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The US dollar is not Russia’s basic reserve currency anymore. The euro-based share of reserve assets of Russia’s Central Bank increased to the level of 47.5 percent as of January 1, 2009 and exceeded the investments in dollar assets, which made up 41.5 percent, The Vedomosti newspaper wrote.
The dollar has thus lost the status of the basic reserve currency for the Russian Central Bank, the annual report, which the bank provided to the State Duma, said.
The state needs to borrow $15 billion to keep paying its bills. With its credit rating in the cellar and former guarantors with troubles of their own, officials say U.S. backing may be the only hope.
Reporting from Los Angeles and Sacramento -- First came the banks and insurance companies. Then the auto industry. Now, with California on the verge of financial collapse, state leaders are demanding an unprecedented federal rescue of their own.
They say they need the Obama administration to step in and back billions of dollars in emergency loans. If Washington fails to do so, the state could start running out of cash in July and then would have to stop paying huge amounts of its bills. That, in turn, could set off dangerous ripples throughout the economy, state officials say.
The beginning of US prosperity and happiness. Do you remember how quickly Obama wanted to have his stimulus bill PASSED? Apparently, it doesn't solve the problem quick, does it?
Bilderberg Group Orders “Total” Destruction Of US Dollar
“ABC News today devoted a prominently featured three page story to a “secret meeting” of rich philanthropists which took place earlier this month in New York, and yet one of the biggest news corporations in America was completely silent during a far more important meeting of around 150 of the world’s powerbrokers at the Bilderberg conference last week.”
Russian President Medvedev has joined calls by China, Brazil, and other Nations, to prepare for the collapse of the US Dollar and has put forth the Russian Ruble as one of a number of International Reserve Currencies to replace the soon to collapse American currency, and as warned about by the St. Petersburg Times News Service:
“Last week, despite the apparent appeal of the dollar in the midst of this global crisis, the U.S. bond market — often a harbinger of future trends — suddenly panicked, and the prices of U.S. Treasury bonds plummeted with 10-year yields jumping to over 3.3 percent. This could be ominous for the future of the dollar.”
Even worse for these American people is how horrific their immediate economic future is going to be, and as best articulated by Gary Dorsch, the editor of Global Money Trends, who writes: “No one is asking who will purchase the $1-trillion of US Treasuries to be offered to the market by September. Once that colossal amount of paper is bought, who will purchase another $5-trillion of Treasury paper over the next four-years, as the US-government plunges deeper into insolvency. The Federal Reserve would be forced to print (monetize) vast quantities of US-dollars to pay the principal and interest on the national debt that is not covered by tax revenue.”
Bloomberg News Service is further reporting today that the concerns of the US Federal Reserve Bank are also growing, and as we can read, “Policy makers, meeting April 28-29 in Washington, saw “significant downside risks” to the outlook for the economy, with the global financial system still “vulnerable to further shocks,” minutes of the session released yesterday said.”
With the US now reporting another record being set in the number of their citizens out of work and claiming unemployment benefits, the true number of American jobless has reached a staggering 15.8% of their workforce with no relief in sight and many Russian analysts predicting a summer of violence due to massive discord among these beleaguered people as once their relief payments run out there exists no more money to pay them.
It is important to note that Great Britain is preceding the US into bankruptcy and is reported close to losing its AAA Credit Rating as it suffers its worst economic crisis since World War II, with the Financial Post issuing a further warning to the Americans, and as we can read:
“The U.S. dollar's day of reckoning may be inching closer as its status as a safe-haven currency fades with every uptick in stocks and commodities and its potential risks - debt and inflation - are brought under a harsher spotlight. Ashraf Laidi, chief market strategist at CMC Markets, said Wednesday a "serious case of dollar damage" was underway. "We long warned about the day of reckoning for the dollar emerging at the next economic recovery," Mr. Laidi said in a note.”
“The International Monetary Fund is poised to embark on what analysts have described as "global quantitative easing" by printing billions of dollars worth of a global "super-currency" in an unprecedented new effort to address the economic crisis.”
Last edited by NEPatriot; 05-21-2009 at 04:01 PM..
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