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    the USA dollar’s semblance of credibility

    Posted by Ivo Cerckel on June 6th, 2010


    From The Sunday Times June 6, 2010
    City watchdog fears euro disaster
    Financial Services Authority probes banks’ exposure to the eurozone as sovereign default concerns grow
    Iain Dey
    Ivo Cerckel wrote:
    IF there really is a link between the economy of euroland (plus Hungary) and the euro
    and IF the problems in euroland influence this country’s economy,
    THEN this should also influence sterling.
    The word “sterling” nor the word “pound” does however appear in the article.
    Money is a good readily acceptable in exchange by everyone in a given geographical area, and is sought for the purpose of being re-exchanged.
    The European Central Bank (ECB) should come forward with its gold reserves which are marked to market (price) on a regular basis. (A chancellor of the exchequer named Gordon Brown sold half this country’s gold reserves a decade ago.)
    All this negative euro-talk is done in order to keep the failing dollar, and his sterling little brother, virtually strong in order that a semblance of credibility can be upheld. The Masters of the dollar-International-Financial-and-Monetary-System are faking this credibility, while the huge amounts of dollar debt (among others the subprimes on/at the expiry dates) are being rolled over.
    It  is to be hoped that when the price of gold skyrockets later this month
    the ECB will display its golden deus ex machina in the open.
    Traders have begun to raise concerns about the health of other countries, including Belgium, says the article also. On the first of July, Belgium takes over the rotating presidency of the council of the European Union. As Belgium will at that moment still have no government (the elections are only scheduled for next Sunday, 13 June), the chair next to the permanent president of the EU council, one Herman Van Rompuy, will be an empty chair. At that moment, that is, after this month’s parabolic rise of the price of gold, it will be up to the ECB to take the initiative.
    June 6, 2010 1:11 AM BST