Japanese Primary Dealer: Sayonara Federal Reserve Notes formerly known as US-Dollar
Submitted by Fabio on Thu, 10/15/2009 - 13:25
in
Dollar to Hit 50 Yen, Cease as Reserve, Sumitomo Says
"Oct. 15 (Bloomberg) -- The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.’s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.
“The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger,” said Daisuke Uno at Sumitomo Mitsui, a unit of Japan’s third- biggest bank. “The dollar’s fall won’t stop until there’s a change to the global currency system.”
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http://www.bloomberg.com/apps/news?pid=20601109&sid=a_A5nqmw...
Trough Daiwa, Sumitomo is a "primary dealer":
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It is like 90yen now for a
It is like 90yen now for a dollar...that´s almost 50% drop!
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Teach a man to fish and you feed him for the rest of his life.
Teach a man to phish and he'll clean out your bank account.
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