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Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says

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posted on Oct, 16 2009 @ 09:49 AM
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Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says




The dollar last week dropped to the lowest in almost a year against the yen as record U.S. government borrowings and interest rates near zero sapped demand for the U.S. currency. The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners, has fallen 15 percent from its peak this year to as low as 75.211 today, the lowest since August 2008.




“We can no longer stop the big wave of dollar weakness,” said Uno, who correctly predicted the dollar would fall under 100 yen and the Dow Jones Industrial Average would sink below 7,000 after the bankruptcy of Lehman Brothers Holdings Inc. last year. If the U.S. currency breaks through record levels, “there will be no downside limit, and even coordinated intervention won’t work,” he said.


Ok wait for it...




“The U.S. economy will deteriorate into 2011 as the effects of excess consumption


OK now THAT infuriates me to no end, THEY have sold us faulty and low quality goods and services for the past twenty years! They also know this, how many times have you or people you know complained about the quality of the consumer goods sent from China to the US?

Everything they have bought up in the past 5 years they have destroyed, companies that for decades came with a quality assurance and built to last reputation now sit on the return shelves and repair shops because they are faulty!

WE are not excessive spenders, we have been forced to by inferior quality merchandise and in the long run, we have to spend double and triple to replace these broken down inferior products.

Folks we have been set up on every level. Now watch as the propaganda machine delivers the final blows to our sovereignty and our world wide reputations, we will be the forgotten, the new Asia/African nations.

Yes an the developing nations will turn their heads and pretend we don't exist, convince their people that we did it to ourselves with our over zealous purchases of their superior quality products.

We sell them GOOD quality lumber and in return THEY keep it for themselves and send us particleboard crap that is NOT wood. We send them our Good quality steel and they send us low quality dregs! The list goes on and on.


www.bloomberg.com...




posted on Oct, 16 2009 @ 10:41 AM
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The weakening of currency is the last part of a credit crunch/crisis. I doubt that the dollar will fail completely. The only way that creditors to the U.S. I.e. China, Japan. to get any money back would be to buy gold, silver other commodities with stockpiled greenbacks. then if the dollar fails the have already traded in their cash for gold, but all the money that they lent us to fight a couple of wars would vanish, cease to exist, its a game that is constantly played when economies use fiat currency. The reason Nixon took the US off the gold standard (even then the dollar was linked, not backed by gold, a critical difference) was because of the amount of money we owed France. The French were not happy. I will be back to post links.



posted on Oct, 16 2009 @ 10:53 AM
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big boys games big boys rules.

didnt hear you kicking and squealing when you bankrupted russia.

now the chinese are the biggest on the block and they are giving you a taste of your own medicine.



posted on Oct, 16 2009 @ 10:55 AM
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The U.S. is in trouble! We have and are being sold out on so many different levels. We (our gov) made it easy for them to sell us their crap. I cant think of one thing I have ever bought from walmart other than food that didnt break. Our gov. made it better for corporations to move their opperations overseas. The stock market has gained over 50% in the last 5 months. Why??



posted on Oct, 16 2009 @ 10:55 AM
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Sorry OP, but he's telling it like it is, he's not claiming anything untrue.

America had the choice. You are asked whether you want something manufactured in the US or something manufactured in China at half the cost, and you choose the cheaper option.

Just as you are asked if you want to eat food grown locally, or you want to buy from a corporate brand at half the cost, you choose the cheaper option (most of us do).

There was no forcing of hands here. You weren't "forced" into buying their products, you chose to.

Now I do accept that ease of access plays a part here in that the market was flooded with imported goods. But people still had the choice to go without.

American culture loves its toys (same as Europe) but we don't make them, China does.

It's the same with meat and diseases. People start screaming about BSE and Salmonella, but they are the same people supporting a massively dangerous intensive farming business. They are the same people who buy cheap meat from animals kept in disgusting conditions and pumped full of chemicals, and then they complain that they are at risk from it. People choose not to go to the local butcher, they save a few $ and then there's a meat scare because of the way it's farmed.

I'm not saying you or I are directly to blame here, people are in general.

But the facts remain, America caused this financial crisis due to the massive housing scams and market manipulations going on. It simply uncovered all of the nefarious deeds practised by several nations.

Ultimately, the people made all of this happen, along with very lax legislation and the allowance of a free-for-all.
Our culture in general is to blame for all of this.



posted on Oct, 16 2009 @ 11:24 AM
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Easy solution here, Americans its time to suck it up, and buy made in the USA only. We have lost our manufacturing jobs to China and Asia and damn near every where else, if we cant count on our goverment to protect us we must do it ourselves... Its time to buy only American made products, made by our American brothers and sisters, FTW. We should boycott ever American Buisness who has sent American Jobs overseas, FTW. Its time to look out for America only now... FTW


www.madeinusa.org...



posted on Oct, 16 2009 @ 11:26 AM
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reply to post by detachedindividual
 


Well written. to bad its the truth!



posted on Oct, 16 2009 @ 11:30 AM
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Originally posted by poedxsoldiervet
Easy solution here, Americans its time to suck it up, and buy made in the USA only. We have lost our manufacturing jobs to China and Asia and damn near every where else, if we cant count on our goverment to protect us we must do it ourselves... Its time to buy only American made products, made by our American brothers and sisters, FTW. We should boycott ever American Buisness who has sent American Jobs overseas, FTW. Its time to look out for America only now... FTW


www.madeinusa.org...


thats a great idea .. maybe your administration can adopt this america first every ****er else second ideology.



posted on Oct, 16 2009 @ 11:40 AM
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They say the answer is for us to consume more. With what? Is the government going to print more money for us to do it with? What a joke! Everyone I know has lost their job or is on the verge of it. No one has money to consume with. What happened to making things? What happened to the mom and pops? What happened to inovation? What happened to the U.S.? We whored ourselves out & guess what it got us? Bend over and enjoy the ride boys and girls.

edit to add: Take a deep breath, this may hurt a little!

[edit on 16-10-2009 by liveandletlive]



posted on Oct, 16 2009 @ 11:41 AM
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reply to post by antar
 


You are aware that the Yen is Japanese and the guy writing this is also Japanese? It wasn't THEM who sold you the crap and got the jobs outsourced to.

Japan: JPY Japanese Yen
China: CNY Chinese Yuan (Renminbi)

Source: Bloomberg

I don't want to be a smartass, I'm just saying



posted on Oct, 16 2009 @ 12:26 PM
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IMO, the dollar will go MUCH LOWER



posted on Oct, 16 2009 @ 12:30 PM
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reply to post by manxman2
 


yes we should, what has the world done for America?????? not to derail the OPs thread, but it ties into his post...



posted on Oct, 16 2009 @ 02:58 PM
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I understand each passionate post made here, I really do, but you seem to have the American people mistaken for the American/World Politicos...

Do you blame the people of Bosnia for their plight or Ugandans for starvation?

This is a complicated matrix and we are all vulnerable. What happens to one happens to all eventually.



posted on Oct, 16 2009 @ 03:09 PM
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reply to post by manxman2
 


True, it was how we won, a pyhrric victory, we out spent the Russians, but the defeict that followed we never got back to even or close to even. Now the intrest is accrueing at a rate we can barely afford. Oh well, if what 'strawman' proponents say is true the gov't is a corporation. The gov't can declare bankruptcy, re-organize, and come back stronger. All done behind closed doors, hey where did all those trillions go anyway



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