Archives for June2010

UN calls for scraping dollar

A UN report released on Tuesday calls for abandoning the US dollar as the main global reserve currency to achieve greater stability in the world financial system.
“The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,” said the World Economic and Social Survey 2010.
The use of the dollar for international trade came under increasing scrutiny when the US economy fell into recession.  LINK…
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HMMM, I wonder what currency they will use to replace the U.S. dollar?  BK

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Mike Maloney Says Logically Gold Could Reach $15,000/oz

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This video addresses my comments two weeks ago when gold broke the $1,250 level, I said we will start seeing analysts come out and predict much higher price targets than $1,500 for years end. Mike Maloney is speaking a little further out, but you get the idea. Understanding the rise in Gold is NOT about the rise in Gold. It’s about the loss of confidence in the USD as the world’s reserve currency. Gold will always be just Gold, like it has been for thousands of years and it will always have value like it has for thousands of years. This crisis is about currency devaluation, deficit spending and expansion of money and credit. Every fiat currency through out history and without fail has always returned to it’s intrinsic value of ZERO, without exception. Gold has always maintained it’s value without exception and has always been the ultimate form of internationally accepted payment. BK

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