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ARCHIVED DISCUSSION FROM 6/1/2003
All times are U.S. Mountain Time
(Yesterday's Discussion.)
goldquest
(6/1/03; 22:43:23MT - usagold.com msg#: 103929)
Bernanke
http://www.federalreserve.gov/boarddocs/speeches/2003/20030531/default.htm
did such a great job of finding a solution to fix the US economy, that he is now telling the Japanese how to fix theirs!
Waverider
(6/1/03; 22:29:23MT - usagold.com msg#: 103928)
ECB May Reduce Rate to 2 Percent on Thursday, Economists Say
http://quote.bloomberg.com/apps/news?pid=10000085&sid=aBJ_r5f7hfrg&refer=europe
Snip:
"The European Central Bank may reduce its benchmark interest rate for the third time in seven months this week as the economy stagnates and the euro's advance slows inflation, economists said. The ECB may cut its rate by half a percentage point to 2 percent when policy makers meet in Frankfurt on Thursday, according to a majority of the 32 economists surveyed by Bloomberg News. The Bank of England may keep its rate at 3.75 percent, a separate survey of 38 economists showed."
Waverider: Sir MK - it looks like a half percentage point drop is anticipated.
mikal
(6/1/03; 21:38:19MT - usagold.com msg#: 103927)
Corrected Haiku
Paper printing storm,
Dollars flutter down, up, down.
Who would've caught them?
mikal
(6/1/03; 21:27:32MT - usagold.com msg#: 103926)
"Gold Haiku"
Thanks to Town Crier (Randy) for suggesting posts of Haiku(the Japanese 5-7-5 syllable "snapshot" of gold). Though it's true that the dollar is only one of a great many influences on POG, it's changing perception and transient forms, this little poem tells how the U.S. dollar index is pointing down for at least a year like a dragon's tail, unless an unexpected push accelerates it's realignment and correction.
Paper printing storm,
Dollars flutter down, up, down.
Who will catch them?
MK
(6/1/03; 21:13:53MT - usagold.com msg#: 103925)
Randy....
If you're around can you clarify something for me? I'm trying to conceptualize what it would take on the part of ECB to turn the tide of capital going into the euro in terms of lowering its interest rates -- assuming of course that the ECB finds it in Europe's best interest at the moment to attempt stemming the tide, something I'm not totally sure of. But looking for a starting point....
At the ECB site, they list the following interest rates:
Deposit facility.......1.5%
Refi operations......2.5%
Lending facility......3.5%
Which of these most closely approximates the Fed Funds rate (now 1.25% approx.)?
silvercollector
(06/01/03; 20:38:13MT - usagold.com msg#: 103924)
Does this statement make sense.... (Excellent article by Taylor)
http://www.gold-eagle.com/gold_digest_03/taylor060203.html
"For the first time in the Post war era, collapsing interest rates didn't help stocks. That meant that bond prices rose while stocks fell…..More than anything else, the decoupling of bonds and stocks was the main signal that deflation had become a serious threat. The last time a major decoupling of bonds and stocks had occurred was during the deflationary 1930s."
misetich
(06/01/03; 20:24:34MT - usagold.com msg#: 103923)
President spells out fears over dollar's slide
http://politics.guardian.co.uk/economics/story/0,11268,968621,00.html
Snip:
President George Bush sought yesterday to halt the dollar's rapid decline on the foreign exchanges as the annual gathering of eight of the world's leading industrial nations prepared to discuss the fragile state of the global economy.
After two weeks in which the US currency has been shunned by investors convinced that the US was happy to see the dollar fall, Mr Bush said the recent weakening ran counter to his administration's strong dollar policy.
"Our policy is aimed at a strengthening of the dollar. It's true that the value of the dollar is falling, which is against our policy," Mr Bush said in an interview with Russia's Rossiya TV channel.
Mr Bush, backed by Tony Blair, has insisted that this morning's session of the G8 summit in Evian should focus on the risk that slow growth in the west could trigger a period of deflation.
..................
and Mr Chirac thought a full-scale discussion on the fall in the dollar and the rise in the euro might unsettle the markets.
.............
The European Central Bank is expected to cut rates by half a percentage point to 2% on Thursday, a move which may take some of the pressure off the dollar.
.............
**********
Misetich
Currencies crisis - How can one protect their portfolio with all this uncertainty?
GOLD - PHYSICAL GOLD -
All On Board The Gold Bull Express
Old Yeller
(06/01/03; 20:05:10MT - usagold.com msg#: 103922)
The New Asian Dollar
http://groups.yahoo.com/group/gang8/message/8484
Interesting developments afoot.This would give Asian
CB's another choice in currency reserves.
silvercollector
(06/01/03; 19:53:27MT - usagold.com msg#: 103921)
"What's happening in Iraq" (UN's perspective)
http://www.un.org/apps/news/infocusRel.asp?infocusID=50&Body=Iraq&Body1=inspect
Related news stories
Security Council seeks to bring peace and development to Africa - 30 May
Iraq: UN to host reconstruction meeting at New York Headquarters in June - 30 May
Upcoming G-8 summit should tackle, not debate, anti-poverty goals – UN official - 29 May
Iraq: UN food programme gears up for restarting distribution system - 29 May
Islamic Conference has key role in ensuring peace, fighting terrorism - Annan - 28 May
Bulldog
(06/01/03; 19:52:10MT - usagold.com msg#: 103920)
Price of oil
Now that U.S. & Britain control the second largest oil reserves by occupying Iraq, once the infrastructure is developed, they should produce at least ten times the amount of oil produced under Saddam. If so, would Iraq still be part of OPEC or would GWB use Iraq to break the cartel? Why can't oil then go to $10/bbl? I suspect a partial answer is that all sides have an interest in keeping oil above $20/bbl. If oil does decrease in price, do we expect gold to follow it down?
silvercollector
(06/01/03; 19:51:35MT - usagold.com msg#: 103919)
Whoops, link attached for UN Resolution 1483
http://ods-dds-ny.un.org/doc/UNDOC/GEN/N03/368/53/PDF/N0336853.pdf?OpenElement
silvercollector
(06/01/03; 19:48:10MT - usagold.com msg#: 103918)
UN Resolution 1483
Paragraph 11 pertains to WMD
Paragraph 16 pertains to "oil-for-food"
Paragraph 20 (ref.12) pertains to sale of oil & gas.
Paragraph 22 pertains to liabilities (contracts?) to oil & gas
silvercollector
(06/01/03; 19:08:10MT - usagold.com msg#: 103917)
The rubber meets the road...
"Berlusconi also referred to the possibility of a cut in interest rates, comments reflecting mounting belief that the European Central Bank could or should cut rates soon, a move that could tame the euro's surge versus the dollar. "A decision to cut rates might be in the air," he said."
The dollar is up tonight, gold down considerably. Looks like the ECB is going to cave. I haven't checked the details from the Iraqi oil caving but it seems to me the planet it 'cow-towing' to Bush and the dollar machine.
Don't like it but unfortunately it might still be necessary to live with it.
Global deflation for a while trying to get global reflation re-inacted.
misetich
(06/01/03; 17:52:42MT - usagold.com msg#: 103916)
States Use Gimmicks To Tackle Deficits
http://www.washingtonpost.com/wp-dyn/articles/A63383-2003May31.html?nav=hptop_tb
Snip:
What's a governor to do when he raises corporate taxes by $1 billion, proposes $3 billion in spending cuts, taps his state's entire tobacco settlement and drains every state fund with a positive balance -- and still comes up $300 million short of a constitutionally required balanced budget?
The way New Jersey Gov. James E. McGreevey (D) got over -- or, actually, around -- this very hurdle sums up the precarious condition of budgets now being crafted in almost every state capital.
............
in Year Three of the worst fiscal crisis in a half-century, states are postponing -- and possibly exacerbating -- the day of reckoning through creative accounting.
............
Using financial sleight of hand, McGreevey shifted a June payment to school districts into the next fiscal year, which begins July 1, creating a paper windfall of almost $300 million in 2003. Presto! -- a balanced budget. But also a teetering one.
.............
The proliferation of accounting gimmicks in almost every state budget has raised concerns in finance, health care, education, mental health, public safety and anti-poverty efforts -- every endeavor that relies on state government
..........
"I compare it to Enron, because Enron's accounting, by and large, didn't violate generally accepted accounting principles. It was just extremely aggressive," he said. "That's what the states are doing. They're pushing the envelope. These gimmicks are basically off-the-balance-sheet debt. It's what Enron had."
***********
Misetich
Creative accounting - threading water - for how long can the shell game go on - It may work during prosperous economic times - but is a recipe for disaster during tough economic times - and unless the infamous US economic recovery shows up soon - this has the making of a real ugly mess
All On Board The Gold Bull Express
USAGOLD / Centennial Precious Metals, Inc.
(06/01/03; 17:49:26MT - usagold.com msg#: 103915)
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CoBra(too)
(06/01/03; 17:29:55MT - usagold.com msg#: 103914)
From today (June 1st.) on -
Every Chinese can trade and possess Gold bullion. Even if only a few may catch on at first ... there are always a "few more" out there to take up any slack!
... "Mean"-time GWB is scurrying from Krakow to St. Petersburg, from Evian - leaving before any tough questionaire regarding the Snow job on the reserve currency could unnerve diplomatists - to Cairo, from Eilat to other ME destinations and of course Kuwait ...
... As the international press is trying to cover and interpret every so slight facial expression, handshake or any body lingo of the president - while meeting friend and supposed foe with the surrogate arrogance of raw - though, past economic - power.
Patriots R'US? Other countries also love their Patria - even Zimbabweans, where oppression is rampant - though, who likes foreign interference on pretense of still missing WMD reasons?
cb-toeing along ...and having a great time in accumulation of gold on the cheap - aided by the € - may it last a li'l longer ...
Cometose
(06/01/03; 14:31:35MT - usagold.com msg#: 103913)
Tim Woods
http://www.cyclesman.com
cycle's work may be found at the above link...
Forgive the repeater post below
Cometose
(06/01/03; 14:26:44MT - usagold.com msg#: 103912)
Tim Wood / Dow Theory /ta
Tim Wood for the month of June has discussed
two non confirmations between the DJI and THE DOW JONES transport average in the Two different sets of cycles...
SEASONAL AND Weekly , I believe... For that to correct
the DOW Industrials has to reach and exceed 9044...
We are in the middle of 22 week cycle which is into it's 11 the week and the one of his primary ocsillators is now turning down.....he says to watch for the index to follow...
He made an interesting comparison between the 1906/07 bear market confirmation that occured and subsequent sell off as to todays present market....
There is another interesting corrollary that he discovered between the two markets .....which he discovered by accident as he was directed to read some Prechter this week... He said he found it in the May newslwtter...
SUN SPOT ACTIVITY for 7 months prior to the 1907 fall off was less than 100 in 7 months ..(that is low; such activity in a bear market has been known to be traumatic in a negative sense) Prechter's assistant's reading for Sunspot activity concluded in April and the activity reported was in the same parameters as in 1906.....
THESE are very interesting facts that are substantiated by DATA.....I'm developing avery high respect level for people that love math and apply it to data....THIS In combination with the MEDIUM of the INTERNET .... makes the study of these sources mandatory..
He looks for gold to bottom in Aug and then for us to see new highs in SEPT....
HE says bonds are due to turn soon / new bottom in July August .
misetich
(06/01/03; 14:07:28MT - usagold.com msg#: 103910)
US loses its allure for global investors
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1051390453922&p=1012571727088
Snip:
For years, the US has been viewed as the most attractive region for global investors, but that distinction may be fading as concerns about the economic outlook, weak dollar and corporate governance issues damp the allure of US assets overseas.
A rush to the exit doors by overseas investors would be a huge blow to Wall Street and the fragile US economy. That's because overseas investors own about 45 per cent of all US government bonds, 35 per cent of corporate bonds and 12 per cent of equity holdings.
.............
Jes Black, a currency strategist at MG Financial Group, said: "This is a tremendous cause for concern." He noted that while US equities have suffered from declining outflows, corporate bonds are also becoming vulnerable. Bonds saw a drop in annual investment for the first time in over a decade last year and the trend could continue if the dollar remains in its slump.
Clark Winter, global investment strategist at Citigroup Private Bank, said overseas investors are finding alternatives to the US, which has long been viewed as the region to "park" money. While the strengthening euro is attracting funds that may have otherwise gone to the dollar, there's also renewed interest in homeland repatriation.
Mr Winter said Brazil and Russia are two countries that are currently seeing a surge in repatriation of money. "For a variety of reasons, citizens of these countries took money out from their homelands and put them in [US assets] but now flight to quality often means a dramatic move to local [assets]."
...........
*********
Misetich
The US $ used to be a safe haven - with dwindling returns and wipe out of trillions of equity values and the massive fraudlenty activities by brokers, investment bankers the US $ is no safe haven
Panic in the air
All On Board The Gold Bull Express
misetich
(06/01/03; 13:45:28MT - usagold.com msg#: 103909)
Dollar Fall Barges Way Into G8 Summit
http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=2858131
Snip:
EVIAN, France (Reuters) - The dollar's tumble on the currency markets forced its way onto the agenda at a G8 summit in France on Sunday when leaders said that exchange rates would be discussed the following day.
With stagnation or worse threatening some of the Group of Eight economies such as Germany, Japan and Italy, Italian Prime Minister Silvio Berlusconi acknowledged that currencies would be discussed during Monday morning talks on economic prospects.
"We will be busy with that tomorrow," Berlusconi said when asked by reporters about the dollar, which has fallen to record lows versus the euro in recent days, raising fears that exports from the 12-nation euro zone will lose in price competitivity.
Berlusconi also referred to the possibility of a cut in interest rates, comments reflecting mounting belief that the European Central Bank could or should cut rates soon, a move that could tame the euro's surge versus the dollar. "A decision to cut rates might be in the air," he said.
..........
But tomorrow we will talk about the global economy in which there will be (discussion) about recovery, unemployment, currencies, all aspects of the concerns we have today."
Officials from many countries said prior to the meeting in Evian that worries about the dollar level or at least the speed of its slide against the euro, would not be an issue at the G8 meeting, where central bankers and finance ministers are absent.
President Bush said in media interviews ahead of the summit, however, that Washington continued to back a strong dollar even if financial markets seemed to be putting a value on the currency which went against the grain of that policy.
***********
Misetich
Interesting -
All On Board The Gold Bull Express
misetich
(06/01/03; 13:33:25MT - usagold.com msg#: 103908)
Bush, Chirac Smile for Cameras at Tense G8 Summit
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=2857539
Snip:
Bush got a short handshake and stiff smile from his loudest critic on arrival in Evian, the French spa on Lake Geneva hosting this year's summit of leading industrial democracies. Chirac gave other leaders a much warmer welcome.
............
On the summit's sidelines, a senior U.S. official issued a veiled warning to Paris not to try to rally Europeans against Washington again, while Colonna stressed France sought a "multipolar world" with a key role for the United Nations.
Colonna did not rule out a summit discussion about the U.S. dollar's recent sharp decline, an issue G8 leaders have been trying to play down, and said the meeting should send the world "a message of confidence on economic growth." Out beyond several heavily-guarded security rings, anarchists and anti-capitalists rampaged through towns in France and neighboring Switzerland smashing shops and blocking roads to protest against the rich men's club they say rules the world.
..........
Bush's next moves could prove divisive. He has paved his way to Evian with proposals to track illegal shipments of weapons of mass destruction, pressure Iran and North Korea to curb nuclear programs and encourage Europeans to give up their opposition to genetically modified food.
Washington accuses Iran and North Korea of clandestinely developing atomic weapons. Bush and Putin discussed Tehran's nuclear program in St Petersburg but Russia says it will continue building a nuclear power plant in Iran.
Colonna said France thought Bush's plan for a global pact to seize illegal shipments of weapons was worth studying, but asked who would do this and under what legal authority.
..........
*************
Misetich
The "spin" keeps on portraying as - France - is the only one opposing the US, UK vision of a polar world - whilst it is the majority of world opinion the US is fighting
Interesting comments by France's Colonna on a summit to discuss the depreciating US $
All On Board The Gold Bull Express
Belgian
(06/01/03; 12:16:22MT - usagold.com msg#: 103906)
GOLD
@ TIH : Greenspan/R.Paul : The goldstandard was mentioned again. Span even answered that countries who wish to back their currency with Gold, can do so within IMF regulations.
The shocking effect of the 44 Trillion Debt, treasury-report, makes people a bit nervous.
Mentionning the old goldstandard is saying as much as...OK...ok, I know...the dollar-reserve is toasting, but leave me alone, will you.
@ Mas : I agree with your *short* answer to silvercollector. Euroland undere the present (de facto) French impulses, moves very slowly. Good or bad habbit ?
If and when the dollar-implosion, causes the destructive hyper-price-inflation, compensating for the past 7 decades of mis-management...ALL oil-trade will be settled in euro !
Whoever might have the control of what oil !
The next 50 years are about the unwinding of the dollar-reserve and the euro, embracing Gold, as the only alternative. This process on the rails can be delayed/upspeeded, but NOT stopped ! It is the dollar-system that causes all misery and at a certain point, the euro-gold-alternative will take over for the better or the worse.
All official references made to the old goldstandard are part of the circumstantial evidence that deep dollar-doubt has been installed. FOA was here, to explain us, what the role of the euro and Gold do play into this final dollar-demise.
Whilst the USUK, reconstruct (dollarize) Iraq and free (hum) its oil-reserves...the dollar must face growing euro-symphaty. Americanization (à la Kuwait) of the whole ME-region will NOT run according to the dollar's plans. The China-Factor !!!
*Adieu*, oh mighty dollar !
Goldendome
(06/01/03; 11:15:00MT - usagold.com msg#: 103905)
@ Invisible Hand-- Your #103902--Why, Why?
I would say abandonment of the gold Standard led to monetary disorder because it eliminated the possible redemption of fiat currencies in Gold from the country of origin. With the later elimiination of Gold convertability from the Bretton Woods agreement, the world has since been on "The Dollar Standard" which has led to the massive build-up of dollar reserves 'round the world and the inflation in foreign currencies. I don't want to ramble, so I'll finish with this: Elimination of the Gold Standard, was like cutting loose the anchor that helped to hold back the movement toward "created from nothing money."
We've been on a random and disorderly path ever since.----Gdome
Caradoc
(06/01/03; 08:58:57MT - usagold.com msg#: 103904)
link to Congressman Colonel Davy Crockett
http://www.geocities.com/Heartland/Plains/4484/crockett.htm
Sorry; meant to include link in previous post.
Caradoc
Caradoc
(06/01/03; 08:53:39MT - usagold.com msg#: 103903)
Government you can trust (wouldn't it be refreshing?)
"The power of collecting and disbursing money at pleasure is the most dangerous power that can be entrusted to man, particularly under our system of collecting revenue…."
"Public Monies and Private Supplications" by Davy Crockett
"Public monies should be touched only with the utmost
conscientiousness of honor…."
"Common Sense" by Thomas Paine
**********
Compare the two quotations above to Nixon's plea that people stop taking silver quarters out of circulation because "they're only worth a quarter" and because people were "only causing problems" in being able to distribute enough of the new quarters.
Caradoc
The Invisible Hand
(06/01/03; 08:09:29MT - usagold.com msg#: 103902)
WHY does the Evian website say abandonment of gold standard created monetary disorder? WHY, WHY, WHY?
http://www.g8.fr/evian/english/navigation/the_g8/questions_about_the_g8.html
What is the G7 Finance Ministers' Meeting?
The meetings of finance ministers in the 1970s to some extent gave rise to the summits of the Heads of State and Government of the leading industrialised countries. On 25 March 1973, George Shultz, US Treasury Secretary at the time, invited the British, French and German finance ministers to an informal discussion in Washington . The four men discussed the_ international monetary disorder_ (emphasis: The Invisible Hand's) created by the American decision to drop the gold standard. They subsequently decided to continue their discussions and invite their Japanese counterpart to join them. In the months that followed, the five held meeting after meeting. The press started using the expression the "group of five" or "G5". Valéry Giscard d'Estaing took part in this first meeting as finance minister. When it became his turn to chair, he suggested that this type of meeting be held by the Heads of State and Government. This gave rise to the "G5 + 1" meeting in Rambouillet (to which Italy was also invited). The G5 expanded to become the G7 Finance Ministers' Meeting with the participation of Canada and Italy . Today, the finance ministers of the G7 countries, assisted by their central bank governors, generally meet three times a year, including twice alongside the IMF and World Bank spring and autumn meetings. They take stock of the development of the global economy and co-ordinate over current major financial problems. The Russian Federation is gradually being incorporated into these meetings.
This from 1999:
http://www.g8.fr/evian/english/navigation/g8_documents/archives_from_previous_summits/cologne_summit_-_1999/g7_statement.html
13. We recognize that these changes will entail significant costs, in particular arising from debt owed to the IFIs. We are prepared to support a number of mechanisms to meet these costs recognizing the importance of maintaining an adequate concessional lending capacity by the IFIs:
- To meet the IMF's costs, the Fund should mobilize its resources, while maintaining an appropriate level of reserves, through the use of premium interest income, the possible use of reflows from the special contingency account or equivalent financing, and the use of interest on the proceeds of a limited and cautiously phased sale of up to 10 million ounces of the IMF's gold reserves.
- The Multilateral Development Banks (MDBs) should build on the work they have begun to identify and exploit innovative approaches which maximize the use of their own resources.
- The costs to the IFIs will also require bilateral contributions. We have pledged substantial contributions to the existing HIPC Trust Fund. We will consider in good faith contributions to an expanded HIPC Trust Fund.
- In meeting the costs, we call for appropriate burden sharing among donors taking into account all relevant aspects, including the magnitude and quality of ODA already extended and past ODA forgiveness, and recognizing the contributions of countries with high ODA loans outstanding relative to GDP.
Tate
(06/01/03; 07:55:32MT - usagold.com msg#: 103901)
Regarding : planning and execution of a new money system.
Boilermaker (06/01/03; 05:43:34MT - usagold.com msg#: 103898)
Regarding : planning and execution of a new money system.
Indeed it may be in motion and Au with big swings in price does not behave as it did year ago.
Such event would eventually be impossible to hide from insiders like Robert Rubin and his CityBank They would be quick to make long gold positions. Just as they did play UD$/Euro markets ahead of government intervention a year or so ago on insiders tip. Any upcoming money system change will be revealed in gold price no matter what suppression. Remember these insiders are rich people. More rich you are greedier actions you take. Friday spike in Kinross, Goldcorp, Glamis and other un-hedged gold producers was amazing.
It is getting harder to hold USA Inc. share price $ from falling.
Boilermaker
(06/01/03; 06:10:48MT - usagold.com msg#: 103900)
correction to msg 103898
"foreclosure of Iran's experiment with Euro for oil"
should read
"foreclosure of Iraq's experiment with Euro for oil"
Now off to church for some soul searching.
cheers,
boilermaker
mas
(06/01/03; 06:02:10MT - usagold.com msg#: 103899)
Silvercollector
Reference your concern, make them feel comfortable while you stab them from the back without notice.
You don't think they would have done what they did without further thought? They control the new currency don't they?
The dollar has lived it's life, let's move on......before it destroy's everyone and everything!
Got gold?
Boilermaker
(06/01/03; 05:43:34MT - usagold.com msg#: 103898)
Silvercollector msg 103880
Your question re my meaning of "ultimate release of the dollar" and "policy reversal".
It appears the $US is in a controlled descent pattern with ongoing efforts to prevent a nosedive. Efforts such as the capping of gold, public pronouncements of 3% growth in the 2nd half, economic stimulus via tax cuts and foreclosure of Iran's experiment with Euro for oil are needed and being applied to support the dollar and no doubt to support Bush's reelection next year. Ultimate release of the dollar is when the the Administration and the Fed capitulate in their controlled descent efforts. This is unlikely to occur before the election unless the dollar crashes from outside pressure. Ultimate release is when we wake up one morning and read about the new money system that is in place.
My meaning of policy reversal is that point when the Admin sees the hopelessness of continued dollar support and starts the planning and execution of a new money system.
Of course the planning will be done covertly and has probably already begun. No doubt there will be subtle signs that this process is in the works.
Boilermaker
silvercollector
(06/01/03; 05:42:37MT - usagold.com msg#: 103897)
From the link that Goldilox just provided
I can't believe I didn't see this anywhere!
"The four G-8 countries that opposed the war made a major move last week to get back into good standing with Bush by supporting the U.N. Security Council resolution that gives the United States and Britain a mandate to use Iraq's oil revenues to rebuild Iraq with only minimum input from the United Nations."
Let's see now, France, Germany, Russia and China, the 4 thorns in the backside of the US, have backpeddled in the UN and allowed the US to dictate where Iraq's oil revenues are spent. Say what? Pardon me?
Headline news reports that the 4 bonehead nations are climbing up and down the the back of Bush and Blair regarding the whereabouts of WMD but in the case of oil revenue, oh yeah, don't worry about it, spend it as you see fit???? What the H?
This is indeed HUGE news. The implications of this are MASSIVE, are they not? "minimum input" from the UN, is this not unbelievable?
Anyone with thoughts, opinions, news, links?
TIA.
Topaz
(06/01/03; 02:18:53MT - usagold.com msg#: 103896)
...on the Dinar, Dirham.
The Islamic non-Ursurous System is creating some interest hereabouts today (HA!)
As the mechanisms mature and bearing in mind OPEC once considered a straight-out Oil/Gold deal, (Another)...would it not be more prudent to secure your Gold and silver in the "traditional" form from our Host...and settle back to watch developments?
The Iraqi Adventure has surely miffed a lot of Oil and..who knows, an Oil/Dinar deal may be only days/weeks away.
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