forex reserves or gold reserves
Posted by Ivo Cerckel on July 15th, 2009
China’s forex reserves hit $2,000bn mark
What prevents highly trained economists from giving the composition of gold and forex reserves?
Why do highly trained economists amalgamate gold reserves and forex reserves?
Forex reserves consisting of (worthless) paper money can only possibly be used for intervention on forex markets. Such reserves are worthless, no, useless, to determine the value of a currency.
The planet does not need a reserve currency.
The planet needs competition between invoicing currencies with free-floating gold reserves,
not co-ordination of intervention currencies between monetary bureaucrats.
But highly trained economists can only think of intervention currencies.
May be published later today here
http://www.ft.com/cms/6c2bf1ce-91b7-11da-bab9-0000779e2340.html?q=Y&a=tpc&s=646099322&f=813102159&m=9641015531
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/
in reaction to
China’s forex reserves hit $2,000bn mark
By Richard McGregor in Beijing
Published: July 15 2009 06:33 | Last updated: July 15 2009 06:33
http://www.ft.com/cms/s/a2f2a88a-70f5-11de-9717-00144feabdc0,s01=1.html
Lex column: China and the US dollar
Published: July 10 2009 09:49 | Last updated: July 10 2009 20:47
http://www.ft.com/cms/s/2/9a3da184-6d2d-11de-9032-00144feabdc0.html
Short View: Chinese currency
By John Authers, Investment Editor
Published: June 29 2009 19:53 | Last updated: June 29 2009 19:53
http://www.ft.com/cms/s/0/6c879c8c-64d0-11de-a13f-00144feabdc0.html
No related posts.
July 15th, 2009 at 15:32
But for Geithner, monetary policy is about investment or rather … warfare.
Forex reserves consisting of (worthless) paper money can for Geithner
not only possibly be used for intervention on forex markets
but also for or “appropriately aggressive” “policies”, I suppose..
Or what? Is monetary policy about warfare?
Geithner Praises Saudi Monetary Policy
15 July 2009
http://www.zawya.com/story.cfm/sidZAWYA20090715032803/Geithner%20Praises%20Saudi%20Monetary%20Policy%20
SNIP
JEDDAH/ABU DHABI – US Treasury Secretary Timothy Geithner on Tuesday praised the massive investments that Arab countries in the Gulf have made in their effort to help drive the global economy back to growth.
Geithner, addressing Saudi businessmen, said that Saudi Arabia’s monetary policy has been “appropriately aggressive” in cushioning the impact of the worldwide financial crisis.
July 16th, 2009 at 08:47
FT does not listen to me.
New Lex-column still does not tell composition of the reserves.
China’s $2,000bn foreign reserves
Published: July 15 2009 08:46 | Last updated: July 15 2009 18:15
http://www.ft.com/cms/s/2/845cb5fa-7113-11de-877c-00144feabdc0.html?ftcamp=rss
SNIP
It appears the great unwinding of global imbalances and the dollar’s ensuing demise are notions that belong up there with the tooth fairy. China added $178bn to its foreign reserves in the second quarter, taking its total booty past $2,000bn, the equivalent of twice the annual economic output of New York state