Fed Issues $100 Billion Line of Credit to IMF
‘Yet to author James Rickards, QE, as it is known, is the United States’ secret weapon in an unfolding global war — one fought not with soldiers, tanks or drones but with currencies. In driving down long-term interest rates by flooding the market with freshly printed currency, the policy, Rickards says, is a combative attempt to boost U.S. exports by weakening the dollar while undermining the competitiveness of China and other U.S. trading partners.”
When one country is cheapening one’s currency relative to another. Trying to steal growth from another.
James Rickards, author of Currency Wars, and Breakingviews columnist Martin Hutchinson to discuss how a global competition to devalue currencies can be avoided.
“As he argues in his new book, Currency Wars: The Making of the Next Global Crisis, QE is an “exercise in deception” that offers little chance of promoting long-term economic recovery. Worse, it has left the dollar highly vulnerable to speculation and, ultimately, a cataclysmic crash.”
[Quote Source USATODAY.com]
(Con’t on the next page)
02-16-12 Yahoo News: Italian police seize $6 trillion of fake U.S. bonds
POTENZA, Italy (Reuters) – Italian police said on Friday they had seized about $6 trillion worth of fake U.S. Treasury bonds and other securities in Switzerland, and arrested eight Italians accused of international fraud and other financial crimes.