Surely, with all this drama, the death of the dollar was, or is, imminent.
We can expect recovery in the U.S. to remain slow and steady but equally uneven, which is why I’m scratching my head over why people seem so anxious to jump back into the real estate market.
Once again we are seeing articles and research papers stating the Chinese renminbi (yuan) is about to replace the dollar as the global reserve currency.
It’s bad enough we have to accept fiat currency backed by nothing but the government’s promise to pay, but then to be chained to a system for moving it around that was designed a hundred years ago was an eye-opening reminder that our system of currency really is shockingly primitive.
When your money is moving it’s good for Wall Street, but not necessarily good for you. That observation is at the crux of my personal problem with equity investments and the U.S. economy in general.
By this point in the recovery, our jobs market should resemble the stock market, and if the right policies were in place, the jobs market would mirror the share rebound in Dollar Thrifty.
President Barack Obama has such ill-advised contempt for the intelligence of American taxpayers that he has become an habitual liar when talking about his plans to deal with a national debt that will imminently top $16 trillion.
The European Central Bank and finance ministers are telling member states to start preparing for a Greek exit from the euro. The idea now is to prevent a domino effect from triggering more countries to leave.
The Greek contagion continues to weigh on the euro, giving strength to the dollar which knocks the legs out from under commodity prices. Besides gold and silver, copper, platinum, palladium, and crude oil are all lower.
The run on European banks continues only it’s not just Greek bank customers withdrawing euros, but also customers of Bankia SA in Spain who have pulled out over a billion euros in just under a week.
The dollar continues to gain ground after tumultuous elections in France and Greece that brought the era of paying the banks before paying for social services to a screeching halt.