Are Currency Exchanges Closed?
Submitted by nomad943 on Fri, 09/19/2008 - 11:11
Here is a disturbing thought.
Watching the pigs feeding at the trough of wall street this week, it has occured to me that the dollar has not budged one iota against either the euro or yen.
I thought this odd as the reckless looting we are witnessing should only be awful for the us dollar ... but;
Word comes to me that the same reckless behavior is being played out simultaneoulsy by central banks throughout the world. they are all printing money as fast as they can give it away .. so any exchange rate mechanism is meaningless because all fiat currency is equaly worthless ...
So what happens next?
This is like a mystery novel only we have to live out the chapters for real.
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No the dollar has fallen
.24 from what I am seeing....
http://www.goldseek.com/
the rest of the world are
the rest of the world are going through actual and rightful economic plunges. up to 8-10 percent in a day. in bad economic days it isnt unusual to see the currency coincide with a drop in global currency exchange. it has been very interesting to see the dollar rebound from the brink of death to rally and gain much of its lost worth which has been steadily declining over the course of this year in the past two weeks.
AIG no longer being on the DOW and short selling on financial stocks is currently banned is creating a tremendous wall street rally over the past two days of almost a 10% gain! (assuming we close out today as high as the stocks are soaring right now). Many many investors were playing defensively (or destructively, however youd like to see it, but it was all 'by the rules') by shorting stocks doomed to fail and others were selling off their options to recover whatever losses they could possibly cover when the gov't flips the switch on the rules, turning savvy investors into big losers by the end of the week.
we're seeing what looks like to me a last ditch effort to shore up all of the holes all at once at all costs to preserve basically everything we've come to know. It might even be that it is being done with good intentions, trying to avoid a collapse that would impoverish millions, maybe its all dirty and the bankers are trying to preserve their own wealth and power. either way the line in the sand was drawn today. If you werent sure that we were in an economic CRISIS the actions by the fed should have been a good wake up call as its pretty much a self admitting maneuver that things are effed.