[Revi]

I thought that the dollar was rallying earlier today, but it ended at a new low. What's going on? The price of oil hit a new record too, buoyed by the dollar tanking. Silver dropped back a bit, probably because people are taking profits. It's still over $20, though. I didn't think we were going to have $20 silver until the end of the year, but then I didn't think $4 gas was happening until later either. Here it comes...

[Micki]

Have a break watch Faber bitch slap Bernake on Bloomberg again.
Nothing new but always entertaining.
Faber on Bloomberg

[Hawkcreek]

--

[Chuckmak]

$this->bbcode_second_pass_quote('Hawkcreek', 'H')ow bout posting the quote from the day you started this thread, as well as the present quote in the title?
Like --- 83.67/72.97 or sumthin like that?

[The_Toecutter]

The dollar is worth 80.22% of what it was January of 2006. 2.25 years have passed since then.

What does our government claim the inflation rate to be again?

(1 - 0.0933)^2.25 = 0.8022

[roccman]

$this->bbcode_second_pass_quote('The_Toecutter', 'T')he dollar is worth 80.22% of what it was January of 2006. 2.25 years have passed since then.

What does our government claim the inflation rate to be again?

(1 - 0.0933)^2.25 = 0.8022

[Gandalf_the_White]

$this->bbcode_second_pass_quote('roccman', '')$this->bbcode_second_pass_quote('The_Toecutter', 'T')he dollar is worth 80.22% of what it was January of 2006. 2.25 years have passed since then.

What does our government claim the inflation rate to be again?

(1 - 0.0933)^2.25 = 0.8022

[roccman]

http://quotes.ino.com/chart/?s=NYBOT_DX&t=f

72.46

[The_Toecutter]

It's time for employees to start demanding more and more raises, and for the government to index increases in the minimum wage to inflation monthly, and start backing the currency with a fixed value of resources.


Of course, they aren't going to do that...


When the interest rates finally bottom out, I'm consolidating and fucking the banks over in regard to my student loans.

[Revi]

What? How could it keep dropping like this? What's it going to be worth by the end of the year?

Working for Bernanke Pesos...

[Iaato]

USD/Gold charts Juxtaposed

$this->bbcode_second_pass_quote('', '"')A year ago, the highest denomination was 10,000 Zimbabwe dollars, then worth about 7 US dollars. The new 10 million Zimbabwe dollar note is 1,000 times last January’s top note, and worth 3 US dollars. During the year there were three separate new issues of notes as inflation continued to soar.
‘As monetary authorities we once again assure the nation that we are in full control of the currency situation,’ Gono said Thursday.
Economists say that the hyper-inflation is a result of the government’s stated policy of printing cash when it runs out of money, and price controls that have caused the supply of goods in shops to disappear, only to resurface on the black market.
The government stopped issuing banknotes in 2003 when it replaced them with temporary ‘bearer cheques’ stamped with an expiry date, although the bank renews their validity on expiry."

[Chuckmak]

Looks like NYBOT:DX just did a mini dead cat bounce the last 3 days:

http://quotes.ino.com/chart/?s=NYBOT_DX&v=d1

Last trade 72.440 Change -0.740 (-0.97%)

[RonMN]

72.36 (and still looks like it's dropping)

<edit> 72.22 OUCH!

[roccman]

71.99

http://quotes.ino.com/chart/?s=NYBOT_DX&t=f

[Micki]

Recent comment from Peter Schiff who has been a Cassandra for a few years now:

$this->bbcode_second_pass_quote('', 'F')rom my perspective, my dire warnings about the fate of the U.S. economy and dollar-denominated investments, which lead CNBC to nickname me "Dr. Doom", have for the most part come true. Any way you slice it, what is happening now would certainly meet anyone's definition of economic or investment doom. Given that, the only difference now is the extreme sense of urgency with which I now make my investment recommendations.

There is precious little time with which to get your investment houses in order. The dollar's value declines with each passing day, and a major collapse at any time can not be ruled out. These are very dangerous times, and I can not stress enough the importance of being prepared. Monday morning on CNBC, Paul McCulley, the number two man at PIMCO, pleaded with the Fed to print more money and use it to buy mortgages. He also urged the government to put a floor underneath home prices. My guess is that soon he will be calling on the Fed to print money to buy houses as well. The message is clear. If the world's biggest creditor is also calling for inflation, what else will the Fed deliver? When the bond market vigilantes join forces with the government, all hope is lost.

As if it heard McCulley's cries, the Fed responded on Tuesday by announcing that it would auction off $200 billion of treasuries in exchange for mortgage-backed securities. This marks a major step down the road to hyperinflation, and is reminiscent of the French failed experiment with paper money during its revolution at the end of the 18th century. The paper notes, backed by mortgages on church property, lead to hyperinflation in France and eventually became practically worthless.

Most on Wall Street are downplaying the significance of what is happening. To them, what we are now experiencing is a normal cyclical down-turn, perhaps even a mild recession by historical standards. They could not be more wrong as the current recession will be anything but typical. To appreciate the scope of what is happening, the closest examples are the 1930s and the 1970s. However, even those comparisons are not exact. My prediction is that this will be much worse than the 1970s in that the current recession will be much deeper and longer lasting and inflation rates will rise much higher. How the entire period ultimately compares to the Great Depression is still an open question, but there is certainly a possibility that in some ways it will be worse.

The main reason so few on Wall Street appreciate the problem is that they still do not understand that we were living in a bubble in the first place. As a result, what is happening is not placed into its proper context. If you do not understand the nature of the preceding boom, how can you possibly appreciate the extent of the coming bust? As a result most on Wall Street are waiting for the Fed to put the pieces of our economy back together without understanding why they never really fit in the first place. An economy built on consumer credit was destined to fall apart. As such, all the Fed's horses and all the Fed's men will never put that phony economy back together again.

[Micki]

And Jim Sinclair who also stuck with his predictions of USD .52 and GOLD at minimum $1650 for quite some time now:

$this->bbcode_second_pass_quote('', 'T')he only chart that might be worse than Enron coming off its high is the US dollar. .5200 USDX is in the bag.

[Chuckmak]

Last trade 71.934 Change -0.364 (-0.48%)

[Micki]

2 hours to Dow Jones open and futures are pointing down 180pts.
What will be the Feds next move? More surgical injections or back to ye old emergency rate cut ?
Or as speculated, maybe PPT will go out full force and buy stocks with both hands....
Any punters?

Gold touched 998 despite the share weakness....perhaps the fundies are waking up to the idea of a safe haven while there is still a seat in the lifeboat.

[roccman]

Low 71.821 2008-03-13 08:10:51, 30 min delay

[Micki]

$this->bbcode_second_pass_quote('', 'P')aulson said the focus of the Presidential Working Group's work since the current bout of market turmoil began last summer was to reduce the chance of repeating past mistakes.