Sweden dumps dollars for Euros .... bush's economic miracle rolls on

[Botany]

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/04/22/cnriks22.xml&menuId=242&sSheet=/money/2006/04/22/ixcity.html

Dollar falls after Sweden echoes global switch to euros
By Ambrose Evans-Pritchard (Filed: 22/04/2006)

Sweden has slashed its holding of dollars in the latest sign that central banks across the world are starting to shun US paper.

The Riksbank said it had cut the dollar share of its $21bn (£12bn) foreign reserves from 37pc to 20pc over the last four weeks, switching most of the money into euros. It has also trimmed its holding of sterling from 11pc to 10pc. The surprise move sent the dollar tumbling to $1.2342, down almost 2pc for the week. It fell to $1.7822 against sterling in New York trading.
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So after pissing off President Hu and getting no economic help from China ..... Sweden dumps it's dollar holdings.

Way to go Mr President Bush ..... you yank on Hu's coat in public and condi & cheney fall asleep at the meeting with
Hu later.

[Rex]

1. Those ain't thunderstorms you hear.

No sweat...the stock market is up up up and it is time for another dust bowl. Bush is proving once again that NOTHING is invincible to his legendary failure rate. I'll be the first to admit that I didn't think even the Oil Barons could destroy America, but by dam if that is not what is happening right before my eyes! Oil Barons don't play fair, out goes their buying power.

[Fenris]

2. Spreading risk.

The dollar is increasingly unstable. Expect more and more countries to begin replacing dollars with euros - but not ditch the greenback altogether. Having too much of any denomination concentrates risk.

[dipsydoodle]

11. You're correct but

in this instance there is an oddity in as much Sweden although an EEC member country has not adopted the Euro - YET ! Had they done so this item wouldn't be material. Same applies to here in the UK and also Denmark. I have a feeling that recent events may accelerate adoption of the Euro by all three countries although Blur who favored that may now have a fear of doing so. Wouldn't want to upset Georgie Boy would he ?

The instability of the US$ may in part be connected to (your) propensity to just keep printing fiat money on the basis that petrodollars will always be around. Did you notice the thread which was pulled yesterday where apparently in error it had been stated that (you) were about to print another 2 trillion ? I guess it was pulled because the foundation of the thread was nulled when the actual news item was withdrawn by its source. I've no doubt it's happening just the same - but under wraps now.

[bullimiami]

3. bush has been a disaster for america.

pnac envisioned a 21st century where america was the master, bush is destroying it all.
he is crippling this country economically, militarily and ruining our credibility and image.

they made a fatal mistake thinking bush was going to hasten their goals.

[Sinti]

4. There's been quite a bit of dollar dumping going on

Apparently it's just not seen as a good investment anymore, at least not as good as it used to be (call me a pollyanna).

About that dust bowl, I've always wondered if it was a cyclical thing. It has been pretty dry for a while, I understand. There are a lot of complaints. Damn redundant history :evilfrown:

On the upside, if that whole weather modification thing works out, we'll be able to buy rain.

[Rex]

5. We buy bottled water so why not buy rain?.

:evilgrin:

[Sinti]

6. Cut-throat capitalism at it's best

Then they can work on ways to clean the air up and make us pay for the more breathable stuff }(

[Rex]

8. Tax dollars to upgrade the smokestacks of

aging industrial plants that closed down due to 'outsourcing', the jobs will be given to 'insourced' illegals. We can just have an inbox and an outbox for peoples lives. Very simple.

[BrklynLiberal]

7. Sometimes I think that someone in the BFEE had a goal right from the start

to ruin the US economy. :tinfoilhat:

[Monk06]

12. The BFEE has one goal. Wealth.If a healthy US economy makes>>

them rich so much the better politically. However they have mastered the art
of enriching themselves at the expense, not only of the US but the world
economy.

Their policies are now destroying the US dollar as the world's reserve currency.

They are propping up their historic theft of American purchasing power by printing
phony money, robbing US corporations of finance capital though exorbitant compensation
packages, insider trading and skimming financial assets through offshore numbered companies.

Their only concern with the value of the US dollar is that they manage to steal enough
of them before the Bush deficits put an end to the game.

When that happens the Wall Street Kleptopublicans will convert all their assets to Euros,
Yuan or whatever world currency is the most valued.

Countries like Sweden and Iran will not bring down the dollar by moving to the Euro.
The end game for the dollar will occur when Haliburton says thanks for the memories
and moves it's head offices to Paris.

Lest anyone think this scenario is far fetched, take note that Dick Chaney bought a
retirement home a couple of years ago.......not in Wyoming but in the south of France.

[BrklynLiberal]

13. I wonder how many of their diehard supporters know that?

Somuch for their loyalty to this country.. :spank:

Dick Chaney bought a retirement home a couple of years ago.......not in Wyoming but in the south of France.

[Botany]

9. Great posts thanx!

I think we might be reduced to all working @ WalMart or selling each other
cell phone contracts.

looks like our CEO President's company stock value per share is taking a hit.

[stillcool]

10. The US dollar on reprieve....

The Asian Development Bank warns of threatening monetary turmoil
The oil trade is uneasy about the increasing impossibility of reinvesting the petrodollars they are accumulating, whereas the bank world is pondering over the dollar’s real value. A downturn in trade has just begun on the stock exchanges of the Gulf, even as the Asian Development Bank was warning its members against a possible collapse of the US currency. What if the dollar was really no longer anything but fiat money?

For several months a lively debate has been developing within international financial circles: is the dollar so overvalued as to be at risk of a brutal collapse, on the order of 15 to 40% depending on the commentator? The controversy is kept alive by a disputed rumour whereby some oil contracts might be on the verge of being converted from dollars into euros. This, in turn, would spawn a depreciation of the US currency

Until now, official statements on this issue seemed to belong to the realm of psychological warfare between rival powers. As such, they were subject to question. But suddenly, on March 28th, 2006, the Asian Development Bank (ADB) chose to put its credibility at stake among its members by issuing a memo advising them to be ready for a collapse of the dollar. In the same note, the ADB specifies that there is a certain degree of uncertainty as to whether this might happen or not, but that the immediate consequences would be severe if it were to happen <1>. The ADB is already in the process of working on the creation of a regional alternative to the dollar – the ACU, a basket of currencies modelled on the principles of the European ECU.
read more....
http://www.voltairenet.org/article138048.html

[BrklynLiberal]

14. kick! Just so everyone finds out about Cheney's retirement home in France!

[aint_no_life_nowhere]

15. Doesn't Richard Perle also have a home in Provence?

Maybe they're neighbors.

[Monk06]

16. Belated apology >>>>>>>>>>>>>

It's Perle not Cheney who is retiring to Provence.

It will be very useful in the next few years however
to keep tabs on where Bush, Cheney, Rummy, Condi etc
purchase their retirement homes.

My bet is in countries without extradition treaties
with the US for bribery, embezzlement and conspiracy
to pervert the course of justice.