The US dollar...now you see it, now you don't!

Get ready to ride the money wheel my friends...it should be a good one!  Yes, I've been called crazy for telling people that our undisputed world reserve currency is ready to take a back seat to other currencies.  It is a slow and gentle process, but it's happening as we speak.  You see, other countries (primarily China) are getting pissed off paying for two wars and that wonderful bubble Wall Street created (none of which they wanted)... so put on your seat belts and hold on tight!

On Monday, World Bank President Robert Zoellick stunned governments and central bankers by proposing that the G20 consider a radical revamping of the world currency system. He suggested that the role of the dollar as the supreme reserve and trading currency be ended and that it be supplanted by a new system involving the dollar, the euro, the yen and the Chinese renminbi. He further proposed that the new structure use gold as an indicator of currency values. This was a tacit acknowledgement that the system that has prevailed for the past 65 years is no longer viable and that there is no national currency that can replace the dollar as a world reserve currency. The near-zero interest rate policy of the US Federal Reserve has flooded financial markets with cheap dollars, resulting in a staggering decline in the value of the dollar on world currency markets. The dollar has fallen by 13 percent against the Japanese yen so far this year. Just since last June, it has dropped 18 percent versus the euro. Weighed against a basket of currencies, the dollar is down 8 percent since late August.

The starkest expression of the erosion of confidence in the dollar and the existing currency system is the explosive rise in the price of gold. This week, gold futures hit an all-time high of over $1,420 an ounce. The precious metal has risen 28 percent this year. The precipitous fall in the dollar is fueling a general surge in commodity prices, including copper, oil, corn and other foodstuffs.


The Bank of China, one of the country’s main state owned lenders, is allowing American customers to open accounts and trade US dollars for the Chinese Yuan each year. Account holders can exchange up to $20,000 annually. Experts say China’s currency is likely to go up, as the country remains a manufacturing powerhouse. China, the world’s largest exporter, has been coasting with an enormous trade and budget surplus.This, as the US is barely treading, down by a crushing 14-trillion dollar national debt. "The Chinese have been saving and investing over ercent of their income and the United States has been saving and investing two percent of our income. We've been borrowing and consuming. They've been saving and investing,” said Jim Rogers, Quantum Fund Co-Founder & Author.

Please be sure to keep us informed of your future currency...
we are still undecided...

Links:
http://rt.com/usa/news/usa-china-dollar-yuan-banking/
http://www.wsws.org/articles/2010/nov2010/econ-n11.shtml

Who grows your food?

Thanks in part to my vote (Shooter abstains from online voting) Monsanto was voted to the top of the 2010 Corporate Hall of Shame. Why? They grow GMO food and now they own the patents to your food.

Monsanto is far-reaching into the very agencies and branches of government that should be protecting our food supply and protecting the farmers that grow our food.

Obama's Monsanto pick: Michael Taylor as Senior Advisor to the FDA on food safety....

Michael Taylor is a lawyer who has spent the last few decades moving through the revolving door between the employ of GMO-seed giant Monsanto and the FDA and USDA. Taylor is widely credited with ushering Monsanto’s recombinant bovine growth hormone (rBGH) through the FDA regulatory process and into the milk supply — unlabeled. A Government Accounting Office (GAO) investigated whether Taylor had a conflict of interest and or had engaged in ethical misconduct in the approval of rBGH. The report’s conclusion that there was no wrongdoing conflicted with the 30 pages of evidence that Vermont Congressman Bernie Sanders (I-VT) described as proof that “the FDA allowed corporate influence to run rampant in its approval” of the drug.

Taylor is also responsible for the FDA’s decision to treat genetically modified organisms as “substantially equivalent” to natural foods and therefore not require any safety studies. The “substantially equivalent” rule allowed the FDA to ignore evidence that genetically engineered foods, including soy, are in fact very different from natural foods and pose specific health risks.

George W. Bush also had a number of former Monsanto execs and lawyers to gift jobs to, among them:

	Prior to being the Supreme Court Judge who put GW Bush in office, Clarence Thomas was Monsanto's lawyer from 1976 to 1979. He refused to recuse himself from "Monsanto v. Geertson Seed Farms, no. 09-475.
	The U.S. Secretary of Agriculture (Ann Veneman) was on the Board of Directors of Monsanto's Calgene Corporation.
	The Secretary of Defense (Donald Rumsfeld) was on the Board of Directors of Monsanto's Searle pharmaceuticals. He reportedly received a $12 million bonus when Searle was sold to Monsanto.
	It's your turn to vote, keep an eye on Monsanto, they're sure to be a candidate again in 2011. Just ask France.

Obama pulls a Clinton

Obama and his new Chase Chief of banker staffer

If you're unfamiliar with Robert Scheer, it's time to catch up! His truthdig website is a goldmine of alternative news and reporting. Recently he posted a column in the Huffington Post and it's a doozy. Responding to Obama's op-ed piece in the Wall Street Journal (I'm not kidding, the Wall Street Journal), Scheer takes Obama to task for being a little bit too Clinton.

He employed the same "creating a 21st-century regulatory system" rationalization used by Clinton when he signed off on the sweeping deregulation legislation that unleashed the Wall Street greed that ended up being the biggest job-killer since the Great Depression. "Over the (past) seven years, we have tried to modernize the economy," Clinton enthused as he signed the Financial Services Modernization Act that repealed key New Deal legislation, adding, "And today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority." Modernizing was the propaganda constant, as in the Commodity Futures Modernization Act that Clinton signed, thus shielding financial derivatives from any government regulation.

Is there a gun to his head? Otherwise Obama would not be shutting down all the regulations that keep us safe (from poison and greedy bankers, same diff) or appointing millionaires to his staff (Chase bank on your resume at $5 million a year, you're in!)

Here's a link to the column:
Robert Scheer's column in the Huffington Post

Here's the original op-ed piece:

Obama's op-ed piece in the Wall Street Journal

So I says to the guy... RECESS TIME! To the Playground! Hold please...

I don't want you all to think that I'm just going to be blogging about politics here. Shooter and I are still figuring out how to make this blog work. Occasionally we'll take a break for the lighter things in life (just like Spitzer!). Mae will be your cue. For now, I leave you with a one-liner, courtesy of Ms. M and yours truly...

"Don't retreat, reload... just not on my face."

I'm responsible. Bring back Spitzer please!

Earlier today, NPR interviewed the filmmaker behind Client 9/. Everyone should see this film to get a taste of reality. This was clearly a hit job on the one person who might have made a difference on wall street, only he was going after them, not helping them. Spitzer is interviewed extensively in the film, and admits to his indiscretions openly. The interesting parts of the film are the money men who had a reason to take him down. Keep an eye on the names people, the names... and, keep an eye out for them in the future. Look up the Mann Act. Typically reserved for illegal human trafficking, the government somehow found Spitzer a likely target...

An excerpt from NPR.org:

"Known as the "The Sheriff of Wall Street" when he was New York's attorney general, Eliot Spitzer aimed his fire at some of America's largest financial institutions and their most powerful executives in the country.

"At the height of his power, he was the one-man wrecking crew," says Alex Gibney, director of the new documentary Client 9: The Rise and Fall of Eliot Spitzer. "He took the job of attorney general, which very often would go after crooked car dealers, and turned it into a national phenomenon; somebody who was trying to legislate."

Spitzer's roster of business targets included Richard Grasso, onetime head of the New York Stock Exchange; Ken Langone, once an NYSE director; and Hank Greenberg, CEO of AIG.

Eliot Spitzer made a lot of enemies."

Rent it people, rent it... now.

For Real?

read the article here: glenn beck emails sarah palin... WTF!

Who are they kidding? Do we really care what they're emailing to each other? It's all a show for 2012. Be patient bug, here's one for you....

What is Up with America?

read article here: goldman sachs and facebook

• Why do we have 3 branches of government, when we have  Facebook and Goldman Sachs?