From Reuters:
Policymakers see dollar losing reserve currency allure
DAVOS, Switzerland Mon Jan 31, 2011 (Reuters) - The U.S. dollar's role as a reserve currency will diminish in the coming years as Asian economies like China grow and countries seek to diversify their monetary holdings, policymakers said on Friday.
The U.S. Federal Reserve's policy of quantitative easing -- essentially printing money -- and a call by France to look at ways to wean the world off the dollar as the sole reserve money have put the U.S. currency in the spotlight.
"I'm more optimistic about the euro gaining strength as a potential reserve currency," Bank of Israel Governor Stanley Fischer said during a panel discussion at the annual World Economic Forum in Davos, Switzerland.
"We ourselves are diversifying into currencies which we would never have put in the reserves before, including the Australian dollar and so forth," he added. "I think people will diversify their reserves."
In the above quote from Stanley Fischer, the new nominee for Vice Chairman of the U.S. Federal Reserve Bank, "We" does not mean America.
Posts
61 comments:
http://politicaloutcast.com/2014/01/can-everything-argument-amnesty-labor-secretary-uses-jobs-report-push-immigration-reform/#60O1p1zBd52AaVIJ.99
offenditis
people just love to FEEL offended
http://www.bizpacreview.com/2014/01/12/jake-tapper-fights-backlash-over-luttrell-interview-no-one-said-they-died-for-nothing-93689
tapper's words willfully misconstrued
I came across this article: http://www.theamericanconservative.com/articles/how-the-feds-would-be-no-2-helped-wreck-russia/
Ignoring all this endless praise for this supposed genius, if America has to have a foreign banker running things then is it not wiser to look to Germany ? They have run a tight monetary policy since WW2 and despite all those arguing that inflation is key to growth, I would much rather have German run finances, the evidence of German financial health is hard to ignore.
There are a lot of problems associated with the fact that a certain group is everywhere but Stanley Fischer doing his job is not one of them. Instead ask yourself why he reasoned the way he did.
http://pjmedia.com/spengler/2014/01/11/common-traits-bind-jews-and-chinese/
Mr. Fischer is far more interested in what is the Reserve Culture. Scraps of currency don't exert dominance.
Even when totally American Jews say 'we', it doesn't mean we as in all of us. It means what is good for we Jews.
Diversity is not our strength. It is strength for 'we Jews' for it serves the divide-and-rule strategy of Jewish elites.
http://www.presstv.ir/detail/2014/01/10/344834/israel-to-destroy-palestinian-existence/
Shhhhhhhhh
No controversy
http://www.relevantmagazine.com/culture/books/how-i-rediscovered-faith
For an article about humbly rediscovering faith, rather odd that big photo after photo after photo would suggest Gladboy is god.
Hehehe. He better be praying since even libs are mocking him. When 'reason' fails, pray and act holy and above it all.
Pray for 10,000 hrs though.
I can't find the quote from Dr Strangelove online. Something like Strangelove saying 'If only we developed the atomic bomb' and President Muffley saying 'We did'.
I for one welcome our new Israeli overlords!
Michael Pettis has argued consistently - and, in my opinion, persuasively - that reserve currency status for an net importer such as the U.S. is more of a burden than a blessing and it would be beneficial to the domestic labor market for the dollar to share more of the stage with other hard currencies.
http://www.theoccidentalobserver.net/2014/01/moshe-is-monitoring-you-duplicity-double-think-and-the-jewish-dream-of-a-communist-europe/
For some Jews, free speech means free speech only for themselves. They even spin their effort to stifle free speech as support for free speech.
Their notion of free speech is really dominant speech. Their speech must be dominant over all others. Some free speeches are more equal than others.
Fischer, talking among Israelis, referred to the United States as "our rich uncle":
"Last June, after then-Israeli Finance Minister Yuval Steinitz announced a plan to double Israel's budget deficit target to 3 percent, Fischer warned the move could weaken the economy and force the central bank to raise interest rates.
"'The last time this happened, we had to run to our rich uncle for guarantees,' he chided, referring to U.S. loan guarantees extended to recession-hit Israel in 2003. 'But there is a problem with our rich uncle today: He's not so rich and not as friendly.'"
Reuters article here.
I'm not aware of any monetary policies that would favor other countries more than the US. That is, good monetary policy tends to be good for everyone, bad monetary policy is bad for everyone. So, this is very unlike a Defense Secretary.
Fischer, judging by his resume, is a Zionist. It is interesting to ponder why Zionism is so important to him.
Steve, do not worry about it.
We have been assured that since Fischer has run a central back he is qualified and that his appointment is completely merit-based. You don't want someone to run your bank who hasn't run a central bank before, right? And who better to run your central bank than someone who has thought a lot about undermining it?
Really, it's a big complicated choca-ma-watchamacallit machine and you don't want just anybody adjusting the levers. This is purely a technocratic issue. Very difficult, very difficult.
It's probably ugly for you to think about it. You probably don't even know enough to think about it, really. This is for the real pros.
Please hereafter write about puppies dancing in spring meadows blooming with pretty flowers. Thank you.
Steve, that is all nonsense. Basically, announcements like that are just designed to generate volatility in currency markets because that is how traders make money.
The US dollar is the world's reserve currency because the US is the world's biggest importer.
The US is the world's biggest importer because it represents the only market that "pro-growth" exporting economies can actually sell their products.
The massive exports to the United States are remitted to foreign companies in the form of of US dollars. Thus, the US dollar becomes the reserve currency.
Countries that don't like the US dollar as a reserve currency have a simple solution: stop exporting to the United States. Simply refuse to sell anything to the US.
Of course, that would mean either not moving any product at all, or moving it at a deep discount, with much of the output being sold to the US anyway with profits going to the intermediary that bought the goods for a song.
See, what people don't seem to understand is that building industries that can successfully export globally requires protecting those industries from competition. It requires making sure that there are no imports that can undercut your fledgling enterprise. That is all well and good, but if every nation on the planet does this, then who is going to buy all of the exports? Everyone cannot run a trade surplus. For one nation to run a trade surplus another must run a trade deficit.
So, if everyone is exporting and no one is importing, the nation that becomes the biggest importer...wins. It is effectively receiving tribute from the rest of the world.
Someday you'll tell us what the Jews did to you Steve. Not to say you're wrong, but the sheer amount of attention to this one guy indicates it's personal.
And what America is there, Steve?
We have a President who has more ties and affection to Kenya and Indonesia than he does to ordinary White Americans. We have an AG who has more ties and affections to Barbados than he does to ordinary Americans. We have the California Supremes allowing illegal aliens to become lawyers.
America is already dead. Fischer's nomination merely confirms the death.
The nation state simply ceased to exist in the West. European nations were too small to compete with the behemoths of the US and USSR (a point hammered home in La Dolce Vita and pretty much every other European film of the period). Hence the EU. Here in America the elite find nationalism and the nation state repulsive, a lower or middle class thing and therefore icky, as bad as eating mashed potatoes and meatloaf. Instead of organic arugala and Ethiopian take-out.
Steve, no one cares. OBAMA is nominating this guy. Not George Bush, OBAMA. This is part and parcel of the broken social contract. The elites just don't care anymore. Why would they? They don't have to put their fellow nationals and citizens in their considerations, they have nearly unlimited power.
The FT did a series on the global elite. They all flit around from country to country, and the media people all ape them like courtiers in a movable palace. The idea that America matters and Americans should be put first over foreigners is passe for the elite.
Unless the elite are overthrown and punished severely, this will never ever change.
Face it, our country is dead. It is time to start thinking anew.
OT:
http://dailycaller.com/2014/01/10/experts-slam-doj-letter-telling-schools-to-implement-race-based-punishments/
“Schools also violate Federal law when they evenhandedly implement facially neutral policies and practices that, although not adopted with the intent to discriminate, nonetheless have an unjustified effect of discriminating against students on the basis of race.
Examples of policies that can raise disparate impact concerns include policies that impose mandatory suspension, expulsion, or citation (e.g., ticketing or other fines or summonses) upon any student who commits a specified offense — such as being tardy to class, being in possession of a cellular phone, being found insubordinate, acting out, or not wearing the proper school uniform.”
Steve. Thanks for harping on this issue. The dual localities of many of our overlords deserves closer inspection. It would also be interesting to know how many of our so-called publicly traded "American" companies are really controlled by foreigners.
Well, as a Jewish iSteve reader who has sometimes thought Steve gives too-much side-eye to Jews and Israel, let me just say I'm very uncomfortable with prominent American Jews seemingly entertaining high American and Israeli posts simultaneously. And this crap with Fischer is outrageous. Do these guys realize what an embarassment their behavior is to American Jews who don't have their loyalties confused or their heads up their rears? They're earning every bit of suspicion they elicit. Thanks for nothing, jerks!
To the anonymous first commenter: please save it. As you more or less concede ("Not to say you're wrong..."), it is understandable to be angry about this. What did Jews do to Steve? In this case, a Jew headed for a stratospheric post at the Federal Reserve worked against American interests while speaking on behalf of Israel . You should be angrier than Steve.
One final thing: my family came to America from the Galicia region of Poland, the Jews of which were were generally and not groundlessly regarded by other Jews as the most low-class of all Polish Jews (a rather perverse accomplishment). I see a fancy surname like Fischer, which when spelled thusly by a Jew probably indicates a high German Jewish family cossetted for generations, and for the first time in my life I find myself in my gut conjuring up my grandmother's old intra-ethnic slurs for these people and their smug, Haskalah-addled world of entitlement and airy self-satisfied abstraction and I want to boot them in the kishkes. Go back to Vienna, a**hole.
I can't find the quote from Dr Strangelove online. Something like Strangelove saying 'If only we developed the atomic bomb' and President Muffley saying 'We did'.
It was from the "Atomic Bomb" episode of Barney Miller, as I recall.
Re: "How the Fed’s Would-Be No. 2 Helped Wreck Russia"
Feature, not a bug.
In the previous post Steve was complaining about this guy strengthening the dollar. Now the problem is him weakening it.
Mr. Fischer is far more interested in what is the Reserve Culture. Scraps of currency don't exert dominance.
What does this mean? Anyone?
That's pretty interesting that Fischer views the United States as his and other Israelis' "rich uncle."
"The last time this happened, we had to run to our rich uncle for guarantees," [Fischer told other Israelis], referring to U.S. loan guarantees extended to recession-hit Israel in 2003. "But there is a problem with our rich uncle today: He's not so rich and not as friendly."
Wow.
If you want to do something about this, someone could put together a coalition of OWS, libertarians, and TPers. The problems should be obvious: those are motley groups and they'll say something stupid that would be used against the coalition. Some of those groups will also push fringe ideas like the gold standard. The first two also support mass/illegal immig., something that the Fed also supports (to get a take of remittances and bank accounts). That issue also happens to be the best way to oppose the Fed.
Well, as a Jewish iSteve reader who has sometimes thought Steve gives too-much side-eye to Jews and Israel, let me just say I'm very uncomfortable with prominent American Jews seemingly entertaining high American and Israeli posts simultaneously. And this crap with Fischer is outrageous. Do these guys realize what an embarassment their behavior is to American Jews who don't have their loyalties confused or their heads up their rears? They're earning every bit of suspicion they elicit. Thanks for nothing, jerks!
I second this motion. Thanks you douchebags!
"Someday you'll tell us what the Jews did to you Steve. Not to say you're wrong, but the sheer amount of attention to this one guy indicates it's personal."
Questioning why a foreigner has been put in charge of your nation's monetary policy is not anti-Semitism, nor is wondering why it is acceptable for 4 of the 6 seats on the Federal Reserve Board to be filled by a single ethnic group that comprises only 2% of the American population.
The Country Club! Why didn't we let them in at the Country Club when we had the chance?! [sobbing] Why!?
"The last time this happened, we had to run to our rich uncle for guarantees," [Fischer told other Israelis], referring to U.S. loan guarantees extended to recession-hit Israel in 2003. "But there is a problem with our rich uncle today: He's not so rich and not as friendly."
Some of you miss the real message here: Fischer, who thinks that Israel's 'rich, American uncle' is not as friendly as it used to be, was just nominated by that 'less friendly uncle' to vice-chair the Federal Reserve.
The anti-Semitic, anti-Israel Barack Obama who appointed Janet Yellen, Elena Kagan, and the very man who made this comment is unfriendly to Israel? That Barack Obama?
I grow tired of hearing neocons and others complain that Obama hates Israel. Barack Obama hasn't done jack shit to suggest he hates Israel. A handful of comments don't replace hundreds of actions. He sucks up to Israel, just like so many previous presidents.
Not that I hate Israel, but apparently treating Israel with the same diffidence we should treat any other foreign country is considered "anti-Semitism."
Throw open the doors of the Country Club before it is too late!
"The last time this happened, we had to run to our rich uncle for guarantees," [Fischer told other Israelis], referring to U.S. loan guarantees extended to recession-hit Israel in 2003. "But there is a problem with our rich uncle today: He's not so rich and not as friendly."
Some of you miss the real message here: Fischer, who thinks that Israel's 'rich, American uncle' is not as friendly as it used to be, was just nominated by that 'less friendly uncle' to vice-chair the Federal Reserve.
You make a good point. I wouldn't call it "the real message," but that other comment about alleged U.S. "unfriendliness" toward Israel does seem relevant to Fischer's divided loyalties. It suggests a certain partisanship and hypersensitivity in favor of Israel.
Congrats for bearing down on this, Steve. I've quibcagged you again:
Only a bigot would object to a viper in his bosom.
With all the attention being paid to the ethnic makeup of the Fed, Supreme Court and other high level positions in USG, isn't it about time to give some grades on how well America is running with its new elite.
With the WASPs at the helm we started from scratch and became the most independent, self-sufficient republic in history, created the world's largest economy, were the world's biggest creditor, and landed on the moon. We were known for being a thrifty people with a solid work ethic.
With the new ethnics inheriting the above, we still have the largest economy. But we are definitely no longer self sufficient, are now the largest debtor, and don't have any manned space program at present. Our people are known for being lazy, decadent and profligate.
Of course the new ethnics would claim that we are no longer racist, sexist and homophobic. But we do appear to be Christophobic and anti-white.
From my POV, I think the new ethnic rulers have screwed the pooch.
Gene doping: Sport's biggest battle?
http://www.bbc.co.uk/news/magazine-25687002
Uzbekistan Plunges Into Gene Pool To Spot Future Olympians
http://www.eurasianet.org/node/67926
http://www.krem.com/news/northwest-news/Woman-89-injured-in-Portland-purse-snatching-attack--239439971.html
Some shitty white folks too.
"The suspect was described as a white woman in her 30s with a medium build and around 5-foot-7."
Crackwhore bitch.
"We have a President who has more ties and affection to Kenya and Indonesia than he does to ordinary White Americans."
Kenya and Indonesia? Where do you get this? He won't even say he met with this Kenyan cousin.
"Uzbekistan Plunges Into Gene Pool To Spot Future Olympians"
Don't Uzis have more pressing priorities? Geez.
Jews have a nice little country club on the Eastern Mediterranean, with ocean views. It's members only, and Fischer is a member.
Anonydroid at 3:22 PM said: With all the attention being paid to the ethnic makeup of the Fed, Supreme Court and other high level positions in USG, isn't it about time to give some grades on how well America is running with its new elite.
Hunsdon said: Exactly. I would, I suppose, object somewhat to having a new elite class in any event, but if they managed to do a good job of running America for Americans, I would object much less.
Anonydroid at 12:09 PM said: Someday you'll tell us what the Jews did to you Steve.
Hunsdon said: Just speculation here, but the whole "running our country into the ground" thing could be a part of it.
"Stanley Fischer undermined role of dollar as reserve currency."
-------------------
You know what would undermine "role of dollar as reserve currency" orders of magnitude worse than anything any particular foreign government can do? Paleos' favorite economic policy: establishing high tariffs on imports. Oh look, I found a whole 'nother bunch of traitors!
Hey, you guys! Put yourself in Stan's shoes for a second, OK? You wake up, you're successful, people like you... but you cannot join the Bathing Corporation of Southampton.
http://nypost.com/2013/08/01/social-climbers-clamor-to-get-into-snobby-southampton-bathing-corp/
Or how about you walk down the street and see well-rounded WASPs talking about their early American ancestors. You spot Muffy and Buffy and overhear, in hushed tones, the two pastel clad Persons of Palor merrily drop the words "Mayflower" and "Jamestown". In horror, you know that's the golden ticket to join the really cool genealogical societies where one rubs elbows with other people with Ancestor Privilege. Your ancestors are just, well, second class ancestors. Your ancestor got off on a boat and had to work in haberdashery or some such instead of living the ancestor-rich life of Henry Cabot Lodge. Can our man Stan trace his line back to John Winthrop? Probably not, which is why he is rootless, unhappy, and eagerly awaits the bi-monthly "Decline of the WASP Lords and Ladies!" in the next issue of WSJ or the NYT to ease his suffering!
Ah, the WASP Mystique!
Stan is sad, you guys, and must crush his tormentors. The Country Club -- a knapsack of unspeakable privilege! -- closed its golden gates. Stan does not know the awesomeness of wearing genealogical society regalia or dropping casually in conversation that he is a direct descendant of Thomas Dudley. So instead he has to hit up "rich uncle" Washington and rub it in while doing so... because Country Clubs, ancestors, and bland food.
"Anonymous said...
Jews have a nice little country club on the Eastern Mediterranean, with ocean views. It's members only, and Fischer is a member."
Pssh! Everyone knows the Southampton Bathing Corp. is totally better.
We need a new amendment to the constitution: a President can never have been a citizen of another country.
Robert Hume
Eric Falkenstein: "I'm not aware of any monetary policies that would favor other countries more than the US. That is, good monetary policy tends to be good for everyone, bad monetary policy is bad for everyone."
Then sell the position in open auction. Let whichever country feels the greatest interest in policies that are "good for everyone" - China, say - fill the post and set whatever policies it likes.
Anonymous, actually you ought never have let us into your country clubs at all. Instead of trying to suavely sniff out whether we were Jewish, you might have tried this: "This is a club for Protestants. Protestants who prefer the company of other Protestants. Are you Protestant, Mr. Scheinbaum? No? Well, I wish you the best in forming your own club! I bet it'll be great! If you get it going, we should have an annual golf game!"
Heavens to Betsy, you might even try a comparable approach to some things today. Maybe the universe won't actually explode. Then one day you might find yourself saying reasonably to an unstartled reporter that you'd like to see some White Christians on the Federal Reserve.
The Jewish community has serious in-house problems if a guy like Fischer can come to be. But you also might cut out the "helpless WASP" act and actually try something new.
Can anyone explain why being Jewish is a prerequisite for a seat on the Federal Reserve?
I guess we don't want the Fed to look like America, just Israel.
And does a Hillary victory in 2016, mean a 4th Jewish SCOTUS Seat?
"... you might have tried this: "This is a club for Protestants. Protestants who prefer the company of other Protestants. Are you Protestant, Mr. Scheinbaum? No? Well, I wish you the best in forming your own club! I bet it'll be great! If you get it going, we should have an annual golf game!"
No, they much prefer to say that the club is open to anyone who is *clubbable*. There is a chance... a very, very small chance... that you too can partake in the American dream of eating bland food in an old building and play golf there. A small chance, of course.
Don't look now, but a von Ribbentrop (!) is a member of the *ultra-exclusive* Meadows Club in Southampton.
http://nymag.com/nymetro/travel/hamptons/features/3283/
Why does he get in?
"And does a Hillary victory in 2016, mean a 4th Jewish SCOTUS Seat?"
No, because in all likelihood the next retiree will be Ruth Vader Ginsburg.
From what I've read, Ginsburg has absolutely no intention of retiring during the Obama Administration. Supposedly, his team pushed her a little to hard so he could guarantee her seat would be filled by a Leftist. He probably appointed Kagan so as to assure her that even after she left there'd still be another Brooklyn Jewish woman on the Court.
One man's bravery in the face of the exclusive Maidstone Club. He trespassed, uninvited, and just started playing golf:
http://nymag.com/nymetro/news/sports/features/12549/
Ha, ha! Take that, Mayflower people!
>> I would much rather have German run finances
Thana get yourself a German electorate.
>> I would much rather have German run finances
Thana get yourself a German electorate.
Get yourself a German media and German campaign donors.
"Why does he get in?" Why shouldn't a von Ribbentrop get in? Was he complicit in his father's complicitier? More to the point, the Meadows Club can posthumously induct Christopher Dorner and Alfred Rosenberg if it likes. And they don't owe us an explanation.
"One man's bravery in the face of the exclusive Maidstone Club. He trespassed, uninvited, and just started playing golf:"
Time to all enroll at harvard as undocumented students
Rippentrop pere was the subject of a famous summation of his personality by Goring:
Hitler dismissed Göring's concerns: "but after all, he knows quite a lot of important people in England", leading Göring to reply "Mein Führer, that may be right, but the bad thing is, they know him".
Post a Comment