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The Paul Craig Roberts Dilemma: World War Or The End Of The Dollar

By , April 10, 2014 11:12 pm

The Paul Craig Roberts Dilemma: World War Or The End Of The Dollar
By: Paul Craig Roberts on: 11.04.2014 [03:36 ] (60 reads)

The Paul Craig Roberts Dilemma: World War Or The End Of The Dollar
Tyler Durden’s pictureSubmitted by Tyler Durden on 04/10/2014 22:15 -0400

AfghanistanBRICsChinaFailFederal ReserveFutures marketGoldman Sachsgoldman sachsIranIraqIsraelJohn Williamsnational securityNatural GasSecurities and Exchange CommissionSomaliaToo Big To FailTurkeyUkraineUnemployment

Submitted by Paul Craig Roberts via The Institute for Political Economy,

Is the US or the World Coming to an End?
It will be one or the other

2014 is shaping up as a year of reckoning for the United States.

Two pressures are building on the US dollar. One pressure comes from the Federal Reserve’s declining ability to rig the price of gold as Western gold supplies shrivel and market knowledge of the Fed’s illegal price rigging spreads. The evidence of massive amounts of naked shorts being dumped into the paper gold futures market at times of day when trading is thin is unequivocal. It has become obvious that the price of gold is being rigged in the futures market in order to protect the dollar’s value from QE.

The other pressure arises from the Obama regime’s foolish threats of sanctions on Russia. Other countries are no longer willing to tolerate Washington’s abuse of the world dollar standard. Washington uses the dollar-based international payments system to inflict damage on the economies of countries that resist Washington’s political hegemony.

Russia and China have had enough. As I have reported and as Peter Koenig reports here Russia and China are disconnecting their international trade from the dollar. Henceforth, Russia will conduct its trade, including the sale of oil and natural gas to Europe, in rubles and in the currencies of its BRICS partners.

This means a big drop in the demand for US dollars and a corresponding drop in the dollar’s exchange value.

As John Williams ( has made clear, the US economy has not recovered from the downturn in 2008 and has weakened further. The vast majority of the US population is hard pressed from the lack of income growth for years. As the US is now an import-dependent economy, a drop in the dollar’s value will raise US prices and push living standards lower.

All evidence points to US economic failure in 2014, and that is the conclusion of John Williams’ April 9 report.

This year could also see the breakup of NATO and even the EU. Washington’s reckless coup in Ukraine and threat of sanctions against Russia have pushed its NATO puppet states onto dangerous ground. Washington misjudged the reaction in Ukraine to its overthrow of the elected democratic government and imposition of a stooge government. Crimea quickly departed Ukraine and rejoined Russia. Other former Russian territories in Ukraine might soon follow. Protesters in Lugansk, Donetsk, and Kharkov are demanding their own referendums. Protesters have declared the Donetsk People’s Republic and Kharkov People’s Republic. Washington’s stooge government in Kiev has threatened to put the protests down with violence. Washington claims that the protests are organized by Russia, but no one believes Washington, not even its Ukrainian stooges.

Russian news reports have identified US mercenaries among the Kiev force that has been sent to put down the separatists in eastern Ukraine. A member of the right-wing, neo-Nazi Fatherland Party in the Kiev parliament has called for shooting the protesters dead.

Violence against the protesters is likely to bring in the Russian Army and result in the return to Russia of its former territories in Eastern Ukraine that were attached to Ukraine by the Soviet Communist Party.

With Washington out on a limb issuing threats hand over fist, Washington is pushing Europe into two highly undesirable confrontations. Europeans do not want a war with Russia over Washington’s coup in Kiev, and Europeans understand that any real sanctions on Russia, if observed, would do far more damage to Europeans. Within the EU, growing economic inequality among the countries, high unemployment, and stringent economic austerity imposed on poorer members have produced enormous strains. Europeans are in no mood to bear the brunt of a Washington-orchestrated conflict with Russia. While Washington presents Europe with war and sacrifice, Russia and China offer trade and friendship. Washington will do its best to keep European politicians bought-and-paid-for and in line with Washington’s policies, but the downside for Europe of going along with Washington is now much larger.

Across many fronts, Washington is emerging in the world’s eye as duplicitous, untrustworthy, and totally corrupt. A Securities and Exchange Commission prosecuting attorney, James Kidney used the occasion of his retirement to reveal that higher ups had squelched his prosecutions of Goldman Sachs and other “banks too big to fail,” because his SEC bosses were not focused on justice but “on getting high-paying jobs after their government service” by protecting the banks from prosecution for their illegal actions.

The US Agency for International Development has been caught trying to use social media to overthrow the government of Cuba.

This audacious recklessness comes on top of Washington’s overthrow of the Ukrainian government, the NSA spying scandal, Seymour Hersh’s investigative report that the Sarin gas attack in Syria was a false flag event arranged by NATO member Turkey in order to justify a US military attack on Syria, Washington’s forcing down Bolivian President Evo Morales’ presidential plane to be searched, Saddam Hussein’s “weapons of mass destruction,” the misuse of the Libyan no-fly resolution for military attack, and on and on. Essentially, Washington has so badly damaged other countries’ confidence in the judgment and integrity of the US government that the world has lost its belief in US leadership. Washington is reduced to threats and bribes and increasingly presents as a bully.

The self-inflicted hammer blows to Washington’s credibility have taken a toll. The most serious blow of all is the dawning realization everywhere that Washington’s crackpot conspiracy theory of 9/11 is false. Large numbers of independent experts as well as more than one hundred first responders have contradicted every aspect of Washington’s absurd conspiracy theory. No aware person believes that a few Saudi Arabians, who could not fly airplanes, operating without help from any intelligence agency, outwitted the entire National Security State, not only all 16 US intelligence agencies but also all intelligence agencies of NATO and Israel as well.

Nothing worked on 9/11. Airport security failed four times in one hour, more failures in one hour than have occurred during the other 116,232 hours of the 21st century combined. For the first time in history the US Air Force could not get interceptor fighters off the ground and into the sky. For the first time in history Air Traffic Control lost airliners for up to one hour and did not report it. For the first time in history low temperature, short-lived, fires on a few floors caused massive steel structures to weaken and collapse. For the first time in history 3 skyscrapers fell at essentially free fall acceleration without the benefit of controlled demolition removing resistance from below.

Two-thirds of Americans fell for this crackpot story. The left-wing fell for it, because they saw the story as the oppressed striking back at America’s evil empire. The right-wing fell for the story, because they saw it as the demonized Muslims striking out at American goodness. President George W. Bush expressed the right-wing view very well: “They hate us for our freedom and democracy.”

But no one else believed it, least of all the Italians. Italians had been informed some years previously about government false flag events when their President revealed the truth about secret Operation Gladio. Operation Gladio was an operation run by the CIA and Italian intelligence during the second half of the 20th century to set off bombs that would kill European women and children in order to blame communists and, thereby, erode support for European communist parties.

Italians were among the first to make video presentations challenging Washington’s crackpot story of 9/11. The ultimate of this challenge is the 1 hour and 45 minute film, “Zero.” You can watch it here:

Zero was produced as a film investigating 9/ll by the Italian company Telemaco. Many prominent people appear in the film along with independent experts. Together, they disprove every assertion made by the US government regarding its explanation of 9/11.

The film was shown to the European parliament.

It is impossible for anyone who watches this film to believe one word of the official explanation of 9/11.

The conclusion is increasingly difficult to avoid that elements of the US government blew up three New York skyscrapers in order to destroy Iraq, Afghanistan, Libya, Somalia, Syria, Iran, and Hezbollah and to launch the US on the neoconservatives agenda of US world hegemony.

China and Russia protested but accepted Libya’s destruction even though it was to their own detriment. But Iran became a red line. Washington was blocked, so Washington decided to cause major problems for Russia in Ukraine in order to distract Russia from Washington’s agenda elsewhere.

China has been uncertain about the trade-offs between its trade surpluses with the US and Washington’s growing encirclement of China with naval and air bases. China has come to the conclusion that China has the same enemy as Russia has–Washington.

One of two things is likely: Either the US dollar will be abandoned and collapse in value, thus ending Washington’s superpower status and Washington’s threat to world peace, or Washington will lead its puppets into military conflict with Russia and China. The outcome of such a war would be far more devastating than the collapse of the US dollar. (en) RSS feed for articles and news

Opt out of dollar and US Empire will die: Analyst

By , April 3, 2014 11:37 am

Opt out of dollar and US Empire will die: Analyst
By: Press TV on: 03.04.2014 [14:36 ] (121 reads)

Opt out of dollar and US Empire will die: Analyst
A one-dollar bill

Thu Apr 3, 2014 2:9PM GMT

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The US Empire will collapse if world countries join forces and destroy the hegemony of the United States’ dollar, an analyst writes in a column for the Press TV website.

“If more nations join Iran, Russia and China, and opt out of the US dollar protection racket, then this evil “Empire” will surely collapse along with its armed wing,” Yuram Abdullah Weiler wrote.

“Dollar dominance allows the obscenely profligate spending to maintain the US military’s global presence, which in turn insures the continuing hegemony of the dollar,” the analyst said.

He said the main issue is to find a way to “put an end to this stranglehold on the global financial system” by the international banking cartel (IBC) and its “armed wing.”

“Hence, demand for US dollars and government and agency bonds continues even as dollar value falls,” wrote Weiler.

He said the US dollar is facing “an increasing number of challenges” as some oil producers have ditched the greenback in their transactions.

Moreover, said Weiler, Russia and China have both “expressed their distaste for the dollar status quo and US threats of sanctions or military force.”

In 2012, China announced that any country willing to “buy, sell, or trade crude oil” can use the Chinese currency, not the American dollar.

Following suit, Russia announced that it would sell China all the crude oil it wanted but it would not accept US dollars.

Weiler said Iran, which sits atop the world’s second-largest gas reserves and third-largest oil reserves, “retains the potential to strike a major blow against US dollar hegemony.”

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US Dollar Consolidates Ahead of Data Dump

By , March 28, 2014 8:49 am

Mix of US dollar billsUS dollar is consolidating right now, and is a little lower against some of its counterparts, even as the dollar index remains slightly higher. Rangebound trading is in effect right now, thanks in large part to the fact that Forex traders are waiting for a rash of data from the United States.

Today’s US trading session should bring with it a data dump, and many Forex traders are waiting to see what the latest numbers reveal about housing and energy. They are also waiting on an expected speech from ECB President Mario Draghi. Ahead of these events, things are relatively quiet.

US dollar is consolidating a bit, heading a little lower against some of its counterparts, but the dollar index is maintaining a slight gain. With so much coming up, and a bit of uncertainty as well, it’s not surprising to see that most currency pairs are rangebound.

At 13:07 GMT the US dollar index is a little bit higher, up to 80.1890 from the open at 80.1400. EUR/USD has moved higher after an earlier drop, gaining to 1.3760 from the open at 1.3740. GBP/USD has recovered from a drop below the 1.6600 level, rising to 1.6638 from the open at 1.6611. USD/JPY is higher today, rising to 102.3990 from the open at 102.1835.

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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NZ Dollar Rallies to Multi-Year Records with Help of Trade Balance

By , March 27, 2014 8:18 am

Kiwi denominationsThe New Zealand dollar rallied today, reaching the highest level since August 2011 versus the US dollar and touching the highest since 2007 versus the Japanese yen. One of the reasons for the rally was the faster-than-expected growth of trade surplus.

The New Zealand trade balance demonstrated a surplus of NZ$ 818 million in February up from NZ$ 286 million in January. The actual value was noticeably above the forecast reading of NZ$ 595 million. The kiwi rallied for the fifth straight session versus the greenback, frustrating New Zealand officials who think that the currency is too strong.

NZD/USD rallied from 0.8589 to 0.8679 and NZD/JPY climbed from 87.62 to 88.56 as of 15:12 GMT today.

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

Earlier News About the New Zealand Dollar:

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Australian Dollar Surges on Stevens’ Comments

By , March 26, 2014 10:33 am

Reverend John Flynn on Australian 20-dollar billThe Australian dollar surged today after comments of central bank chief Glenn Stevens bolstered optimism for Australia’s economy. The Aussie reached the highest level this year against major currencies, including the US dollar, the euro and the Japanese yen.

Stevens was speaking today at the 17th Annual Credit Suisse Asian Investment Conference in Hong Kong. He said:

So there is encouraging early evidence that the so-called ‘handover’ from mining-led demand growth to broader private demand growth is beginning. Putting all this together, we think economic growth will continue, and may strengthen a little later this year and pick up further during 2015.

The Reserve Bank of Australia Governor added that weakness of the Aussie was helping:

The lower exchange rate since last April and the improved economic conditions overseas also help.

The comments also mentioned some risks to the optimistic outlook, including the exchange rate. Yet market participants considered the speech to be mostly hawkish and it was well-received by Aussie bulls.

AUD/USD jumped from 0.9164 to 0.9243 and AUD/JPY soared from 93.70 to 94.65 as of 12:44 GMT today. EUR/AUD sank from 1.5083 to 1.4921.

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

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NZ Dollar Jumps Despite Finance Minister Comments

By , March 26, 2014 7:50 am

10 NZD banknote on 20-dollar noteThe New Zealand dollar rose today even though nation’s Finance Minister Bill English voiced concern about the currency’s strength. The kiwi was trading near the highest level since 2007 against the Japanese yen.

The Minister was speaking at the 17th Annual Credit Suisse Asian Investment Conference in Hong Kong today and his comments about the exchange rate were not particularly positive for the currency:

It’s a bit too high. It makes it difficult for our economy to rebalance.

Yet the kiwi (as the New Zealand currency is nicknamed) rallied despite the comments along with its Australian counterpart.

NZD/USD rose from 0.8570 to 0.8604 and NZD/JPY advanced from 87.63 to 88.12 as of 13:37 GMT today.

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

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US Dollar Trades Mixed Against Other Currencies

By , March 26, 2014 7:48 am

Packs of US 100-dollar billsEven though the dollar index is higher today, the greenback is trading mixed against its major counterparts. Interest in risk has some money flowing out of the dollar, while there are some currencies that are floundering in general.

US dollar is gaining against the euro today, which is one of the big reasons that the dollar index is gaining ground today, even though the greenback is down against the pound and commodity currencies like the Aussie and the loonie.

Thanks to a global equity rally, there is a degree of risk appetite on the Forex market. High beta currencies are favored, for the most part, today. However, one exception is the euro. Euro reached a three-week low against the greenback earlier in the session, and is still down. There is talk of the possibility of quantitative easing by the ECB, and that is sending the euro lower.

US dollar is also higher against the Japanese yen today.

At 13:46 GMT the US dollar index is higher, up to 80.0990 from the open at 79.9690. Since euro is heavily weighted in the basket, it is little surprise that the index is much higher, as EUR/USD is down to 1.3791 from the open at 1.3827.  GBP/USD is up to 1.6547 from the open at 1.6530. USD/JPY is up to 102.3940 from the open at 102.2600.

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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Dollar Weakens as Policy Makers Talk

By , March 24, 2014 5:42 pm

Panoramic view on many US hundred-dollar billsThe US dollar retreated today as US policy makers were trying to talk down expectations of an interest rate hike that were driving the greenback up last week. The US currency is attempting to regain its footing at the current time, erasing the big part of its losses versus the Great Britain pound and the Japanese yen.

St Louis Fed President James Bullard said that Fed Chairperson Janet Yellen’s comment about a ”six-month gap” on an interest rate hike was no very different from the previous central bank’s stance. He added that the outlook “wasn’t very different from what we had heard from financial markets, so I think she’s just repeating that at that time period”. Minneapolis Fed President Narayana Kocherlokota echoed such view, saying that the Fed’s guidance “does not indicate any change in the Committee’s policy intentions as set forth in its recent statements”. Dallas Fed President Richard Fisher confirmed that “it will be quite some time” before the first increase of borrowing costs.

Several other US policy makers will also speak this week and traders wait for their comments to understand the plans of the US central bank and set their positions accordingly. Without any significant events over the week, their words should be the main driver for the dollar. All in all, this week is expected to be rather quiet for the US currency and the Forex market as a whole.

EUR/USD rallied from 1.3796 to 1.3834 as of 22:26 GMT today. GBP/USD went up from 1.6462 to 1.6535 but retreated to 1.6493 later. USD/JPY traded near 102.24 following the rally from 102.13 to 102.63.

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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Dollar Outlook: Analysts Expect Week of Calm After Week of Strength

By , March 24, 2014 12:16 pm

Packs of US 100-dollar billsThe US dollar demonstrated a nice rally last week with help of the policy statement of the Federal Reserve. Is it possible for the greenback to extend its rally this week as well?

Truth be told, it is unlikely that the dollar will be able to rally much more over the course of the next five trading days. The rally after the Fed announcement was too big and by the end of the previous week the currency has already demonstrated that the upward momentum is losing steam. It is unlikely that the greenback will be able to extend rally without any additional boost and there are no big events expected this week. This does not mean that the US currency should necessary end the rally and fall, but it definitely should take a breather before another thrust upward.

As for economic calendar, this week promises to be rather quiet, but sill there will be several important reports, including the consumer confidence report, data about new and pending home sales, and the unemployment claims report. No big changes to the indicators are expected, therefore the impact of the macroeconomic fundamentals should be limited.

As for the events outside the United States, there is also nothing particularly new. The situation in Ukraine remains a significant geopolitical risk, but for now things look to have calmed down, and traders turned their attention away from Eastern Europe. China continues to show signs of slowing economic growth, yet the market weathered the impact of poor manufacturing report released over the weekend rather well. All in all, currently is does not look like there will be important events in the world that may help or hinder the US currency.

As a result of such considerations, analysts, including DailyFX and Forex Crunch, are generally neutral on the dollar.

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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Week of Fed Decision Turns Out Good for Dollar

By , March 22, 2014 8:34 am

Focus on one US dollarThe Federal Reserve monetary policy meeting was the most important event this week, overshadowing all other news. The Forex market was anticipating stimulus reduction, which has indeed happened, but the reaction to the policy announcement was still strong as US policy makers managed to surprise market participants and to drive the US dollar up.

The dollar has started the week with softness despite risk aversion created by the tensions between Russia and Ukraine. Yet analysts expected that the US currency may yet rally after the Fed policy announcement, and such forecast did prove true. While stimulus reduction was expected and priced in, the forecast of higher interest rates, perhaps as soon as the beginning of 2015, took the market by surprise, driving the greenback higher. The confirmation of the high US credit rating should have added to the strength of the dollar, but it did not happen as the currency had exhausted its upward momentum on the massive rally earlier.

The Swiss National Bank was another central bank that has held policy meeting this week. Unlike the Fed, the SNB was not hawkish at all, hurting the Swiss franc.

EUR/USD dipped from 1.3905 to 1.3796 and GBP/USD dropped from 1.6643 to 1.6493 this week. USD/JPY advanced from 101.26 to the weekly maximum of 102.67 before closing at 102.11. USD/CHF climbed from 0.8719 to 0.8823.

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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