[big]Buy gold and Euros as the American dollar dies amid a crisis in U.S. capitalism.[/big]
Warnings from Federal Reserve Chairman Ben Bernanke and Central Banks across the world. Turmoil and serious consequences for global financial markets. Buy gold or Euros to protect your savings.
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Bernanke’s fiscal policy speech to the Bank of International Settlements (BIS) on July 8, 2008 calling the U.S. economy in “turmoil” was quite revealing. Meanwhile Bernanke and Paulson reported to the media and American people the economy was fundamentally strong.
Bernanke told the BIS in July, 2008 it is “Unrealistic to think financial crisis can be eliminated”.
The euro was used in around 37% of all foreign exchange transactions in April, 2007. If you care about protecting your dollar invest in gold or Euros before inflation devours your dollar overnight.
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A massive 777 point drop in Wall Street stocks on September 29, 2008 is sufficient evidence of things to come.
If you still are not convinced and like many across America remain nieve trusting “big brother” to take care of you, think again!
“Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy.”
Ben S Bernanke: Economic outlook when giving before the Joint Economic Committee, US Congress, Washington DC, 24 September 2008.
“As one banker famously said last year “As long as the music is playing, you’ve got to get up and dance”. Well, if it is the role of the central banker to take away the punch bowl just as the party gets going, perhaps the role of the supervisor is to silence the band so the bankers stop dancing.
Investors did not perform their own due diligence. Instead, they relied on the due diligence of originators and packagers, who lacked interest in exercising this due diligence. They also placed undue reliance on the judgments of the credit rating agencies, and the capacity of modern technology and diversification to manage financial risks.
What can we draw from this? The combination of excess lending with an obvious failure to adhere to fundamental and sound risk management standards not only produced significant losses in mortgage portfolios; it also tainted an asset type that was key in the broader securitisation and credit distribution process.”
Nout Wellink: Responding to uncertainty
Remarks by Dr Nout Wellink, President of the Netherlands Bank and Chairman of the Basel Committee on Banking Supervision, at the International Conference of Banking Supervisors 2008, Brussels, 24 September 2008.
The United States is currently in the midst of a financial crisis, the backwash of which is sweeping through the global financial system. …The most recent wave of financial turbulence is the worst so far since the original US mortgage crisis broke out.
Inflation means that everyone gets less for their money. Oil, electricity and food prices have risen substantially. These goods are an important part of household consumption. …these goods have become more expensive in the world market.”
Stefan Ingves: Financial turbulence, monetary policy and inflation
Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, to SACO, the Swedish Confederation of Professional Associations, Stockholm, 24 September 2008.
“What I was afraid of has occurred.
In the USA, the shortcomings of governance in the financial system have been revealed for all to see in the crisis…. To begin with, the Fed was not so well equipped with instruments for the liquidity policy action necessitated by the subprime crisis.”
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As I can report from my own experience, but [b]without giving too many secrets away[/b], [i]the Eurosystem has earned a great deal of respect in the international institutions and bodies which are dealing in depth with the financial crisis[/i] and the lessons and implications to be drawn from it.”
Hermann Remsperger: Fundamental issues of stabilising the financial system
Keynote speech by Professor Dr Hermann Remsperger, Member of the Executive Board of the Deutsche Bundesbank, at the conference on “Determinants and implications of the financial crisis” of the Frankfurt School of Finance & Management – Bankakademie, HfB, Frankfurt am Main, 17 September 2008.
First, we should further step up our efforts to build a truly integrated, safe and highly competitive European financial market. The tenth anniversary of the ECB one month ago gave us the occasion to take stock of the achievements in European financial integration over the past decade. We were proud to find that significant progress has been achieved and that the introduction of the single currency has acted as a major driving force in this regard. However, as I would like to underline today, [b]further efforts are necessary to make the single financial market a reality.[/b]
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While financial integration is first and foremost a market-driven process, authorities can play an important supportive role in a number of ways, for instance by acting as catalysts for private sector initiatives and by reducing policy-related obstacles to cross-border finance. The Eurosystem can also provide central banking services that support the financial integration process.
[b]Europe is one of the major building blocks of the global economy and, as such, needs to play a very active role in fostering sound financial globalisation.[/b]
Responding to the global financial market correction
[b]Financial integration is proceeding not only within Europe, but also at the global level.[/b] Financial globalisation enables the international community to share significant benefits in terms of enhanced financial efficiency and economic growth, but it also makes the safeguarding of financial stability a more interdependent endeavour. Effectively coordinated international action aimed at addressing financial system vulnerabilities has therefore become very important, as highlighted during the ongoing financial market correction.
The report of the Financial Stability Forum (FSF) on Enhancing Market and Institutional Resilience has been fully endorsed by the international community and provides the main reference point for the necessary improvements.
Lastly, closer ongoing cooperation should be pursued not only between supervisors, but also between supervisors and central banks. Such joint work, to be pursued at all levels (nationally, regionally and globally), would in particular aim to enhance the integration of supervisors’ micro-prudential functions and central banks’ macro-prudential functions in the assessment of possible financial risks and vulnerabilities. This would make a significant contribution to raising awareness of emerging financial system imbalances at an earlier stage and devising effectively coordinated public sector action to address them. …increasingly important to ensure a comprehensive and consistent treatment of the respective financial risks.
Jean-Claude Trichet: Fostering sound financial globalisation – the role of Europe
Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Paris Europlace Financial Forum “The Paris Marketplace Contribution to the Global Economy”, Paris, 2-3 July 2008.
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