or trading will be done within these corporations. But that is still 100 years away!
World Bank says don't take dollar's place for granted
WASHINGTON (Reuters) - World Bank President Robert Zoellick said the United States should not take the dollar's status as the world's key reserve currency for granted because other options are emerging.
In excerpts released on Sunday from a speech that he is to deliver on Monday, Zoellick said global economic forces were shifting and it was time now to prepare for the fact that growth will come from multiple sources.
"The United States would be mistaken to take for granted the dollar's place as the world's predominant reserve currency," he said. "Looking forward, there will increasingly be other options."
Zoellick said that a meeting of Group of 20 rich and developing countries in Pittsburgh on Thursday and Friday had made "a good start" toward increased global cooperation but they will have accept global monitoring of their activities.
"Peer review will need to be peer pressure," he said.
Zoellick said that the G20, as the new chief forum for international economic cooperation, also must not forget the 160 countries left outside its structure and should try to open opportunity for them.
"We need a system of international political economy that reflects a new multi-polarity of growth," Zoellick said. It needs to integrate rising economic powers as 'responsible stakeholders' while recognizing that these countries are still home to hundreds of millions of poor and face staggering challenges of development.".
World Bank says don't take dollar's place for granted | ReutersDollar 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.
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."
Investors and central banks are snubbing dollars because the greenback is kept too weak by zero interest rates and a flood of greenbacks in the global economy.
They grumble that they've loaned the US record amounts to cover its mounting debt, but are getting paid back by a currency that's worth 10 percent less in the past three months alone. In a decade, it's down nearly one-third.
Yesterday, the dollar had a mixed performance, falling slightly against the British pound to $1.5801 from $1.5846 Friday, but rising against the euro to $1.4779 from $1.4709 and against the yen to 89.85 yen from 89.78.
Economists believe the market rebellion against the dollar will spread until Bernanke starts raising interest rates from around zero to the high single digits, and pulls back the flood of currency spewed from US printing presses.
"That's a cure, but it's also going to stifle any US economic growth," said Schiff. "The economy is addicted to the cheap interest and liquidity."
Economists warn that a jump in rates will clobber stocks and cripple the already stalled housing market.
"Bernanke's other choice is to keep rates at zero, print even more money and sell more debt, but we'll see triple-digit inflation that could collapse the economy as we know it.
"The stimulus is what's toxic -- we're poisoning ourselves and the global economy with it."
Dollar loses reserve status to yen & euro
UN calls for new reserve currency
The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.
"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.
Speaking at the annual meetings of the International Monetary Fund and World Bank in Istanbul, he said: "It is timely to emphasise that such a system also creates a more equitable method of sharing the seigniorage derived from providing global liquidity."
He said: "Greater use of a truly global reserve currency, such as the IMF?s special drawing rights (SDRs), enables the seigniorage gained to be deployed for development purposes," he said.
The SDRs are the asset used in IMF transactions and are based on a basket of four currencies -- the dollar, euro, yen and pound -- which is calculated daily.
China had called in March for a new dominant world reserve currency instead of the dollar, in a system within the framework of the Washington-based IMF.
UN calls for new reserve currency
Marc Faber, Dollar Will Eventually Go to Value of Zero
EclippTV :: Video :: Marc Faber, Dollar Will Eventually Go to Value of Zero, Oct 26, 2009