The Unz Review - Mobile
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
by  
Email This Page to Someone

 Remember My Information



=>
 Entire ArchiveDollar Items

Bookmark Toggle AllToCAdd to LibraryRemove from Library • BShow CommentNext New CommentNext New Reply
shutterstock_758998984
Introduction to the German Edition
In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I is that the United States has... Read More
Readers at home and around the world want to know what to make of the announcement that China henceforth will conduct oil purchases and sales in gold-backed Chinese currency. Is this an attack by Russia and China on the US dollar? Will the dollar weaken and collapse from being discarded as the currency in which... Read More
While much of the world focused last week on whether or not the Federal Reserve was going to raise interest rates, or whether the Greek debt crisis would bring Europe to a crisis, the Permanent Court of Arbitration in The Hague awarded a $50 billion judgment to shareholders of the former oil company Yukos in... Read More
One of the great ironies of American politics is that most politicians who talk about helping the middle class support policies that, by expanding the welfare-warfare state, are harmful to middle-class Americans. Eliminating the welfare-warfare state would benefit middle-class Americans by freeing them from exorbitant federal taxes, including the Federal Reserve’s inflation tax.Politicians serious about... Read More
A famous maxim has it that in the short run markets are voting machines, but in the longer run weighing machines. The point is that though short run movements can be remarkably fickle and irrational, markets do – eventually – self-correct and produce reasonable prices. But “eventually” can be a long time, especially where currency... Read More
"Margin Call from Hell"
The crisis that began seven years ago with easy lending and subprime mortgages, has entered its final phase, a currency war between the world’s leading economies each employing the same accommodative monetary policies that have intensified market volatility, increased deflationary pressures, and set the stage for another tumultuous crack-up. The rising dollar, which has soared... Read More
shutterstock_217744243
Washington has shaped 2015 to be a year of conflict. The conflict could be intense. Washington is the cause of the conflict, which has been brewing for some time. Russia was too weak to do anything about it when the Clinton regime pushed NATO to Russia’s borders and illegally attacked Yugoslavia, breaking the country into... Read More
shutterstock_189259478
Ukraine War Driven by Gas-Dollar Link
If there was a way the United States could achieve its long-term strategic objectives and, at the same time, avoid a war with Russia, it would so. Unfortunately, that is not an option, which is why there’s going to be a clash between the two nuclear-armed adversaries sometime in the near future. Let me explain:... Read More
The Latest in the New Cold War
The United States failed operation in Syria, has led to an intensification of Washington’s proxy war in Ukraine. What the Obama administration hoped to achieve in Syria through its support of so called “moderate” Islamic militants was to topple the regime of Bashar al Ass
The US government's decision to apply more sanctions on Russia is a grave mistake and will only escalate an already tense situation, ultimately harming the US economy itself. While the effect of sanctions on the dollar may not be appreciated in the short term, in the long run these sanctions are just another step toward... Read More
More at The Real News Is the New BRICS Bank a Challenge to US Global Financial Power? Michael Hudson and Leo Panitch discuss and debate the significance of the new international development bank created by Brazil, Russia, India, China and South Africa – 6 min ago Michael Hudson is a Distinguished Research Professor of Economics... Read More
Is it time we shorted George Soros? Judging by his latest book, The Tragedy of the European Union: Disintegration or Revival?, he certainly seems to have passed his sell-by date. While the book makes some good points about Germany’s role in imposing gratuitously severe austerity on Europe, for Soros watchers all this is hardly new.... Read More
Federal Reserve and Wall Street Assassinate US Dollar
Since 2006, the US dollar has experienced a one-quarter to one-third drop in value to the Chinese yuan, depending on the choice of base. Now China is going to let the dollar decline further in value. China also says it is considering undermining the petrodollar by pricing oil futures on the Shanghai Futures Exchange in... Read More
The U.S. dollar’s reserve currency role is almost over, says former top Reagan administration economic adviser Paul Craig Roberts. As he points out, the dollar’s international credibility was dealt another hammer blow by the federal shutdown in October. Of particular note is the fact that the shutdown revived fears, albeit exaggerated ones, that the U.S.... Read More
shutterstock_42461449
Escape From The Dollar
Paul Craig Roberts thinks the Fed has backed itself into corner. A rise in interest rates would strengthen the dollar, give the dollar new life as world reserve currency, and halt the movement into gold, but a rise in rates would collapse the bond and stock markets and reduce the value of derivatives on the... Read More
Barack Obama’s economic recovery has been a complete bust. Unemployment is high, the economy is barely growing, and inequality is greater than anytime on record. On top of that, inflation has dropped to 1.2 percent, private sector hiring continues to disappoint and, according to Gallup’s “Economic Confidence” survey, households and consumers remain “deeply negative”. More... Read More
September was not a good month for the U.S. dollar. The world’s reserve currency is sustained in large part by the Petrodollar, the agreement by the Saudis and OPEC to price oil in dollars and only accept dollars for payment. The US gets a guaranteed demand for its fiat currency and in exchange the US... Read More
The U.S. dollar’s predicament can be summed up in three observations: The U.S. balance of payments deficits have multiplied three-fold since the 1980s, and now typically run between 2.5 and 5 percent of GDP. Manufacturing’s share of GDP is down to 11 percent. Services do little exporting. Taken together, these facts spell doom for the... Read More
“Fool me once, shame on you. Fool me twice, shame on me.” So says an ancient Chinese proverb. It is worth bearing in mind in dealing with present-day Beijing. No matter how often Uncle Sam gets his clock cleaned in China, his credulousness remains a gift that keeps on giving for the Beijing leadership. The... Read More
The U.S. dollar had a good day today to close over the 100-yen mark for the first time in four years. This means the dollar’s yen value has recovered nearly 30 percent in just seven months — a truly remarkable performance but one that says much more about traders’ psychology than about fundamentals. One driver... Read More
ASTANA, Kazakhstan. “If it bleeds, it leads” says an old media industry maxim. So where the future of the world currency system is concerned, all eyes these days are on the badly battered euro. Almost all, anyway. One observer who has been trying to see beyond the current euro crisis is the Nobel Prize-winning economist... Read More
The Buck Stops Where?
Paul Volcker is worried about the future of the dollar and for good reason. The Fed has initiated a program (Quantitative Easing) that presages an end to Bretton Woods 2 and replaces it with different system altogether. Naturally, that's made trading partners pretty nervous. Despite the unfairness of the present system--where export-dependent countries recycle capital... Read More
"Save Those Greenbacks for Fishwrap!"
Deflation is not a problem because the Fed can always create inflation by printing more money. Wrong. While it's true that the Fed can print as much money as it chooses, adding to the money stock does not decrease deflation or increase inflation. It merely adds to reserves at the banks. Here's how British economist... Read More
Michael Hudson as interviewed by Amy Goodman and Juan Gonzalez on Democracy Now! // // ]]> Summary: The Federal Reserve will pump $600 billion more into the U.S. economy and keep interest rates at historical low levels. The short-term impact of the Fed’s move—known as quantitative easing—has been a jump in stock prices across the... Read More
QE2 and Last Rites for the World's Reserve Currency
Millions of Americans have no idea what Quantitative Easing is or how it will effect them personally. That's why Wednesday's announcement that the Fed will purchase another $600 billion in US Treasuries merely reinforced feelings of helplessness and a sense that government spending is out-of-control. Unfortunately, Ben Bernanke's rambling explanation of QE2 in a Washington... Read More
Michael writes on currency speculation in today’s Financial Times – Capital controls will follow the weak dollar. It is well worth registering to this excellent news source. Read more at the FT.
For years, people have been calling for the world to forgive third world debt. The amount of effort that poverty stricken countries make just to pay interest on their debt while people are starving and living in misery is shameful. Corrupt governments stole big portions of what was borrowed instead of investing it in infrastructure... Read More
An Interview With Economist Menzie Chinn
Menzie Chinn, co-author of The Economic Integration of Greater China, teaches economics at the Robert M. LaFollette School of Public Affairs at the University of Wisconsin. Whitney: What is the present composition of reserve holdings in central banks, and has there been a substantial falloff in US dollar reserves in recent years? Are central banks... Read More
"Obama Demands Pay in Euros!"
The "dollar debate" on the Internet has been ferocious and emotionally-charged, but sadly lacking in logic. To oppose the "dollar will crash" theorists is like arguing a woman's right to choose with the fist-waving throng assembled outside an abortion clinic. The results are equally disappointing. To say that "minds are already made up and the... Read More
Back to Business as Usual
The dollar is not going to crash. There may be grumblings in foreign capitals and "secret meetings" between finance ministers but, for now, the dollar appears to be safe.  Foreign countries don't trade in dollars because they like America. They do it because they have no choice. If they want oil, they need dollars; it's... Read More
Is the Sky Really Falling?
Robert Fisk lit the fuse with his hyperventilating narrative which appears in Tuesday's UK Independent which went  viral overnight spreading to every musty corner of the Internet and sending gold skyrocketing to $1,026 per oz.  Now every doomsday website in cyber-world has headlined Fisk's "shocker" and the blogs are clogged with the frenzied commentary of... Read More
Financial Times Challenging America will be the focus of meetings in Yekaterinburg, Russia, on Monday and Tuesday for Chinese President Hu Jintao, Russian President Dmitry Medvedev and other leaders of the six-nation Shanghai Co-operation Organisation. The alliance comprises Russia, China, Kazakhstan, Tajiki stan, Kyrgyzstan and Uzbekistan, with observer status for Iran, India, Pakistan and Mongolia.... Read More
The Yekaterinburg Turning Point
Global Research The city of Yakaterinburg, Russia’s largest east of the Urals, may become known not only as the death place of the tsars but of American hegemony too – and not only where US U-2 pilot Gary Powers was shot down in 1960, but where the US-centered international financial order was brought to ground.... Read More
Hanging By a Thread
The Republicans are convinced that hyperinflation is just around the corner, but don't believe it. The real enemy is deflation, which is why Fed chief Bernanke has taken such extraordinary steps to pump liquidity into the system. The economy is flat on its back and hemorrhaging a half a million jobs per month. The housing... Read More
"We're All Linked"
Things are getting worse. Since September, $16 trillion has been erased from global stock market value. Losses in the US--where the financial turmoil originated--have been much smaller than other, more vulnerable markets. The Dow is down less than 40 percent from its peak of 14,000, whereas Hong Kong, Poland and China have all tumbled more... Read More
The Incredibly Shrinking Dollar? Think Again ... Greenback Surges, Euro Shrivels
The greenback has surged 6 per cent in the last month alone. The euro, on the other hand, has been caught in the same recessionary downdraft that is buffeting a number of other currencies, all of which are unwinding at the same time although unevenly. Currency markets don't move in straight lines, but don't be... Read More
"A Massacre of the World's Poor"
Food riots have broken out across the globe destabilizing large parts of the developing world. China is experiencing double-digit inflation. Indonesia, Vietnam and India have imposed controls over rice exports. Wheat, corn and soy beans are at record highs and threatening to go higher still. Commodities are up across the board. The World Food Program... Read More
Even Larry Summers Predicts Doom
Lately it seems as though everyone wants to take a poke at the dollar. Last week, it was the Brazilian supermodel who demanded euros for her jaunts on the catwalk instead of USD. The week before that, hip-hop impresario, Jay-Z, released a video dissin' the dollar and praising the euro as the 'baddest Dude in... Read More
The Long Fall
America is finished, washed up, kaput. Foreign investors and central banks around the world have lost confidence in US markets and are headed for the exits. The dollar is sinking, the country is insolvent, and its leaders are barking mad. That's bad for business. Investors are voting with their feet. They've had enough. Capital is... Read More
Plummeting Dollar, Credit Crunch...
The days of the dollar as the world’s “reserve currency” may be drawing to a close. In August, foreign central banks and governments dumped a whopping 3.8 per cent of their holdings of US debt. Rising unemployment and the ongoing housing slump have triggered fears of a recession sending wary foreign investors running for the... Read More
Doomsday for the Greenback?
The American people are in La-la land. If they had any idea of what the Federal Reserve was up to they'd be out on the streets waving fists and pitchforks. Instead, we go our business like nothing is wrong. Are we really that stupid? What is it that people don't understand about the trade deficit?... Read More
Everything He Touches Turns Into Someone Else's Gold
Gold traders love Dick Cheney. Every time he opens his twisted lip and barks out another threat to Iran, the dollar takes a powder and gold futures shoot to the moon. Maybe that's the way Cheney likes it. After all, he dumped about $25 million in euro-bonds before he took office. Judging by the way... Read More
Hard Times on the Way
In the next few months, a financial crisis will arise somewhere in the world which will jolt the American economy and trigger a swift and precipitous decline in the value of the dollar. This is not speculation; it will happen and there is nothing that the Bush administration can do to stop it. All of... Read More
The Controlled Demolition of the Dollar
The great dollar sell-off has begun in earnest, although to a large extent, it's being concealed from the public. Wary currency traders have been expecting a dollar-slide for months but were nervous about the possibility of widespread panic. Everyone from Bill Gates to Paul Volcker has predicted that the current trade deficit of $800 billion... Read More
Obliterating the Dollar ... and the Middle Class?
Gold traders love George Bush. They know that his blundering mismanagement of the economy will keep gold soaring well into the future. In the last year alone gold increased nearly $200 an ounce capping off a 5 year run that has taken it from $274 per ounce to $635 at Friday's close. These are serious... Read More
Greenspan's Hammer
Last Thursday's press conference was pure Greenspan. The shriveled Fed-master used his trip to Germany to deliver the roundhouse punch that many had expected for two years. He "warned that the deficit in US trade with the rest of the world could not be sustained indefinitely."(BBC) Really? Does anyone seriously believe that this "road to... Read More
What impact on the European and U.S. economies may diversification of central bank reserves into euros have?
International Economy Diversification of central bank reserves into larger holdings of euros is much in the news these days. Quite apart from the widening U.S. trade and payments deficit, the Iraq war has created a backlash that has led some Arab and Islamic politicians to urge OPEC countries to price and sell their oil in... Read More
No Items Found
PastClassics
The unspoken statistical reality of urban crime over the last quarter century.
The “war hero” candidate buried information about POWs left behind in Vietnam.
The major media overlooked Communist spies and Madoff’s fraud. What are they missing today?
What Was John McCain's True Wartime Record in Vietnam?