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What’s Next for the US Dollar? Could Dollar Strength Continue?

By , March 18, 2013 10:04 am

Some US one-dollar billsRight now, even though the US dollar is a bit lower against the euro, there is still evidence of dollar strength. The US dollar index has shown itself resilient this year, and there is a good chance that the greenback will continue to show relative strength as uncertainty wracks the financial markets.

While there is no way to say for certain what will happen next in any financial market, there remains enough uncertainty, especially in light of the continued difficulties in the eurozone, to provide relative strength for the US dollar. With economic concerns in Britain, and the sovereign debt and financial system issues (highlighted by the recent Cyprus trouble) that continue to plague the eurozone, it is little surprise that the dollar index has been doing reasonably well.

So, while the US dollar is down against the euro right now, there is a good chance that the greenback will retain some of its relative strength. As long as there is uncertainty, and as long as Forex traders feel the need to call on a safe haven, the US dollar is likely to keep some of its strength.

At 15:18 GMT US dollar index is up to 82.625 from the open at 82.623. EUR/USD is up to 1.2950 from the open at 1.2909. GBP/USD is slightly lower at 1.5121 from the open at 1.5122. USD/JPY is up to 95.1105 from the open at 94.5880.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Forex News

Economic Concerns Continue to Weigh on Loonie

By , February 20, 2013 10:56 am

Sir Robert Borden on 100-dollar billCanadian dollar is at its lowest level in nearly seven months against the US dollar as economic concerns continue to weigh. Oil prices are fluctuating and it looks as though retail sales will show a decline when the data is released on Friday.

Retail sales data is expected to be released on Friday the 22, and there are concerns that the report will show a decline. This is not the only problem facing the Canadian economy, either. The job market has been a source of struggle recently for Canada, and there have been other signs of slowing recently. After bearing up remarkably well in the aftermath of the 2008 financial crisis, the Canadian economy is finally showing signs of slowing down.

Also not helping the situation is the fact that oil prices have been fluctuating. Oil prices are a little bit lower today, and they haven’t shown a lot of convincing strength recently. Oil is Canada’s main export, and the loonie derives support from better oil prices.

For now, economic concerns continue to weigh the loonie down, sending it lower against most of its counterparts.

At 15:50 GMT USD/CAD is up to 1.0157 from the open at 1.0113. EUR/CAD is up to 1.3580 from the open at 1.3539. GBP/CAD is lower at 1.5539 from the open at 1.5599.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Forex News

Will Vietnamese Dong Continue Moving Sideways?

By , February 18, 2013 12:40 pm

Ho Chi Minh on Vietnamese Dong banknotesThe Vietnamese dong, which is one of the least valued currency in the world in terms of monetary units (after the currencies of Iran and Somalia), was little changed over the week, closing at 20,825 per US dollar. The currency has some bullish domestic factors, which may support the dong, but experiences negative influences as well. Conflicting fundamentals result in sideways movement of the currency.

The World Bank said that rapid credit growth and other signs of financial problems in Vietnam hint at coming economic crisis and urged initiation of a reform of the banking system. The nation’s lawmakers confirmed that the government is ready to start a reform, but the impact of the last global crisis can make it difficult to overcome the challenges that the Vietnamese economy is facing. Chairman of the National Financial Supervisory Commission Vu Viet Ngoan said:

The recession in 2008–09 created more challenges for Viet Nam to catch up with other countries in financial reform.

The State Bank of Vietnam lowered ceiling for short-term deposit rates offered by commercial banks from 9 percent to 8 percent on December 24 as a measure to support the county’s businesses and boost economic growth. Yet some economists are unsure if the monetary policy is really supportive for the economy as they the rates still remain rather high. On top of that, some banks were illegally offering higher deposit rates, adding to confusion and uncertainty.

Nguyen Van Binh, the Governor of the State Bank of Vietnam, said that the balance of payments reached $ 10 billion last year, compared to the forecast of $ 3 billion and the balance of $ 2.6 billion in 2011. The data of the General Department of Customs showed that the trade balance surplus jumped to the record $ 780 million in 2012. It was the first surplus since 1993. According to the CIA World Factbook, the country’s trade balance had an estimated deficit of $ 0.2 billion in 2012.

Prospects for the Vietnamese currency were supported by Fitch Ratings as the rating agency left the country’s long-term credit rating at B+ with a stable outlook last month. Fitch wrote:

Vietnam’s ratings are underpinned by its track record of strong economic growth and a favourable environment for foreign direct investment that has rendered the economy less vulnerable to external shocks and raised its potential growth rate.

The rating agency added:

The ratings are also supported by favourable overall levels of external debt and debt service relative to rated peers as well as by high levels of domestic savings and investment.

As one can see, there are different and conflicting influences on the Vietnamese currency. On one hand, the good macroeconomic indicators and the general risk positive sentiment on the Forex market are positive for the dong. On the other hand, the accommodative monetary policy (with uncertain impact on the economy) and the threat of economic collapse make the currency less appealing to investors.

The exchange rate of the dong was surprisingly stable over the last couple of years. Last week, USD/VND opened at 20,825 and closed at 20,833. If no major event happens, the currency will likely continue to trade sideways, depreciating slowly over the long term.

If you have any questions, comments or opinions regarding the Vietnamese Dong, feel free to post them using the commentary form below.

Forex News

Russia to continue weapons shipment to Syria: What? That’s terrible!

By , February 15, 2013 8:22 am

Russia to continue weapons shipment to Syria: What? That’s terrible!
By: Bulov on: 15.02.2013 [01:36 ] (146 reads)

Russia to continue weapons shipment to Syria: What? That’s terrible!
http://www.presstv.ir/detail/2013/02/13/288776/russia-to-continue-arms-export-to-syria/

Anatoly Isaikin, the director of Russia’s arms exporter Rosoboronexport
Wed Feb 13, 2013 2:26PM GMT

Russia says it will continue to provide Syria with defensive weapons since the exports do not violate international law.

“We are continuing to fulfill our obligations on contracts for the delivery of military hardware,” Anatoly Isaikin, the director of Russia’s arms exporter Rosoboronexport, said at a news conference on Wednesday.
According to Isaikin, Moscow delivers anti-missile air defense systems to the Syrian government since it is not prohibited by the United Nations.

He further added that Syria ranked “13th or 14th in terms of volume” on the list of the countries receiving Russian arms.

On December 2, 2012, the US Senate unanimously approved a motion to bar the Pentagon from purchasing any kind of military items from Rosoboronexport over the firm’s weapons sales to Syria.

The US senators said Rosoboronexport has reportedly sold over a billion dollars in weapons to Syria, including four cargo ships full of arms and three dozen combat jets since March 2011.

Moscow has also blocked three UN Security Council resolutions aimed at pressuring Damascus, calling for a resolution to the ongoing unrest in Syria “on the basis of mutual consent” among all sides in the country.

Many people, including large numbers of security forces, have been killed in the violence that erupted in Syria nearly two years ago.

Damascus says certain Western states, especially the United States, and their regional allies are fueling the unrest.

MKA/JR
10 5

20
Related Stories:
• France upset as Assad still in power
• ‘Syria forces seize Israeli-made arms’
• West backs terrorists in Syria: Russia
• ‘Syria moving towards overcoming crisis’
• ‘Military approach to Syria futile’
• Russia rebuffs claims on Syrian WMDs

www.iraq-war.ru (en) RSS feed for articles and news

NATO to continue European missile plan despite Russian criticism

By , February 3, 2013 9:32 pm

NATO to continue European missile plan despite Russian criticism
By: Press TV on: 03.02.2013 [07:07 ] (121 reads)

NATO to continue European missile plan despite Russian criticism

NATO Secretary General Anders Fogh Rasmussen

Sun Feb 3, 2013 1:53AM GMT

NATO says it will continue to install a missile system in Europe despite Russia’s opposition.

NATO Secretary General Anders Fogh Rasmussen made the announcement on the sidelines of the Munich Security Conference on Saturday.

“We have made clear from the outset that NATO has made the decision to establish a NATO missile defense system because it’s our obligation to ensure effective defense of our populations… Having said that, we have invited Russia to cooperate and… now it’s up to Russia to engage in that,” Rasmussen said.

Russian Foreign Minister Sergei Lavrov said earlier that the missile program was reminiscent of the Cold War.

“Officially, we have abandoned the mindset of the Cold War,” Lavrov said.

On January 27, Russian Prime Minister Dmitry Medvedev said he saw “no flexibility” in the ongoing dispute.

“If we talk about the subject itself, it is extremely difficult. And so far we don’t see any flexibility… There is no flexibility,” Medvedev added.

http://www.presstv.ir/detail/2013/02/03/286987/nato-to-continue-europe-missile-plan/

iraqwar.mirror-world.ru (en) RSS feed for articles and news

NATO to continue European missile plan despite Russian criticism

By , February 3, 2013 10:39 am

NATO to continue European missile plan despite Russian criticism
By: Press TV on: 03.02.2013 [07:07 ] (78 reads)

NATO to continue European missile plan despite Russian criticism

NATO Secretary General Anders Fogh Rasmussen

Sun Feb 3, 2013 1:53AM GMT

NATO says it will continue to install a missile system in Europe despite Russia’s opposition.

NATO Secretary General Anders Fogh Rasmussen made the announcement on the sidelines of the Munich Security Conference on Saturday.

“We have made clear from the outset that NATO has made the decision to establish a NATO missile defense system because it’s our obligation to ensure effective defense of our populations… Having said that, we have invited Russia to cooperate and… now it’s up to Russia to engage in that,” Rasmussen said.

Russian Foreign Minister Sergei Lavrov said earlier that the missile program was reminiscent of the Cold War.

“Officially, we have abandoned the mindset of the Cold War,” Lavrov said.

On January 27, Russian Prime Minister Dmitry Medvedev said he saw “no flexibility” in the ongoing dispute.

“If we talk about the subject itself, it is extremely difficult. And so far we don’t see any flexibility… There is no flexibility,” Medvedev added.

http://www.presstv.ir/detail/2013/02/03/286987/nato-to-continue-europe-missile-plan/

www.iraq-war.ru (en) RSS feed for articles and news

Syrian Arab Republic News: Military Operations against Terrorist Groups Continue in Several Areas, Scores of Terrorists Eliminated.

By , December 11, 2012 7:34 pm

Syrian Arab Republic News: Military Operations against Terrorist Groups Continue in Several Areas, Scores of Terrorists Eliminated.
By: (contributed by) Eric Lindblad on: 11.12.2012 [19:23 ] (99 reads)

Dec 11, 2012

Units of the Armed Forces on Tuesday continued pursuing terrorists belonging to Jabhat al-Nusra in Aqraba town in Damascus Countryside, killing a number of them and injuring others.

An official source in the province told a reporter that a unit of the Armed Forces clashed with an armed terrorist group near the International School in Aqraba, killing 4 snipers.

The source said that all members of an armed terrorist group, who were looting and killing citizens, were killed near Abu-Bakr Al-Siddiq Mosque in Aqraba.

The sources added that the terrorist group has wreaked havoc and devastation in the mosque.

In al-Ziyabiye, an Armed Forcfes unit eliminated a number of terrorists from Jabhet al-Nusra, including a Libyan called Omar Ghabathi, Ibrahim Kharfoush, and Ghassab al-Abdullah.

In Darayya, an Armed Forces unit clashed with terrorist groups and eliminated a number of snipers in al-Zaytoun roundabout, including Ala’a Ziyade, Mohammad al-Nakkash, Mohammad Nour al-Shemali, and Marwan Kharibeh.

In the town of Sheba’a, another unit carried out an operation which resulted in the destruction of a terrorist hideout al0ong with the weapons, munitions and terrorists inside it, including terrorists Mohammad Mousa and Zakariya al-Bekaei.

Terrorists Killed or Injured While Rigging Car Bomb in al-Qadam in Damascus

A car bomb exploded while terrorists were rigging it with large amounts of explosives in al-Qadam neighborhood in Damascus, resulting in killing or injuring all the members of the terrorist group.

An official source told a reporter that the explosion took place near al-Dabe’a roundabout in al-Dahabiye street in the neighborhood while the terrorists were rigging the car before transporting it and detonating it elsewhere.

The Syrian Army continues its national Duty in Aleppo

The armed forces today targeted gatherings in Aleppo and its countryside, killing scores of the terrorists and destroying their cars and munitions.

At al-Mislemiya, Babnes, al-Bab in Aleppo countryside, the army destroyed 12 cars loaded with weapon and munitions, in addition to destroying 8 cars on Tadef- Sharbaa road and 14 cars on Tal Rifaat-Fafin road.

In the city of Aleppo, units of the army targeted gatherings of terrorists in Tal al-Zarazeer, Baaedin, al-Shaar, al-Lermon, killing tens of them and injuring others , particularly near the Pullman station where a number of vehicles, equipped with machineguns were destroyed.

Al-Kindi Hospital and External Road of Aleppo Airport Cleared from Terrorists

Units of the Armed Forces restored in a series of precise and quick operations regular traffic movement to the external road of Aleppo International Airport after having eliminated the groups of mercenary terrorists which hindered the citizens’ movement towards the Airport from al-Ramouseh.

An official source told a reporter that the operations resulted in killing scores of terrorists and destroying their gatherings and criminal equipment.

The source added that another military unit cleared al-Kindi Hospital in the city of Aleppo from the armed terrorist groups which had used it as a den to store ammunition and weapons and attack the residents in the area.

Turkish and Foreign Terrorists Killed in Bustan al-Basha

A reporter quoted the source as saying that the army continued to tighten the noose the mercenary terrorists in Bustan al-Basha area and cleared Wajih Abdul-Daem School from the terrorists.

An armed terrorist group was killed in the area, with most of its members are from Turkish and other foreign nationalities, according to the source.

In the old city of Aleppo, the army units killed scores of mercenary terrorists and injured others in al-Zahrawi, al-Khabiyeh and al-Bandareh markets and the prison street.

Armed Forces Eliminate Scores of Terrorists in Deir Ezzor

The Armed Forces continued clearing areas in Deir Ezzor and its countryside from the armed terrorist groups.

An official source told that the army clashed with terrorists near Fuad Cinema in Deir Ezzor city nd killed 4 terrorists.

The source added that the army killed and injured the members of the so-called “al-Mustafa Battalion” in al-Takaya Street.

In al-Jbeila neighborhood, an army unit clashed with armed terrorist groups, eliminating scores of terrorists and injuring others.

The Armed Forces also killed and injured members of a terrorist group in al-Sheikh Yaseen area in the city.

Another army unit eliminated members of the so-called “al-Qadeysseh Battalion” in the area of Hatlah in Deir Ezzor countryside.

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The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant. oh nooooooo…

By , December 10, 2012 4:22 pm

The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant. oh nooooooo…
By: Bulov on: 10.12.2012 [07:19 ] (84 reads)

The US has a black president, a black attorney general, a black UN ambassador and, apparently, soon another black Secretary of State.

The US cannot reclaim its economic vitality, which US corporations have sent abroad to India, China, and elsewhere, unless it can retrieve the offshored middle class jobs.

The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant. oh nooooooo…

http://www.paulcraigroberts.org/2012/12/06/paul-craig-roberts-on-ron-paul-citizens-united-the-fiscal-cliff-and-america-today-read-more-httpcommunities-washingtontimes-comneighborhoodconscience-realist2012dec5paul-craig-roberts-ro/

Paul Craig Roberts on Ron Paul, Citizens United, the fiscal cliff, and America today
December 6, 2012 | Categories: Articles & Columns | Tags: Cliff, Cotto, Immigration, Lies, Multiculturalism, | Print This Article

Joseph F. Cotto:

America remains firmly caught in the Great Recession’s clutches. How do you think that our country can reclaim its economic vitality?

Dr. Paul Craig Roberts:

The US cannot reclaim its economic vitality, which US corporations have sent abroad to India, China, and elsewhere, unless it can retrieve the offshored middle class jobs. The only way in which the US can retrieve its middle class jobs is to tax US corporations according to the geographical location at which value is added to their product.

If corporations produce domestically with US labor, they would have a low tax rate. If corporations produce abroad they would have a high tax rate.

The tax rate can be calculated to more than offset the lower cost of foreign labor and, thus, cancel the excess profits that corporations make from substituting low cost foreign labor for US labor.

Cotto:

Prominent economists and politicians often say that free trade will only benefit America in the long run. What are your opinions about this idea?

Dr. Roberts:

Ralph E. Gomory and William J. Baumol have proven conclusively in their 2000 MIT Press book, Global Trade and Conflicting National Interests, that David Ricardo’s free trade theory was incorrect from the beginning. Therefore, the free trade issue is moot and a red herring.
Jobs offshoring is not free trade. Even if free trade theory was correct, jobs offshoring is pursuit of absolute advantage, the opposite of comparative advantage, which is the basis for the free trade argument. The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant.

Cotto:

Everyone is talking about the Fiscal Cliff. What do you expect to happen if both parties fail to find common ground on a budget proposal?

Dr. Roberts:

The “fiscal cliff” is likely to be like the debt ceilings and the budget resolutions; just another can kicked down the road. The Congress will pass extension after extension. The Republicans will use the fiscal cliff to try to cut the social safety net, and the Democrats will use it to try to raise taxes.

If the parties succeed, a weak and faltering economy will get a double-barrel dose of austerity and be driven further into the ground.

Cotto:

Over the last several years, mass movements such as Occupy and the Tea Party have made an impact on the political process. Each is largely a result of the recession and popular anger at government malfeasance. From your standpoint, are Occupy and the Tea Party as different from one another as pundits tend to claim?

Dr. Roberts:

Occupy and the Tea Party both are expressions of frustration over the fact that the US government represents only a handful of powerful private interests who purchase the government which then does the bidding of the private interests.

Cotto:

Due to the Citizens United ruling, millions of Americans have become are nervous about the influence money plays in politics. Are these concerns legitimate?

Dr. Roberts:

The concerns about corporate money ruling politics are legitimate.This was the case even before the Republican Supreme Court made its Citizens United ruling legalizing the purchase of the US government by private interests.

Cotto:

During complicated times like these, a robust national security policy is essential. While America can continue to build stronger relationships with proven allies, more should be done to prevent domestic terrorism as well. What are your opinions on this most challenging matter?

Dr. Roberts:

There is no domestic terrorism. Moreover, the “war on terror” is a hoax. The hoax is increasingly perceived abroad, and, consequently, America’s relationships with allies are beginning to unravel. Today all Washington can do is to use money to purchase the governments that it needs as allies.

Cotto:

Illegal immigration is a political lightning rod. Some believe that America needs legislations like the DREAM Act. Others say that the federal government should deport all illegal aliens. What would you say is the most effective manner of dealing with such a contentious matter?

Dr. Roberts:

It is too late to do anything about immigration. The immigrants comprise too large a percentage of the population and many are now integrated into society. Washington has no better chance of expelling immigrants than Rome had of expelling Germans.

Cotto:

Multiculturalism is spreading across the Western world at high speed. This has led not only to language barriers, but substantial ethnic, religious, and racial tensions. How should our country’s leaders be approaching this volatile subject?

Dr. Roberts:

Empires become multicultural entities. In the US multiculturalism is protected by civil rights law and political correctness. The US has a black president, a black attorney general, a black UN ambassador and, apparently, soon another black Secretary of State. I am not complaining, just acknowledging the reality of multiculturalism. When the US government demonizes and profiles Arabs and Muslims, it might be breaking its own laws and also making other ethnicities and religions nervous.

Cotto:

Across the political spectrum, libertarianism has become very popular. Specifically in the Republican Party, followers of Ron Paul are posing a serious challenge to the establishment. What do you feel the Ron Paul movement brought to the conversation?

Dr. Roberts:

Ron Paul tried to bring defense of the US Constitution to the conversation, only to find that neither Republicans nor Democrats had any interest whatsoever in defending the US Constitution.

Cotto:

We all have turning points in our lives. At what point did the path diverge, leading you to become one of America’s most well known economists and political commentators?

Dr. Roberts:

It is not my path that has diverged. Rather, it is the path of the US government which has become less truthful, less accountable, more immoral, more evil, and more oppressive.
_
Thank you Dr. Roberts for your time. Learn more about Dr. Roberts and his work at the Institute for Political Economy website. Books are available at Amazon.com

15

About Dr. Paul Craig Roberts
Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following.

iraqwar.mirror-world.ru (en) RSS feed for articles and news

The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant. oh nooooooo…

By , December 10, 2012 5:29 am

The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant. oh nooooooo…
By: Bulov on: 10.12.2012 [07:19 ] (29 reads)

The US has a black president, a black attorney general, a black UN ambassador and, apparently, soon another black Secretary of State.

The US cannot reclaim its economic vitality, which US corporations have sent abroad to India, China, and elsewhere, unless it can retrieve the offshored middle class jobs.

The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant. oh nooooooo…

http://www.paulcraigroberts.org/2012/12/06/paul-craig-roberts-on-ron-paul-citizens-united-the-fiscal-cliff-and-america-today-read-more-httpcommunities-washingtontimes-comneighborhoodconscience-realist2012dec5paul-craig-roberts-ro/

Paul Craig Roberts on Ron Paul, Citizens United, the fiscal cliff, and America today
December 6, 2012 | Categories: Articles & Columns | Tags: Cliff, Cotto, Immigration, Lies, Multiculturalism, | Print This Article

Joseph F. Cotto:

America remains firmly caught in the Great Recession’s clutches. How do you think that our country can reclaim its economic vitality?

Dr. Paul Craig Roberts:

The US cannot reclaim its economic vitality, which US corporations have sent abroad to India, China, and elsewhere, unless it can retrieve the offshored middle class jobs. The only way in which the US can retrieve its middle class jobs is to tax US corporations according to the geographical location at which value is added to their product.

If corporations produce domestically with US labor, they would have a low tax rate. If corporations produce abroad they would have a high tax rate.

The tax rate can be calculated to more than offset the lower cost of foreign labor and, thus, cancel the excess profits that corporations make from substituting low cost foreign labor for US labor.

Cotto:

Prominent economists and politicians often say that free trade will only benefit America in the long run. What are your opinions about this idea?

Dr. Roberts:

Ralph E. Gomory and William J. Baumol have proven conclusively in their 2000 MIT Press book, Global Trade and Conflicting National Interests, that David Ricardo’s free trade theory was incorrect from the beginning. Therefore, the free trade issue is moot and a red herring.
Jobs offshoring is not free trade. Even if free trade theory was correct, jobs offshoring is pursuit of absolute advantage, the opposite of comparative advantage, which is the basis for the free trade argument. The economists who continue to advocate free trade and continue to confuse jobs offshoring with free trade are simply incompetent and professionally ignorant.

Cotto:

Everyone is talking about the Fiscal Cliff. What do you expect to happen if both parties fail to find common ground on a budget proposal?

Dr. Roberts:

The “fiscal cliff” is likely to be like the debt ceilings and the budget resolutions; just another can kicked down the road. The Congress will pass extension after extension. The Republicans will use the fiscal cliff to try to cut the social safety net, and the Democrats will use it to try to raise taxes.

If the parties succeed, a weak and faltering economy will get a double-barrel dose of austerity and be driven further into the ground.

Cotto:

Over the last several years, mass movements such as Occupy and the Tea Party have made an impact on the political process. Each is largely a result of the recession and popular anger at government malfeasance. From your standpoint, are Occupy and the Tea Party as different from one another as pundits tend to claim?

Dr. Roberts:

Occupy and the Tea Party both are expressions of frustration over the fact that the US government represents only a handful of powerful private interests who purchase the government which then does the bidding of the private interests.

Cotto:

Due to the Citizens United ruling, millions of Americans have become are nervous about the influence money plays in politics. Are these concerns legitimate?

Dr. Roberts:

The concerns about corporate money ruling politics are legitimate.This was the case even before the Republican Supreme Court made its Citizens United ruling legalizing the purchase of the US government by private interests.

Cotto:

During complicated times like these, a robust national security policy is essential. While America can continue to build stronger relationships with proven allies, more should be done to prevent domestic terrorism as well. What are your opinions on this most challenging matter?

Dr. Roberts:

There is no domestic terrorism. Moreover, the “war on terror” is a hoax. The hoax is increasingly perceived abroad, and, consequently, America’s relationships with allies are beginning to unravel. Today all Washington can do is to use money to purchase the governments that it needs as allies.

Cotto:

Illegal immigration is a political lightning rod. Some believe that America needs legislations like the DREAM Act. Others say that the federal government should deport all illegal aliens. What would you say is the most effective manner of dealing with such a contentious matter?

Dr. Roberts:

It is too late to do anything about immigration. The immigrants comprise too large a percentage of the population and many are now integrated into society. Washington has no better chance of expelling immigrants than Rome had of expelling Germans.

Cotto:

Multiculturalism is spreading across the Western world at high speed. This has led not only to language barriers, but substantial ethnic, religious, and racial tensions. How should our country’s leaders be approaching this volatile subject?

Dr. Roberts:

Empires become multicultural entities. In the US multiculturalism is protected by civil rights law and political correctness. The US has a black president, a black attorney general, a black UN ambassador and, apparently, soon another black Secretary of State. I am not complaining, just acknowledging the reality of multiculturalism. When the US government demonizes and profiles Arabs and Muslims, it might be breaking its own laws and also making other ethnicities and religions nervous.

Cotto:

Across the political spectrum, libertarianism has become very popular. Specifically in the Republican Party, followers of Ron Paul are posing a serious challenge to the establishment. What do you feel the Ron Paul movement brought to the conversation?

Dr. Roberts:

Ron Paul tried to bring defense of the US Constitution to the conversation, only to find that neither Republicans nor Democrats had any interest whatsoever in defending the US Constitution.

Cotto:

We all have turning points in our lives. At what point did the path diverge, leading you to become one of America’s most well known economists and political commentators?

Dr. Roberts:

It is not my path that has diverged. Rather, it is the path of the US government which has become less truthful, less accountable, more immoral, more evil, and more oppressive.
_
Thank you Dr. Roberts for your time. Learn more about Dr. Roberts and his work at the Institute for Political Economy website. Books are available at Amazon.com

15

About Dr. Paul Craig Roberts
Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following.

www.iraq-war.ru (en) RSS feed for articles and news

US Dollar Gains Ground as Eurozone Troubles Continue

By , November 26, 2012 12:20 pm

Great Seal of the United States on one-dollar billUS dollar is gaining ground today, heading higher as eurozone troubles continue. Worries about what’s next for the eurozone are weighing on risk appetite, as the division in thought amongst eurozone leaders becomes more pronounced.

Greenback is heading higher today as risk aversion gains the upper hand and riskier currencies head lower. Concerns about what’s next fort he eurozone are once again in focus, and the US dollar is higher as a result. Worries about Greece are once again surfacing, and there is also concern about the split between eurozone leaders. There are very definite differences in how the sovereign debt crisis should be approached.

Also helping the US dollar is the general air of uncertainty. Even though there have been some improvements in the economic situation around the world, things are far from certain. There are worries about the fiscal cliff, more recession, and any number of other issues. All of these weigh on risk appetite and send the US dollar higher.

For now, greenback has the upper hand against European currencies, even though it down against the Japanese yen right now.

At 14:39 GMT EUR/USD is down to 1.2967 from the open at 1.2968. GBP/USD is down to 1.6014 from the open at 1.6034. USD/JPY is down to 82.1450 from the open at 82.3450.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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