Congressman Watt tried to de-rail the bill to audit the Federal Reserve (H.R. 1207) with a fake alternate bill. See this, this, this and this.Fortunately, the House Financial Services Committee approved H.R. 1207 by 43-26, and rejected Watt’s bill.In a…
Posts Tagged ‘currency’
House Financial Services Committee APPROVES Bill to Audit the Fed (Rejecting Watt’s Fake Alternate) and Votes to Rein In Foreign Currency Swaps
November 20th, 2009 |
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Will a Basket of Currencies Replace the Dollar?
October 6th, 2009 |
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Robert Fisk of the Independent wrote yesterday that the Middle Eastern oil producers, plus China, Japan and France have all agreed to start trading oil using a basket of currencies – including the yen, yuan, euro, gold and a new, unified currency plann…
Nepal PM assuages India’’s concerns, says wonâ€t allow fake note smuggling
September 9th, 2009 |
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Nepal Prime Minister Madhav Kumar has said his government is really concerned about the Fake Indian Currency Note (FICN) racket and would take proper action against anyone who indulges in the practice.
Talking to reporters in Birganj in the Terai plains near the Indo-Nepalese border, Nepal said, “We are really concerned about this racket and if [...]
United Nations: New Global Reserve Currency Needed As Dollar Has Become a “Confidence Game” for Speculation
September 8th, 2009 |
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The UN Conference on Trade and Development (UNCTAD) released a report today calling for the creation of a new global reserve currency.The UN also called the dollar-based system a “confidence game” of financial speculation.The UN is calling for a new gl…
Stock Exchange Guide – Make Effective Trades
August 3rd, 2009 |
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When you are looking for a currency trading guide to help you with your first steps into the currency trading world, you will need one that will first show you the basics of the biz then later will give you tips on how to tell if a currency is worth trading or what signs to [...]
Diane Francis: China’s dollar scam must end
July 29th, 2009 |
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The bilateral talks, or G-2, between the U.S. and China have resulted in little substantive progress. This is because there is a continuing, inexplicable, failure…
Portugal signs Sao Tome euro deal
July 29th, 2009 |
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By Alison Roberts
BBC News, Lisbon
The island state of Sao Tome and Principe has signed a loan deal with former colonial power Portugal aimed at anchoring the currency to the euro.
One of Africa’s poorest countries, it has significant but as yet unexploited oil reserves.
Officials from the two countries have spent a year working on the accord, which is aimed at securing economic stability for the archipelago.
Portugal signed a similar deal 10 years ago with another ex-colony, Cape Verde.
Sao Tome’s leaders say linking its currency, the dobra, to the euro is a guarantee of stability for foreign investors and a key element of the country’s economic strategy.
Portugal, which once ruled Sao Tome and which has received many of its citizens as immigrants, is providing loans to its government in return for fiscal and monetary policy commitments.
The accord is no panacea, officials acknowledged, but should act as a lever for development.
A similar accord a decade ago between Portugal and Cape Verde helped that island nation shed its status as one of the world’s least-developed countries, and later secure a special partnership with the EU.
Sao Tome, where the economy is dominated by cocoa farming and remittances from emigrants, is considerably poorer than Cape Verde.
But its territorial waters hide significant oil reserves that are just starting to be explored.</p
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Rupee falls by 21 paise in early trade
July 29th, 2009 |
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Mumbai, July 29 (PTI) The Indian rupee today fell by 21 paise against the dollar in early trade due to strong demand for the US currency from refiners and importers amid the greenback firming against other Asian currencies.
At the Interbank Foreign Exchange (forex) market, the domestic currency was quoted at 48.37 a dollar, a fall [...]
Rupee falls by 21 paise in early trade
July 29th, 2009 |
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Mumbai, July 29 (PTI) The Indian rupee today fell by 21 paise against the dollar in early trade due to strong demand for the US currency from refiners and importers amid the greenback firming against other Asian currencies.
At the Interbank Foreign Exchange (forex) market, the domestic currency was quoted at 48.37 a dollar, a fall [...]
China’s foreign reserves top $2tn
July 15th, 2009 |
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China’s foreign exchange reserves, the world’s largest, have surpassed $2 trillion (£1.2tn), the country’s central bank has said.
Currency reserves rose 17.8% from June 2008 to a record $2.13tn. Its currency stockpile is twice the size of Japan’s – the second-biggest holder.
The reserves rose as foreign investment flowed back into China
The People’s Bank of China buys many of the dollars entering China to prevent its exchange rate from increasing.
BBC business editor Robert Peston says that the primary cause of China’s ballooning foreign currency reserves on this occasion is not the surplus of China’s exports over its imports.
CURRENCY RESERVES- Foreign currency held by a government or a central bank
- Used to pay foreign debt obligations or influence exchange rates
- The dollar is viewed as the world’s reserve currency as the vast majority of reserves are held in the US currency
- Smaller amounts are held in euros, pounds and yen
He says it is the result of overseas investors identifying China as the strongest of the world’s major economies and pouring money into property and shares.
China’s main stock index, the Shanghai Composite Index, has jumped by 74% this year.
Dollar dominance
The bulk of China’s foreign currency reserves are in dollars – mainly US government debt.
The country’s leaders have expressed concern about the stability of the US dollar and have called for the creation of a new international reserve currency.
They fear the dollar could weaken as the financial crisis takes its toll and undermine the value of China’s vast holdings of US government debt. </p
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Jason Daley: New World Quarter
July 14th, 2009 |
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The Russians and Chinese are agitating for a new world currency, something to replace the dollar as the world’s reserve legal tender. We need a currency with a little zip, a little style, and possibly rhinestones.
Marshall Auerback: California Currency? A Taste of Things to Come Unless Percora II Helps Us Leave Discredited Economic Dogma Behind
July 13th, 2009 |
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As California’s IOUs signal desperation, Roosevelt Braintruster Marshall Auerback suggests that a Pecora-style Commission could help the public recognize the folly of past economic dogmas.
Ron Paul: “The American People Are Going to Demand … Honest Money – It’s Happened Many Times in History”
July 9th, 2009 |
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Ron Paul said: When we discover what’s really going on, I think the American people are going to demand the next step, they’re going to demand honest money – it’s happened many times in history.From a brief study of the history of currency, I t…