US dollar has no value
Posted by Ivo Cerckel on July 14th, 2009
The gold standard is a barbarous relic, said John Maynard Keynes.
The very notion of foreign exchange reserves is antinomic to (against the law of) reserve currency.
The dollar has no value.
That’s what happens when the initials (“US”) of the country are the sign of “its” money and that money has then been debased by its bureaucrats.
Reuters says that secretary of the US of A treasury, Tim Geithner, will this week offer assurances to the Gulf on the US of A ability to pull out of recession.
This means that for Geithner the value of the dollar depends on the ability of the US of A to pull out of recession.
This means that the US of A dollar is in recession.
Gulf News newspaper reproduces this Reuters article under the title:
“Geithner to tout dollar [’s very ...] viability”
http://archive.gulfnews.com/business/Economy/10331354.html
Geithner is to reassure the Gulf that US dollar assets remain a “strong” investment.
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=302806&version=1&template_id=48&parent_id=28
Ivo: See weak Tim next year.
Geithner said on Monday in London that the recession will be over by the end of the year.
There is “very strong chance” of economic growth returning.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5820229/Tim-Geithner-recession-will-be-over-within-months.html
Of course, next year Geithner will be unaccountable for this lie.
Statesmanship, you know!
Geithner never analysed the causes of this depression, that is, he never analysed irredeemable, at least unbacked, paper money nor fractional-reserve banking.
But Geithner has put policies “in place” which will lead “us” out of depression by January.
http://business.timesonline.co.uk/tol/business/economics/article6703015.ece
It’s official:
Geithner and Darling predict growth restart this year
http://www.ft.com/cms/s/0/1cfe1b40-6fb7-11de-bfc5-00144feabdc0.html
The dollar has no value.
But Geithner is touting the dollar ’s very … viability in the Gulf.
Gimme a beer …
It is the Geithner fraternity which engineered the crisis.
Washington Times; Traveling Geithner displays optimism –
I think we have remarkably strong consensus in place on core elements,
he said
http://www.washingtontimes.com/news/2009/jul/14/traveling-geithner-displays-optimism/
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/
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July 14th, 2009 at 17:08
Associated Press reports that Geithner is saying that
the US of A realises it has “a special responsibility to play” when it comes to protecting the value of the dollar.
http://www.latimes.com/business/nationworld/wire/sns-ap-ml-mideast-geithner,0,5672289.story
Geithner is very bright …
July 14th, 2009 at 17:27
The US of A dollar has no value.
Therefore,
secretary of the US of A treasury Geithner is reassuring Gulf leaders
that the US of A wants to work with the region
to solve the depression which the US of A dollar caused.
July 14th, 2009 at 17:45
The US of A dollar has no value.
“Given
the dollar’s role in the international financial system
and
the significant impact of the U.S. economy on global economic conditions,
we fully recognise that
the United States has a special responsibility to play,”
[Geithner] said in prepared remarks for delivery to the Jeddah Chamber of Commerce.
(Geithner says recession easing, U.S. on the mend
Tue Jul 14, 2009 5:24am EDT
By Glenn Somerville
http://www.reuters.com/article/topNews/idUSTRE56D1BO20090714?feedType=RSS&feedName=topNews
July 14th, 2009 at 17:49
Mr Timmy,
We eliminate
the dollar’s role in the international financial system.
And it’s finished.
July 14th, 2009 at 18:13
Geithner:
policies in the U.S. have been crafted with an eye toward keeping the U.S. dollar strong
http://online.wsj.com/article/BT-CO-20090714-702723.html
Ivo:
dollar no value, very strong, worthless dollar
July 14th, 2009 at 18:29
JEDDAH, Jul 14, 2009 (AFP) – Visiting US Treasury Secretary Timothy Geithner on Tuesday praised the massive investments by Arab countries of the Gulf aimed at helping to drive the global economy back to growth.
“I think the world has yet to fully appreciate the scale of AMBITION and investment we are seeing in the (Saudi) kingdom and the Gulf region to lay the foundation for future growth,” he said in a speech in Jeddah, Saudi Arabia.
http://www.zawya.com/story.cfm/sidANA20090714T085334ZOFD95
What ambition?
The ambition to break away from the dollar peg?
July 14th, 2009 at 19:18
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Geithner: policies in US have been crafted with eye toward keeping dollar strong. Ivo; dollar no value, very strong, worthless.
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