Swedish Central Bank Dumps Dollar

Discussion in 'Financial Cents' started by melbo, Apr 23, 2006.

  1. melbo

    melbo Hunter Gatherer Administrator Founding Member

    Swedish Central Bank Dumps Dollar

    Thanks to a corrupt government and an insanely greedy Fed, America is fast approaching a full-scale economic crisis of epic proportions.

    [F]undamentals turned sharply bearish for the dollar this week. On a day devoid of any US economic data, we were surprised to see a fresh wave of selling on news from Sweden [that its] central bank [has] cut their dollar reserves by 17 percent and increased their euro reserves by 13 percent.

    Russia took this opportunity to add their two cents by saying that the dollar was not the “absolute” reserve currency and the country’s trade and current account deficits could affect’s it attractiveness in the future.

    Data from Switzerland also indicates that the central bank has reduced the share of dollars in its reserves and instead has increased its share of yen reserves. This comes on the heels of comments by Iceland on Wednesday about their possibility of abandoning the volatile Krona in favor of the more stable Euro.

    Any move against Iran now, will send our economy into a tail-spin.

    More here:
  2. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    The only way to counter this is to increase our interest rates at home and stop printing money (to pay for government over spending).
  3. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

  4. Bear

    Bear Monkey+++ Founding Member Iron Monkey

    More creditors turning in their paper I.O.U.'s......

    Watch the commodities markets this week.... should be interesting......

    Party on! b::
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