Category Archives: america

The Dark Side of War & the United States of Arrogance – Phony Intel, Crooked Government & Big Money

Faulty prewar intelligence and a scandal surrounding the indictment of the vice president’s chief of staff and presidential adviser, Scooter Libby, the internal war waged between the intelligence community and Vice President Dick Cheney took the United States into the dark side of war. Working cleverly and quietly, without discussion or debate, the Bush administration launched a worldwide covert operation and global dragnet to snag suspected terrorists. Unfortunately while doing so, the Northern Alliance in Afghanistan (profiting handsomely for their cooperation) and other intel on the ground in Iraq arrested hundreds of innocent people in the process. While in custody, many innocent victims of the war on terror were inhumanely treated and tortured.

The covert operation occurring on the dark side alienated the global community and world at large, ironically causing our former allies to look at the United States itself as uncouth and a bully on an international scale.

Cheney advocating a robust and pre-emptive foreign policy, with all eyes on Iraq and the profitability of its resources and rebuilding (following the invasion, destruction, and occupation), with the compliance and cooperation of former CIA director George Tenet managed to increase his stock shares in Halliburton over 400% during the Bush administration. Incidentally, Halliburton knowing and foreseeing possible culpability for war crimes against humanity, has since relocated its global headquarters outside of U.S. soil and secured its present operation in Dubai.

With Cheney expanding the powers of the vice president and Tenet at the CIA providing “slam dunk” phony intel, questionable intelligence was easily stovepiped and rammed through with warmonger fearful rhetoric to ensure a compliant Congress. Little did the American people know what they were electing during the 2nd term of the Bush administration.

Yet the final four years of the Bush and Cheney junta would be very revealing indeed. Not only would the infamous CIA leak case expose the maneuverings of Cheney and Karl Rove through Scooter Libby, but the head of the justice (or shall we say injustice) department himself, Alberto Gonzales, was brought to the stand to testify about inappropriate maneuverings to illegally wiretap American citizens. Of course Mr. Gonzales when asked to testify suddenly did not recall and many vital documents and emails pertinent to the investigation suddenly were missing. Meanwhile the politicization of justice was occurring as some of the best prosecutors serving the justice department were fired when they wouldn’t comply with Bush political mandates.

The $10 billion a month war in Iraq certainly further enflamed the hatred against us as a people and nation. Yet the people of America themselves were adamantly against the war. Nevertheless Bush was determined to go down in history as a “war president” – that he has accomplished and alienated our allies in the process.

To cap off the Bush administration October, 2008 proved to be a devastating drop in the economy as Wall Street investment financial firms and bank houses declared bankruptcy (that after telling the American people their financials were strong, of course with the help of some clever accounting firms who cooked their books until the very end).

Republican deregulation on Wall Street has definitely taken its toll on the American economy and we the taxpayers shall be made to pay heavily.

Let’s hope and pray President elect Obama can build bridges globally, restore the U.S. economy, and restore the trust of the American people in government.

Paul F. Davis worked on ground zero in New York the week of 9-11 and is the author of United States of Arrogance. Paul F Davis is a world-changer who has touched over 50 countries, more than 50 islands, and 6 continents empowering people throughout the earth to live their dreams!

Paul is the author of 14 books and premier life coach building dreams, transcending limitations, and transforming individuals and organizations. Paul is a change master that knows how to play with pain, while elegantly and humorously navigating through transition to ride the waves of change.

www.PaulFDavis.com

http://paulfdavis.com/booksvideos.htm

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China to Diversify Foreign Currency Reserves, Dump Dollars, and Invest its $1 Trillion Elsewhere

China will soon begin to diversify its foreign currency reserves and dump dollars by the billions. As China invests its $1 trillion from trade surpluses elsewhere, other central and foreign banks will dump dollars. We holding dollars will lose much. 

China’s spectacular trade surplus and mighty strength as the lender of last resort to many nations including America, which owes $10 trillion in debt, are raising eyebrows as many investors are dumping dollars and buying China’s Yuan, a highly undervalued currency.

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[b]China’s plan to diversify foreign currency reserves is an unprecedented move away from the U.S. dollar.[/b]

The Chinese government announced the formation of a new agency to oversee investment of China’s $1 trillion in foreign currency reserves, representing a potent new force in international finance.

Finance Minister Jin Renqing offered no specifics about how much of the currency reserves would be made available to the investment agency. But analysts say the agency is expected to control one of the world’s biggest investment funds, and one that could singlehandedly alter the value of national currencies on a global scale. As China seeks more attractive investment earnings with its vast financial holdings and moves away from the devaluing dollar, expect the U.S. economy to take a nosedive. When it does (and already beforehand for savvy investors with sufficient foresight), watch for a run on the U.S. banks and widespread dumping of the dollar in favor of the Euro, Yuan, gold, and other safe havens.

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The Chinese government says one model for the agency was Temasek Holdings, the Singapore government’s successful investment agency, which manages an $84 billion global portfolio of investments.

China already has the world’s largest foreign exchange holdings, which is growing rapidly because of the country’s huge trade surpluses. According to the International Herald Tribune most of the reserves China now accumulates are conservatively invested in U.S. Treasury bonds and other government securities, which earn little return for China yet help to keep interest rates in the United States and other countries low.

The investment agency allows China to quickly diversify its foreign exchange holdings away from the dollar. Given the fact China and many Asian tigers loaning billions of dollars to the U.S. are disenchanted with America’s imperialistic foreign policy in Iraq, when disgust reaches its peak the dumping of dollars and non-renewing of loans to the U.S. could bankrupt the American economy.

China is ready to aggressively invest its huge trade surpluses as it seeks higher returns away from the dismal dollar. The impact of China’s emergence as a major global investor will be huge and a devastating blow to the U.S. economy as they progressively shift away from dollars in favor of more appreciating assets and higher yielding investments.

Rumor has it that China will soon begin dumping dollars by the billions. Before that happens, the American people would be wise to put their investments and protect their life savings in gold and other currencies such as the Euro and Chinese Yuan (which is greatly undervalued).

The biggest priority in these turbulent and troubling economic times is security, which the dollar no longer provides.

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The Chinese government announced the formation of a new agency to oversee investment of China’s $1 trillion in foreign currency reserves, representing a potent new force in international finance. China’s spectacular trade surplus and mighty strength as the lender of last resort to many nations including America, which owes $10 trillion in debt, are raising eyebrows as many investors are dumping dollars and buying China’s Yuan, a highly undervalued currency.

http://www.bullionvault.com/#paulfdavis

http://ads.easy-forex.com/Gateway.aspx?gid=104994

Finance Minister Jin Renqing offered no specifics about how much of the currency reserves would be made available to the investment agency. But analysts say the agency is expected to control one of the world’s biggest investment funds, and one that could singlehandedly alter the value of national currencies on a global scale. As China seeks more attractive investment earnings with its vast financial holdings and moves away from the devaluing dollar, expect the U.S. economy to take a nosedive. When it does (and already beforehand for savvy investors with sufficient foresight), watch for a run on the U.S. banks and widespread dumping of the dollar in favor of the Euro, Yuan, gold, and other safe havens.

http://www.bullionvault.com/#paulfdavis

http://ads.easy-forex.com/Gateway.aspx?gid=104994

The Chinese government says one model for the agency was Temasek Holdings, the Singapore government’s successful investment agency, which manages an $84 billion global portfolio of investments.

China already has the world’s largest foreign exchange holdings, which is growing rapidly because of the country’s huge trade surpluses. According to the International Herald Tribune most of the reserves China now accumulates are conservatively invested in U.S. Treasury bonds and other government securities, which earn little return for China yet help to keep interest rates in the United States and other countries low.

The investment agency allows China to quickly diversify its foreign exchange holdings away from the dollar. Given the fact China and many Asian tigers loaning billions of dollars to the U.S. are disenchanted with America’s imperialistic foreign policy in Iraq, when disgust reaches its peak the dumping of dollars and non-renewing of loans to the U.S. could bankrupt the American economy.

China is ready to aggressively invest its huge trade surpluses as it seeks higher returns away from the dismal dollar. The impact of China’s emergence as a major global investor will be huge and a devastating blow to the U.S. economy as they progressively shift away from dollars in favor of more appreciating assets and higher yielding investments.

Rumor has it that China will soon begin dumping dollars by the billions. Before that happens, the American people would be wise to put their investments and protect their life savings in gold and other currencies such as the Euro and Chinese Yuan (which is greatly undervalued).

The biggest priority in these turbulent and troubling economic times is security, which the dollar no longer provides.

http://www.bullionvault.com/#paulfdavis

http://ads.easy-forex.com/Gateway.aspx?gid=104994

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Record Foreclosures, Financial Opportunities, and Investment Strategies

[b]Record Foreclosures Across America![/b]

Beyond the immediate profits in investing in China’s Yuan (the world’s most undervalued currency for a nation who is America’s lender of last resort), the mighty Euro now used in 37% of all foreign currency exchange, and gold the monetary safe haven for centuries…

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Make money buying foreclosures

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The Mortgage Bankers Association is scratching its head wandering what to do with itself after the National Delinquency Survey released the ugly details of record breaking foreclosures sweeping across the United States. California and Florida are the leaders of the losers with the government of California itself currently seeking emergency bailout funds from the federal government as it approaches bankruptcy.

Widespread mismanagement of federal, state, and local government revenues is coming back to bite us!

Nevertheless as the delinquency rates continue to rise, there are some financially profitable investments out there. Let us not forget the old adage to “buy low and sell high”.

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Foreclosed properties are causing savvy investors to salivate across the nation. Even novices with no investment property experience are awaking to the wonderful deals and joys of leveraging other people’s money.

Many secrets to foreclosures can be easily learned, after which you too can be making tens of thousands of dollars. Working smarter rather than harder is what my dad taught me.

Foreclosure Profit Finder – a unique step by step system to profit buying foreclosures; find the ideal and most profitable homes; how to talk to sellers using our scripts; write up the contractual paperwork to tie up and secure the property; sell / assign or flip your deal to a hungry investor for cash; create a stream of income; and flip houses using our savvy investing system.

Discover how ordinary guys become wealthy from foreclosures without using their money or credit to make extraordinary profits!

Learn the foreclosure secrets only seasoned veteran real estate brokers know and refuse to share with even their friends.

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Paul F. Davis is a world-changer who has touched over 50 countries, more than 50 islands, and 6 continents empowering people throughout the earth to live their dreams!

Paul is the author of 14 books and premier life coach building dreams, breaking limitations, and transforming individuals and organizations. Paul is a change master that knows how to play with pain, while elegantly and humorously navigating through transition to ride the waves of change.

A savvy real estate investor, entrepreneur, and currency speculator Paul knows how to create opportunities and transcend turbulent economic times.

http://www.PaulFDavis.com

[b]Record Foreclosures Across America![/b]

Make money buying foreclosures – https://paydotcom.com/r/28053/paulfdavis/20767128/

The Mortgage Bankers Association is scratching its head wandering what to do with itself after the National Delinquency Survey released the ugly details of record breaking foreclosures sweeping across the United States. California and Florida are the leaders of the losers with the government of California itself currently seeking emergency bailout funds from the federal government as it approaches bankruptcy.

Widespread mismanagement of federal, state, and local government revenues is coming back to bite us!

Nevertheless as the delinquency rates continue to rise, there are some financially profitable investments out there. Let us not forget the old adage to “buy low and sell high”.

https://paydotcom.com/r/28053/paulfdavis/20767128/

Foreclosed properties are causing savvy investors to salivate across the nation. Even novices with no investment property experience are awaking to the wonderful deals and joys of leveraging other people’s money.

Many secrets to foreclosures can be easily learned, after which you too can be making tens of thousands of dollars. Working smarter rather than harder is what my dad taught me.

Foreclosure Profit Finder – a unique step by step system to profit buying foreclosures; find the ideal and most profitable homes; how to talk to sellers using our scripts; write up the contractual paperwork to tie up and secure the property; sell / assign or flip your deal to a hungry investor for cash; create a stream of income; and flip houses using our savvy investing system.

Discover how ordinary guys become wealthy from foreclosures without using their money or credit to make extraordinary profits!

Learn the foreclosure secrets only seasoned veteran real estate brokers know and refuse to share with even their friends.

https://paydotcom.com/r/28053/paulfdavis/20767128/

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Filed under america, American economy, american people, bailout, banking, China yuan, euro, financial, foreclosures, greenback, investment, money, opportunities, real estate, strategies, worldwide financial meltdown, yuan

FBI Mortgage Fraud Task Force – Implications for Real Estate Property Appraisers in Florida

The FBI provided insight into the breadth and depth of mortgage fraud crimes perpetrated against the United States and its citizens, Florida being first and foremost on the list. Current mortgage fraud projections, issues, and hot spots in the troubled U.S. economy have enormous implications to the banking industry and real estate property appraisers in particular.

[b]Mid-State Appraisals founder Paul Davis is a trusted and reputable property appraiser[/b] frequently called upon by Central Florida’s banks, homeowners, and real estate investors to assess property values. A builder for over 20 years and also a real estate broker, Paul Davis brings a wealth of knowledge to the table as an appraiser.

http://www.midstateappraisals.org

midstateappraisals@earthlink.net

A combined effort between banks and real estate property appraisers is needed to adequately identify, prevent, report, and thwart mortgage fraud activity. The FBI’s Financial Crimes Criminal Investigative Division (CID) and Financial Crimes Intelligence Unit are aggressively and cooperatively reporting the latest developments and pertinent data to empower the nationwide mortgage fraud task force.

As mortgage fraud crimes escalate, the burden on federal law enforcement increases. With the anticipated upsurge in mortgage fraud cases, the FBI employed additional strategies to proactively address the crime problem. The FBI works with the Department of Justice (DOJ)-Mortgage Fraud Working Group on a number of mortgage fraud related issues, including the creation and finalization of standard loss valuation criteria associated with mortgage fraud violations, and assisting the banking industry with the construction of a centralized repository of mortgage-related documentation.

The valuation criteria and mortgage related documentation is where real estate property appraisers and their appraisals provided lenders are going to increasingly be monitored and regulated in the near future.

Currently the FBI has mortgage fraud working groups or task forces in 32 field divisions across the country. The FBI divisions stationed in Florida are based out of Miami and Tampa. Moreoever the FBI continues to encourage the use of undercover operations as an effective technique to address mortgage fraud.

The recent stock market crashes across global markets have strongly affirmed, mortgage fraud if not dealt with has the potential to cripple the American economy and all foreign economies closely connected to it. Suspicious Activity Reports (SARs) from financial institutions indicate an increase in mortgage fraud. SARs increased 31-percent to 46,717 during Fiscal Year (FY) 2007. The total dollar loss attributed to mortgage fraud is unknown. However, 7 percent of SARs filed during FY 2007 indicated a specific dollar loss, which totaled more than $813 million.

Subprime mortgage issues remain a key factor in influencing mortgage fraud directly and indirectly. The subprime share of outstanding loans has more than a doubled since 2003 putting a greater share of loans at higher risk of failure. Additionally, during 2007 there were more than 2.2 million foreclosure filings reported on approximately 1.29 million properties nationally, up 75 percent from 2006. The declining housing market affects many in the mortgage industry who are paid by commission. The FBI says during declining markets, mortgage fraud perpetrators may take advantage of industry personnel attempting to generate loans to maintain current standards of living.

Many of the key industry personnel often involved are real estate property appraisers valuing the homes and properties prior to bankers signing off on loans.

Data from law enforcement and industry sources identify the states most affected by mortgage fraud during 2007 and indicated that the top 10 mortgage fraud states for 2007 were Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado, and Minnesota.

The downward trend in the housing market provides an ideal climate for mortgage fraud perpetrators to employ a myriad of schemes suitable to a down market. Several of these schemes have emerged with the potential to spread as the recent rise in foreclosures, depressed housing prices, and decreased demand place pressure on lenders, builders, and home sellers. Emerging and re-emerging schemes for 2007 included builder-bailouts, seller assistance, short sales, foreclosure rescue, and identity thefts exploiting home equity lines of credit.

Fraudulent practices have become dreadfully systemic within the mortgage industry, as unrestrained mortgage fraud has bankrupted some of the best and longtime solid financial institutions. If the FBI fails to quickly regulate, enforce, and imprison fraudulent professionals within the banking and real estate industry, expect to see the dollar tank along with the U.S. economy. After which consumers will only be able to buy gold, Euros, or China’s Yuan to protect their life savings and investments.

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Real estate property appraisers therefore may be the last line of defense to maintain accountability and accuracy before straw buyers succeed in excessively borrowing beyond the market value of a property’s worth and thereby jeopardize the security of loans throughout the banking industry.

Real estate property appraisers must like never before show due diligence when representing their fiduciaries the banks and report to legal authorities any manipulative and coercive attempts by lenders and borrowers to adjust property valuations they sign off on in their appraisal reports.

[b]Mid-State Appraisals founder Paul Davis is a trusted and reputable property appraiser frequently called upon by Central Florida’s banks, homeowners, and real estate investors to assess property values. A builder for over 20 years and also a real estate broker, Paul Davis brings a wealth of knowledge to the table as an appraiser.[/b]

http://www.midstateappraisals.org

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Filed under america, america & politics, American economy, american people, bailout, banking, bankruptcies, confronting corruption, conspiring to defraud, consumer advocacy, consumer fraud, deflation, dollar, dying dollar, economic stabilization, economy, euro, fbi, finance and economics, financial markets, financial meltdown, gold, wall street, wall street woes, wealth and prosperity, worldwide financial meltdown

G7 Finance Ministers and Central Banks Governors Coordinate, Collaborate, and Consolidate

G7 Finance Ministers and Central Banks Governors set to coordinate, collaborate, and consolidate to survive global financial turmoil. U.S. Treasury and Central Bank prepare for global integration and inflation of the dollar as it prints more currency.

 

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As U.S. credit markets deathly tighten to an economic standstill, the European Central Bank (ECB) is committed to prevent and thwart any inflation of the Euro. Meanwhile the ECB is showing the U.S. some temporary charity by providing between USD 40 and 50 billion in overnight operations, USD 40 billion in 28-day operations, USD 20 billion in each one of the 84-day operations and USD 20 billion in each one of the forward US dollar operations.

 

Nevertheless the ECB is retaining flexibility to react to changing market conditions to protect itself from U.S. hegemony and economic stupidity.

 

Former U.S. President Jimmy Carter blasted President Bush for his foolish economic policies causing $1 trillion indebtedness to China. The atrocious economic policies of the Bush administration has caused the worst global financial crisis since the Great Depression of the 1930s. Profligate spending, massive borrowing and dramatic tax cuts since President George W. Bush took office in 2001 are fully behind the market turmoil and economic crisis.

 

The economic situation is an entrenched problem, which is going to take years to correct what has been done economically. Eight years ago, the United States had a budget surplus, low inflation and a stable, strong economy. However deregulation and withdrawal of supervision on Wall Street has encouraged irresponsibility in the U.S. financial system, enabling banks to borrow 30 times their value.

 

The G-7 have their hands full as they try to help the U.S. economy that has yet to guaranty interbank loans. If a national government does not insure and believe in its own banking system, how can its people have any degree of confidence?

 

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Finance ministers from the world’s top economies posed for pictures and pledged Friday to work together to stabilize global financial markets, but did not provide concrete plans to address the credit chaos sweeping the world.

 

The G-7 agrees that the current situation calls for urgent and exceptional action. Although they commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth, nobody has been transparent enough to tell us how.

 

Paulson emphasized collaboration and coordination, which signals eventual consolidation as Pres. Bush has for the past 8 years given U.S. debt to foreign nations. Paulson himself has previously prepared American citizens in talks about more financial institutions failing.

 

General Motors plummeted to a third of its original value with credit markets freezing up.

The so called assets in the failing mortgage industry are toxic and dafaulted assets at best, which few want.

 

The finance ministers have their work cut out for them. They surely must announce concrete steps by the end of the weekend if they want to soothe the roiling markets. The stock markets throughout the world are not responding to cheap talk and press hype. We need to see real action. Any thing less tells me central banks are conspiring to consolidate and devalue national currencies so as to usher in a new world order.

 

The Dow Jones industrial average fell over 1,874 points, or 18%, in its worst weekly decline ever on both a point and percentage basis. Wall Street lost roughly $2.4 trillion in market value during the week.

 

Markets worldwide fared no better, with every major exchang losing. Black Friday as it was called in Australia caused stock markets to take an 8% nosedive adding to a 42% drop in a year within the Aussie market. The Japanse stocket market has lost 53% this year thus far. Russia’s index has fallen 61% as investors pull out money and flee for cover. The UK’s top companies have fallen 21%.  Germany’s market fell 7% and 28% on the week.

 

There is no containing the deepening global financial crisis. Central Banks and the Federal Reserve coordinated interest rate cuts did not soothe nervous investors.

The Fed lowered its benchmark interest rate by a half-point to 1.5%. The European Central Bank, which had kept rates unchanged as the Fed engaged in a string of rate cuts over the last year, cut its rate by a half-point to 3.75% – its first cut in five years. The Bank of England also cut its rate by a half-point to 4.5%. The Swiss, Canadian and Swedish central banks also made cuts. Yet the Libor rate rose disproportionately eliminating the usefulness of any cuts as indicated in the markets which failed to respond.

 

The Dutch and Belgian governments took over Fortis, before selling pieces of it to BNP Paribas. The British are nationalizing mortgage lender Bradford & Bingley.

And some nations, including Ireland, France and Germany, have said that all bank deposits will be insured by their governments for the time being.

 

Afraid to insure their own bank deposits to the full the United States and United Kingdom are developing plans to inject capital into banks, which would entail acquiring stakes in the institutions.

 

Some speculate the G-7 countries can work through this crisis by dealing with bad assets, recapitalizing banks, and providing much needed liquidity. Other economists predict it will take up to 2 years to fully work through the economic problems created over the past 8 years. Fixing the financial, regulatory, and supervisory system that failed will take time and not be done overnight.

 

Each country, of course, will have to take steps to address its particular problems.

U.S. Treasury Paulson himself mentioned that the press and some markets are naive to think that different countries with different financial systems – and different political systems, different laws – are going to come up with precisely the same policy to deal with the issues.

 

That being said, I am betting on the European Central Bank where China, Russia, Iran, OPEC, Dubai, and other major global financial players are putting their assets and foreign currency reserves. When China who holds $1 trillion in U.S. debt begins to diversify after the Fannie Mae and Freddie Mac fiasco, look for chaos to surface and devastate U.S. markets and plunge the dollar to the basement.

 

Billionaires George Soros, Warren Buffet, and American hedge fund manager John Paulson are betting against the dollar. I’m putting my money therefore in gold or Euros.

 

Care to join me?

 

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Buy Euros while the dollar is strong before Wall Street reveals disaster and bankruptcy in America. Warnings from Federal Reserve Chairman Ben Bernanke and Central Banks across the world. Turmoil for global financial markets. Buy Euros or gold now!

 

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.

 

Protect your savings!

 

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Filed under america, American economy, american people, banking, bankruptcies, banks governors, central banks, consumer fraud, dollar, dying dollar, economy, finance ministers, foreign currency exchange, forex, g7, international affairs & diplomacy, worldwide financial meltdown

Libor Rate Indicates a Dying Dollar and Sketchy U.S. Treasury

The LIBOR is among the most common of benchmark interest rate indexes used to make adjustments to adjustable rate mortgages.

Watch out for choking credit markets, as the financial crisis spreads from the U.S. to European stock markets causing a domino effect throughout the financial world.

Over the weekend, Germany implemented a bailout of its own, injecting €50 billion to help out struggling Hypo Real Estate bank, the nation’s Financy Ministry said.

Nevertheless as banks in Europe struggle, the European Central Bank has maintained its key lending rate. That tells me the Euro will be the strongest currency in the world and the one to invest in.

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The 3-month Libor rate seems to be getting higher as the global credit crunch tightens on national banks throughout the world. 

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www.PaulFDavis.com – author, worldwide speaker, and consultant 

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Buy Gold or Euros – Dying American Dollar, Rising Euro and Gold, Crisis in U.S. Capitalism

[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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