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RT- Currency Battle: Obama faces G20 grilling over dollar disaster move

The world's top economies take centre stage tomorrow in South Korea when the G20 summit kicks off. A major issue due to spark debate in Seoul is a battle over currencies. President Obama is expected to face tough questions over the U.S. decision to pump 600 billion freshly-printed dollars into its economy. The move is an attempt to revive the country's finances, but will result in the devaluation of the dollar. On the impact of the Federal Reserve's decision RT talks to Stephen Lewis, who's chief economist at the broker, Monument Securities.


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Why not have the Congress

Why not have the Congress pass a bill, or better yet, have Obama issue an "executive order" for everybody to add a zero to the denominations of the bills in their possession. That would accomplish the exact same thing as printing new federal reserve notes.

What annoys foreign nations is, they would have to also add a zero to their worthless currencies. All of the world economies are just a house of cards relying on paper "money", and judgment day is fast approaching.

Just remember, you politicians and their "experts" did this to you.

SteveMT's picture

G20 trying to find some common ground...what common ground?

G20 struggles to find common ground on disputes
G20 countries struggle to break deadlock on how to fix world economy ahead of summit
Vijay Joshi, Associated Press, On Thursday November 11, 2010, 12:19 am EST

SEOUL, South Korea (AP) -- Major nations struggled Thursday to break a deadlock on how to fix the global economy as President Barack Obama warned the U.S. cannot continue to be a profligate consumer on borrowed money.

Obama and the leaders of China, Japan, Germany and South Korea were also scheduled to hold a flurry of one-on-one talks bound to touch on sensitive trade and security issues ahead of the Group of 20 summit of major rich and developing nations, which officially opens later Thursday.


Fed pumping money into government, not economy.

The FED's QE2 (really the titantic) is pumping money into more government, not the economy.

To pump money into the economy, lower the tax rates.

Boiling Frog due to QE2

I am reading a book called "When Money Dies", and it seems Ben Bernanke QE2 is misguided. You can't paper over our debt and excessive spending policies. I wonder if Ben knows the game is up and he is doing what he can to postpone the day of reckoning. Unfortunately nearly everyone will feel the effects of rising prices. It would be better if we just get the pain over with and let the bankrupt institutions fail.

Check out this article.



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