Thursday, January 19, 2012
Currency Wars?
Oh, boy, things are heating up in the financial stratosphere. The Weekly Standard published an article by John Rosenthal that reports on an influential member of the European parliament named Elmar Brok who accuses the West of trying to destroy the euro. Quoting from the Weekly Standard, "Asked whether he meant that the United States is “waging financial war“ on Europe, Brok specified, 'Certain forces in the USA, in particular in the world of finance. It is evident that their one and only aim is in this way to promote Anglo-Saxon interests at Europe’s cost.' 'They want to shatter the eurozone, in order to make money' he added." Really. Herr Brock seems to forget that it was the eurozone that declared economic war on the USA when they took up the European unification rally cry years ago at the birth of the euro. Oh yeah, they were going to crush the dollar and American productivity with the new economic powerhouse of a unified Europe. Guess it's not so easy, huh? Not that I'm a fan of the the American Central Bank (Federal Reserve System for the uninitiated) but to start a war and cry about receiving return fire seems a bit silly. The Euro is about to crash and burn, the US Dollar will crash and burn eventually but not until it has killed off the Euro competition. Why else would European banks be borrowing gold from their central banks and selling it for DOLLARS (not EUROS)? These are smart people (albeit mostly evil) and they will do what's best for them. What's best for you? You have to decide but my opinion is to wait for the drop in gold and silver prices and buy,buy,buy!
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