Turkey to use national currencies in trade with Iran, China

(RIANov) – Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. dollar and the euro for about 20% of its commodity turnover, local media reported on Wednesday. Continue reading

MSM: Dollar Reaches Breaking Point as Banks Shift Reserves

(Bloomberg) – Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Continue reading

Whodunit? Sneak attack on U.S. dollar

It’s the biggest mystery in global finance right now: Who conducted a sneak attack on the U.S. dollar this week? Continue reading

World Bank and IMF join global attack on the dollar

In my emails to you over the past couple of weeks, I’ve shown you why Washington has no choice but to devalue the dollar — and how global leaders and even the United Nations have joined the attack on the greenback by demanding it be replaced as the world’s reserve currency. Continue reading

Greenback Gases, Gold & the Coming Shift

Bankers in charge of our economies makes as much sense as candy makers being in charge of our diets Continue reading

MSM: Forbes Reports the Dollar Has Collapsed

The U.S. dollar reached its lowest point against the euro this year due to a myriad of forces including rising global stocks and commodities prices, low interest rates, and investors diversifying out of Treasury debt and into other assets including U.S. stocks with the Dow Jones industrial average approaching 9500 in late afternoon trading. Continue reading

Russia Makes the First Call for the Monetization of Gold

Russia is proposing the inclusion of the ruble, yuan and gold as a part of a revised basket of currencies to form the valuation of the IMF’s special drawing rights seen as the coming new alternative global reserve currency, reported AP. Continue reading

Bond Market Blowout – Michael Whitney

Last week’s ructions in the bond market, leave little doubt that the financial crisis has entered a new and more lethal phase. Of particular concern is the spike in long-term Treasuries which are used to set interest rates on mortgages and other loans. Continue reading

MSM: Pros Say – Employment Collapse is Coming

The last week of 2008 began in the green for commodities as oil and gold prices surged following a flare up in violence in the Middle East.

The dollar was broadly lower, especially against the Swiss franc, which rose on safe-haven buying amid the fighting in Gaza.

Experts tell CNBC that further falls in the greenback and employment can be expected.

Continue reading