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The U.S. Dollar Has Already Caused A Global Recession And Now The Fed Is Going To Make It Worse

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Dollar Hands - Public DomainThe 7th largest economy on the entire planet, Brazil, has been gripped by a horrifying recession, as has much of the rest of South America.  But it isn’t just South America that is experiencing a very serious economic downturn.  We have just learned that Japan (the third largest economy in the world) has lapsed into recession.  So has Canada.  So has Russia.  The dominoes are starting to fall, and it looks like the global economic crisis that has already started is going to accelerate as we head into the end of the year.  At this point, global trade is already down about 8.4 percent for the year, and last week the Baltic Dry Shipping Index plummeted to a brand new all-time record low.  Unfortunately for all of us, the Federal Reserve is about to do something that will make this global economic slowdown even worse.

Throughout 2015, the U.S. dollar has been getting stronger.  That sounds like good news, but the truth is that it is not.  When the last financial crisis ended, emerging markets went on a debt binge unlike anything we have ever seen before.  But much of that debt was denominated in U.S. dollars, and now this is creating a massive problem.  As the U.S. dollar has risen, the prices that many of these emerging markets are getting for the commodities that they export have been declining.  Meanwhile, it is taking much more of their own local currencies to pay back and service all of the debts that they have accumulated.  Similar conditions contributed to the Latin American debt crisis of the 1980s, the Asian currency crisis of the 1990s and the global financial crisis of 2008 and 2009.

Many Americans may be wondering when “the next economic crisis” will arrive, but nobody in Brazil is asking that question.  Thanks to the rising U.S. dollar, Brazil has already plunged into a very deep recession

As Brazilian president Dilma Rousseff combats a slumping economy and corruption accusations, the country’s inflation surged above 10 percent while unemployment jumped to 7.9 percent, according to the latest official data. The dour state of affairs has Barclays forecasting a 4 percent economic contraction this year, followed by 3.3 percent shrinkage next year, the investment bank said in a research note last week.

The political and economic turmoil has recently driven the real, Brazil’s currency, to multiyear lows, a factor helping to stoke price pressures.

And as I mentioned above, Brazil is far from alone.  This is something that is happening all over the planet, and the process appears to be accelerating.  One of the places where this often first shows up is in the trade numbers.  The following comes from an article that was just posted by Zero Hedge

This market is looking like a disaster and the rates are a reflection of that,” warns one of the world’s largest shipbrokers, but while The Baltic Dry Freight Index gets all the headlines – having collapsed to all-time record lows this week – it is the spefics below that headline that are truly terrifying. At a time of typical seasonal strength for freight and thus global trade around the world, Reuters reports that spot rates for transporting containers from Asia to Northern Europe have crashed a stunning 70% in the last 3 weeks alone. This almost unprecedented divergence from seasonality has only occurred at this scale once before… 2008! “It is looking scary for the market and it doesn’t look like there is going to be any life in the market in the near term.”

Many “experts” seem mystified by all of this, but the explanation is very simple.

For years, global economic growth was fueled by cheap U.S. dollars.  But since the end of QE, the U.S. dollar has been surging, and according to Bloomberg it just hit a 12 year high…

The dollar traded near a seven-month high against the euro before the release of minutes of the Federal Reserve’s October meeting, when policy makers signaled the potential for an interest-rate increase this year.

A trade-weighted gauge of the greenback is at the highest in 12 years as Fed Chair Janet Yellen and other policy makers have made numerous pronouncements in the past month that it may be appropriate to boost rates from near zero at its Dec. 15-16 gathering. The probability the central bank will act next month has risen to 66 percent from 50 percent odds at the end of October.

But even though the wonks at the Federal Reserve supposedly know the damage that a strong dollar is already doing to the global economy, they seem poised to make things even worse by raising interest rates in December

Most Federal Reserve policymakers agreed last month that the economy “could well” be strong enough in December to withstand the Fed’s first Interest rate hike in nearly a decade, according to minutes of its meeting Oct. 27-28.

The officials said global troubles had eased and a delay could increase market uncertainty and undermine confidence in the economy.

The meeting summary provides the clearest evidence yet that a majority of Fed policymakers are leaning toward raising the central bank’s benchmark rate next month, assuming the economy continues to progress.

Considering the tremendous amount of damage that has already been done to the global economy, this is one of the stupidest things that they could possibly do.

But it looks like they are going to do it anyway.

It has been said that those that refuse to learn from history are doomed to repeat it.

And right now so many of the exact same patterns that we saw just before the great financial crisis of 2008 are playing out once again right in front of our eyes.

A lot of people out there seem to assume that once we got past the September/October time frame that we were officially out of “the danger zone”.

But that is not true at all.

The truth is that we have already entered a new global economic downturn that is rapidly accelerating, and the financial shaking that we witnessed in August was just a foreshock of what is coming next.

Let us hope that common sense prevails and the Fed chooses not to raise interest rates at their next meeting.

Because if they do, it will just make the global crisis that is now emerging much, much worse.

  • Guest

    Even if they do raise the Fed Funds Rate next month, it will be a negligible increase. It’s not going to make a difference in how much interest Americans earn on their savings and other investments. And if they do raise it, how long will it be before they lower it again and start another round of easing? The Fed is trapped.

    • MIchael in Chicago

      It will make a profound psychology difference globally. More so for EM. For EM it could make the current currency war much, much worse as those countries currencies continue to devalue.

    • MIchael in Chicago

      I did not understand it but Peter Schiff tried to explain it in a matter that makes sense to people like me. Anyway. A +.25% increase is actually something like +.15%. When they say a quarter of a percent they don’t actually mean even that much. So for 10 years the American economy has not been strong enough to increase rates by even the smallest percent.

      • Guest

        The Fed Funds Rate is actually a “target rate.” The FOMC influences the currency supply through open market operations in order to try to hit the targeted rate. That’s my understanding.

      • Rick

        Let’s see how the 2015 version of market fundamentals work: we have the largest orchestrated terror attacks since 911, and the market surges. We have tons of people being laid off from full time jobs, yet the unemployment rate tumbles. We have data (manipulated of course) that shows our economy is well, yet we cannot increase interest rates beyond 0. Huh, does any of this make sense to anybody? This is only the tip of the upside down economic fundamentals game, we could go on and on with contraindications, but why bother? Let’s just enjoy the party!

        • Bill G Wilminton NC

          No fun waiting to get HIT WITH A CEMENT TRUCK………

      • Bill G Wilminton NC

        oh my well said………..and pathetic

  • MIchael in Chicago

    I am surprised that Michael did not mention the last minute Fed meeting that will take place this Monday (11/23). For whatever reason the media will not be allowed in the building. Which sounds like they are straying from standard operation procedure. I assume the Fed will be meeting to be told how to vote, as like Obama, the Fed receives and obeys orders from a higher power.

    • Bill G Wilminton NC

      Yes and this has been a long time coming ……CENTURIES.

  • MIchael in Chicago

    Perhaps in order to get QE4 in motion the Fed has to raise rates to cause such a dramatic downturn in the markets to justify more QE. Followed of course by a rate cut, possibly to negative like some EU countries already have. It all seems rather dumb. The Fed has only ever made things worse for Main Street and it is clear even to me that Yellen is not going to stray from that course of failed monetary policy.

    • Mike Smithy

      Perhaps your assessment is correct. It is conceivable that the FED raises rates by 25 basis points in an effort to save face for their ill conceived Keynesian shenanigans. However, I suspect that such a move will be short in duration. Perhaps they are setting the stage for a False Flag event which will be labeled as a Black Swan event. The banksters can then suggest that the eCONomy was recovering until (fill in the blank_____) happened. This in turn will pave the way for QE4 helicopter money leading to a hyper-inflationary collapse.

      • Bill G Wilminton NC

        All well said………..I think that you could be a movie script writer.

        • Mike Smithy

          Truth is sometimes stranger than fiction.

    • Bill G Wilminton NC

      Smart man…………remember The Fed is a tool to accomplish New World Order……..ready for your number ?.

  • Liberty First

    The FED is stuck, stuck, stuck. We really do need to suffer the pain – heck, at some point, right (?) – of rising interest rates. But like you say, hell will follow. So I do not know. I just do not freaking know….

    • Guest

      I’m with you. I’m utterly astonished that they’ve kept it going this long.

      • Uncle Scam

        CTRL P

    • buffalo lips

      Occams’ Razor suggests to me that the FED knows exactly what it is doing and the predictable outcome is what the FED intends. Most would probably agree that rational people would not take the actions the FED plans to implement intentionally, but you have to ask yourself why the FED seems hell-bent on instigating a world-wide economic disaster.

      • watchmannonthewall

        Maybe it is to create a global economic crisis that will allow for a global world currency and global government? An expansion into the next phase of the NWO perhaps?

        It seems to me that many of the necessary “United” or “World ” organizations have had plenty of time to model solutions and beta test actions over the past few years that could be quickly in place once the appropriate crisis occurs, after a bit of “softening up” of most populations, including ours. Maybe a 6-12 month period? Maybe 18? Any guesses?

        A good war in the Middle East could provide some excellent misdirection from their already “in stone” plans, yes? Then they could save us from ourselves once again by riding in on a white horse! All you have to do is agree to become a slave. Shades of Israel in Egypt! Maybe they could create a famine also.

        • alan

          I think we are ruled by a pathological liar class. They sit around all day lying to each other and patting each other on the back. Then one day it blows up in their faces. That’s why they don’t see it coming.

          • AzDi

            I personally think, they all are doing it on purpose. Obama and the Fed does nothing by chance.

          • Bill G Wilminton NC

            YOU GOT IT……………

          • Bill G Wilminton NC

            The DESIGNED this for NWO………

        • Mike Smithy

          Speaking of which, I have no doubt that “Bitcoin” is a test pilot project of the FED and perhaps others.

        • Bill G Wilminton NC

          well said

      • J2ashes

        America is now ruled by villains as-is the rest of the world. It is hard to understand what works in their heads but it is known they want a new world order. There is no reasoning with them because they are the essence of evil. Their plan is to destroy the u.s dollar which they are succeeding greatly: then gold will have massive value and the top elites will control that. and then they proceed to destroy most of the world population so the planet would be theirs. They want to rule according to their curves. Their plans are stupid and idiotic and anyone who believes in god knows they can never win. All this was written in ancient prophecies thousands of years ago and those who read them knows how this will end.

        • chilller

          I believe the world has become a big monopoly game to the,” bored out of their minds”, filthy rich!

        • Bill G Wilminton NC

          Yes sir …..all in The Bible….thanks for your views.

      • Алексей К.

        Remember the January 1988 Economist Magazine front Cover? They need to implement One World Currency by 2018 so we are supposed to be amid an epic turmoil soon to keep begging to do “whatever it takes” to stop it… Dollar is doomed within a couple of years together will the other fiat “reserve” currencies.

      • chilller

        A diversionist’s opportunity if ever I saw one…..
        “Never waste a good crisis”. So what do they have up their sleeve?

        • SunnyFlaSnotress

          Michael is making the strong dollar and higher interest rates look like a bad thing, but if other countries default, that’s more THEIR problem than ours.
          With higher interest rates,some companies may go bankrupt, but maybe many more will start paying debts instead of hanging onto cheap credit. Maybe some fat cat CEOs will cut back their salaries.
          It sounds like a GOOD thing.

          • Pete

            To which I’d add that savers need and DESERVE a higher interest rate. The have been robbed since 2008.

            Furthermore, the role of the FED as with our president & congress is (or should be) to promoted U.S. economic and security interests, not that of the world’s.

          • Bill G Wilminton NC

            Dont rely on The Fed they are totally corrupt and have a agenda …………the destruction of The USA.

          • Bill G Wilminton NC

            The higher interest rates will cause our annual deficit to sky rocket……it is now somewhere between 600 billion to 1 trillion and the new budget deal just signed has NO CAP just spend spend spend………designed to take our country to OBLIVION…..in my opinion Michael has it right and/but date setting is tough. THE HANDWRITING IS ON THE WALL…..that comes from The Bible.

      • dlewenz

        The Fed understands that our debt and the worlds debt is not repayable. Collapse is the reset button

        • Bill G Wilminton NC

          No crises opportunity left wasted……..NWO is coming.

      • Bill G Wilminton NC

        The Fed is part of The New World Order and the USA must go down to fully implement World control…. get ready to get your number.

      • bc

        The global elite who control all the world’s central banks want crisis, turmoil, & chaos in order to bring in their planned police-state so all man-kind will be their slaves. They are a very sick group of people who are sold out to satan himself. All this has been planned since the beginning of time. Satan vs. God. God will see to it that they will eventually loose all someday, including their very soul, burning in hell.

        • Bill G Wilminton NC

          WELL SAID………….AND JESUS IS COMING SOON……….

      • Bill G Wilminton NC

        For New World Order…………….

  • Philosopher

    I don’t see how the fed can do anything now. It is too late and the US economy is barely hanging on.

  • El mico

    The fed has hinted at an interest rate rise so many times and then never followed through.
    The market reacts with a little dip then when the fed does nothing, all the traders say “phew” and carry on as usual.
    Looks like the fed is just playing the market.

    • Jazz

      Until this week when the Fed confirmed it’s ready to raise rates and the markets RALLIED. The markets have already priced in a rate hike so now is the time for the Fed to push forward. The markets expect a hike and can handle it so let’s go already!

      • MaxRockatansky33

        I wonder when the NYSE Junkie will hit a Golden Shot. Overheating markets are worse than small falls.

    • alan

      Good for insiders.

    • Bill G Wilminton NC

      THEY have a plan……….

  • Jazz

    Lol. “Let us hope that common sense prevails and the Fed chooses not to raise interest rates at their next meeting.” The Fed’s job is to worry about domestic policy not foreign affairs. It’s BEYOND time to start moving toward normalization. The current Fed policy is hurting the poor and seniors. Rates should have been raised a LONG time ago, we are READY for liftoff!!!

    • RTL89

      You ARE right about one thing. It is high time we raise these rates, but there will be NO liftoff… more like a boat anchor plummeting to the bottom of the ocean floor. What world do you live in to think that we are in a prime position to raise these rates? The only good from it is that it will put an end to the years of masquerading behind a falsified economy.

      • Jazz

        Slow rising rates are actually good for the markets and economy. The markets and economy are healthy so a rate increase will give the Bulls the sign that everything is ok. The markets took the signal of a dec. rate increase very well this past week so the Fed now has the green light. I’m hoping for a surprise early hike announcement after tomorrow’s meeting.

        • RTL89

          And when rates remain unchanged after December’s meeting, do you think the markets will respond kindly to that? You can only promise something for so long before you realize you’re being played like a fiddle

          • Jazz

            No the markets will break down if that happens! If the Fed punts again tomorrow and in Dec then I admit the Fed has lost full control. It MUST save face ASAP or the markets will sell off because of a lack of confidence.

            The markets have already priced in a hike which signals things are ok. Anything less will have investors on edge. Especially if the fed makes up another BS reason why it can’t raise rates and pushes it off again, then watch out below. I have confidence it will save face.

          • RTL89

            Not a matter of “if” it doesn’t. It simply “won’t”.

          • Bill G Wilminton NC

            Get book The Creature from Jekyl Island all about the fed reserve youwill be a wise man.

        • Bill G Wilminton NC

          The markets are fake with flooded 0 percent interest money…………….

      • Bill G Wilminton NC

        WELL SAID……………..

    • samurai sword

      The Fed’s job, as a private, unaccountable banking cartel, is to assist globalist-minded elites in consolidating and centralizing control over the world’s financial affairs. Everything else it does is simply a means to this end. The Fed is no more interested in a “stable” and “secure” financial system (one of its stated objectives), and consequently, in making life easier for the “poor” and “seniors,” than it is in the latest NBA rankings. If it were, the purchasing power of the dollar would not have been allowed to depreciate 97% since 1913.

      I agree with you that it is beyond time to start moving toward normalization. However, since raising rates by even a measly 25 bps would very likely cripple this already dead man walking economy, Yellen is likely to give us just another head fake.

    • Bill G Wilminton NC

      And THEY are ready to give you the bananna lol

  • Jazz

    The rate hike will be good for the markets. I cannot wait for the Fed to finally start moving toward normalcy. The economy is chugging along and the Fed needs to get ahead of inflation that will surely come once commodity prices rebound (within the next 2-6 months).

    • jaxon64

      you do know that even a 4 to 5% “normalcy” of the interest rates adds 300 to 400 BILLION to the annual US interest costs on our debt, right?…sorry dude–you must be smoking some good sh%$@#

      • Guest

        Yeah!

      • Jazz

        Lol. No dope here. I know where normalcy is. I didn’t say go there overnight. Slowly and surely making sure the markets can handle each increase.

        The US will never repay its debt so who cares about the interest lol. It’s all a ponzi scheme and US will keep it going for a few more years before the rug is pulled out and the music comes to a grinding halt. Until then party on!

        • Bill G Wilminton NC

          You must not have kids………….this was once a great country……..THE GREATEST.

        • jaxon64

          That’s the point knucklehead–the US cannot and does not attempt to pay off the debt–HOWEVER, we MUST pay off the interest and it is a major part of our annual budget and real expenditures.
          $300 billion towards our lenders and covering our promissory treasuries is money that does not go to the great wealth transfer programs…imagine the Baltimore’s, ferguson’s etc when the placating cash stops flowing ( or when legit, struggling families can’t feed their kids)

      • Bill G Wilminton NC

        Well said ………but sheeple do not get it.

    • samurai sword

      Chugging along? Lol…more like crawling along, and that’s being charitable.

      Not sure what criteria you’re using to judge the situation, but the standard indicators of economic health (median family income, home ownership rates, manufacturing PMI, labor force participation rate, etc.) are all stagnant or in decline. To point, as you do continually, to the overbought, highly manipulated equities markets as evidence of a “strong economy” is to risk being called a fool, with good reason.

      Markets no longer reflect economic fundamentals. They are now totally dependent on the easy-money policies of the FED and the resultant leveraged buybacks undertaken by corrupt corporations. An economy that is “chugging along” would not need a ZIRP for seven years. The FED knows this, and is well aware of the vulnerabilities in the U.S. economic and banking sectors, which is why all the talk about raising interest rates is just that: talk. It is designed to do nothing but maintain confidence in the system by fostering the illusion of “recovery” to the great masses of sheep.

      • Bill G Wilminton NC

        SHEEPLE !!!!!!!!!!!!!!!!!!!!!

    • MaxRockatansky33

      Moving towards normalcy? Yes it’s called normalcy bias. The Elite is ready and you? Have safe location and supplies?

      • Bill G Wilminton NC

        WELL SAID…………

    • Kim

      There will be no rate hike and no commodity rebound.

      • GSOB

        Agree. Not anytime soon. Not this year or in June of next year. I highly doubt it.

        • Kim

          Natural gas has waited since 2009 for a market rebound- that never came and won’t come anytime soon. Oil is suffering a similar fate–for at least two more years (do the math –consumption/what’s already out there with no place to go).

          The FED doesn’t have the guts to raise rates. They will not do it. There is just too much $ in derivatives tied to oil industry FINANCE and not just banks but governments are at risk of collapsing. Maybe some folks don’t foresee economies collapsing, fair enough, but what about governments?. Massive claims on future oil has run out of time and yet the FED keeps on giving. I agree with Peter Schiff. There will be no rate increase. Not now, not in December and not in March 2016. If we make it through Christmas without anything going haywire it’ll be a miracle. The FED can’t touch a thing- it’s in a fragile state, a fragile mess. But come January, February 2016, things are gonna be tough especially for our neighbors to the north. Canada is going bankrupt. Canada is bankrupt. Oil won’t rebound for two more years. At least.

    • Bill G Wilminton NC

      There is 100 million people not in the job market and 46 million people on food stamps what part of that can you not see.

  • K

    Michael, I understand what you are saying. But if the do not raise the rate at all. A negative rate, is what would most likely come next. For many people I know, that is the breaking point. The day I have to pay a bank, to keep my money. No bank will have any of my money. I will just use the method the very poor use. Use cash for as much as possible. Use postal money orders for everything else.

    • Mike Smithy

      K, if the FED immediately goes to QE4, it will be an admission that Keynesian QE does not work. At this juncture, TPTB will need a diversion (False Flag Event) in order to implement QE4. It’s all about saving face and creating the illusion of plausible deniability for their actions.

    • Bill G Wilminton NC

      THEY are on their way to eliminating CASH.

      • GoldenGirl

        That is certainly a top goal. They will convince the masses that it is “for our own good.” Cashless society = economic tyranny.

        • Bill G Wilminton NC

          Always liked blondes lol.

  • CharlesH

    We may find out something tomorrow at some point (Monday Nov 23). The Federal Reserve has called for a 10:00am “expedited unscheduled” meeting of all Fed members to be held in Washington. Lets see what comes out of that.

    May everyone have a happy, healthy, prosperous AND safe holiday season.

    • Jazz

      Hopefully we get a surprise rate increase tomorrow :) that would make my day!!!!

      • jaxon64

        yes, I am sure that they already have lots of brokers and big players in play who are under orders to place LARGE buys and try and set a quick positive trend.

        • Jazz

          I agree. I have said over and over again. No one believed me but fresh new highs are on the way! Dow 20K before long and the S&P will hit 2,500. Get on the bull train and ride with me!

          • Uncle Scam

            Nope….

          • MaxRockatansky33

            Hurraoptimism and pride will always cause doom. Markets will soon fall after another terrorist false flag event. civil unrest and collapse the dollar. Meanwhile dance till the Titanic Orchestra is playing.

          • Bill G Wilminton NC

            Sorry to say You got it right………..

          • Kim

            Meaningless. It’s all manipulated.

          • Bill G Wilminton NC

            Designed for chaos leading to NWO

          • Bill G Wilminton NC

            YUP…….but that lite you see is an EXPRESS TRAIN coming in the opposite direction……you know that but thought I would just mention it.

      • Kim

        Not gonna happen

        • Alwaystomorrow

          Since you are so sure they will not raise rates, will you post my countdown for me for a day if they do increase rates?

          • Kim

            They won’t raise rates. Not gonna happen.

          • Alwaystomorrow

            I will take that as a “YES” to you taking over the countdown for a day when they raise rates.

      • SunnyFlaSnotress

        I wish they would, but typically the market goes up for Thanksgiving and an interest rate rise seems contradictory to that.

  • FortuneSeek3rz

    The collapse isn’t coming. America has the most resilient economy in the world. There will be recessions but not collapses. Best time in history to be alive!

    • Uncle Scam

      Negative..the best time to be alive was in the 70’s and 80’s…todays world sucks compared to back then.

      • Bill G Wilminton NC

        Yes I Agree but we were all ready in the chute…………

    • Mike Smithy

      Fifty years ago, the people of Detroit arrogantly proclaimed that they will always be the automobile manufacturing capital of the world. Time and pressure changes everything.

      • Bill G Wilminton NC

        50 years from the TOP to the BOTTOM……Detroit is below third world and is described as a HELL HOLE.

    • Kim

      America does not have the most resilient economy in the world. it will collapse.

      • Bill G Wilminton NC

        Well said…………..sad but true……….and soon.

    • samurai sword

      “Resilient” to describe the U.S. economy? Try “pathetic.”

      A country in which the GDP is 70% consumer spending (much of it borrowed) is on the road to serfdom. Even that figure is misleading, as the product of U.S. manufacturing overseas is included. Nations prosper by saving and producing, not borrowing and spending. The profile of America today is that of a bankrupt, Third-world banana republic living on borrowed time.

      Best time in history to be alive if you’re one of the moneyed elite with a safe haven to run to when it hits the fan. For the rest of us, not so much.

      • Bill G Wilminton NC

        You are a well read and studied man but The Sheeple do not get it…………….till boom.

    • Bill G Wilminton NC

      By DESIGN going down……………all part of NWO

  • Mondobeyondo

    The laws of physics and economics apply everywhere, irregardless of the time, country or planet. If you still have that “It can’t happen in America” normalcy bias, you are in excellent shape to be hit really hard by what’s coming. Hard like a Muhammad Ali punch to the jaw.

    America is about to be hit by this global recession. Just because we are a first world superpower does not mean we’re immune. In fact, we may be getting set for The Worst Fall Ever. Bigger than Great Britain, greater than Greece, even greater than Rome. We’re in trouble deep.

    • FortuneSeek3rz

      That has been predicted since the country was founded and it was and will continue to be wrong.

      • Bill G Wilminton NC

        It is at our door step………….we had about 150 years till The Federal Reserve was instituted in !913. The Fed Reserve is neither Federal nor a Reserve but the most corrupt immoral system ever imposed on the American People. In 102 years our dollar has lost 98 percent of its value and soon to be 100 percent. Not a prediction but a guarantee. Get the book THE CREATURE FROM JEKYL ISLAND,

    • Richard

      “irregardless”

      No such word. Sorry.

  • Alwaystomorrow

    The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015.

    Published 6/25/2015.

    39 days until 12/31/2015.

    Lets do a count down until the end of 2015 and see just what happens.

    ——————————————————————————

    By Michael S, on July 31st, 2015.

    “And I kind of appreciate the countdown. It reminds people of my warning,
    and perhaps it will give some readers a renewed sense of urgency.”

    • Jazz

      It looks like Michael was wrong about a stock market crash happening in the second half of 2015. Unless we count the small correction in August, but -10% doesn’t qualify.

      I don’t necessarily think he got it completely wrong. He just didn’t realize that a global economic downturn would strengthen the US markets – currency, bonds, and stocks. Many called for a crash and were also wrong so I can’t fault him. They all had good intentions but misunderstood this is a crisis of governments not the economies.

      • Richard

        PREDICTION

        As we get close to 12/31/15 you will see more revisionist excuses like this made for Michael if his projection doesn’t look like it’s going to come to pass.

        Hopefully, if it doesn’t come to pass, Michael will step up to the plate like a man and admit UNRESERVEDLY that he was wrong.

        It will be very interesting to see how he handles it…

        • Bill G Wilminton NC

          Its a slow motion FINANCIAL AVALANCHE in progress…… I give Michael credit for trying to warn people………but ITS COMING

          • Richard

            He does not HAVE to make specific predictions either. On the contrary, he does this at no risk to himself. If he is right, he is right. If he is wrong, people like you will come to his defense (as you are ALREADY doing) and he will suffer no consequences. What could be more delicious?

          • Bill G Wilminton NC

            You are correct Michael doesn’t have to make specific predictions. But he did and Michael is correct the Financial House of Cards is collapsing around us but the stock market is usually the last to show it. Between the PPT ( plunge protection team ) and stock buybacks and free bank money at 0 percent we could hit Dow 20 K before the blowout. He is on target. I would prefer him not to make predictions. Thanks

        • Al

          I have been told that Valium is better than Prozac! give it a try! Seriously I don’t understand where you are coming from! seriously take a look around you in the big bad world the economic collapse is actually happening now. That’s the whole Point of what Michael (and loads of others ) are / is saying. Try this for me go into a Macca’s and order a Big Mac with the Lot, Large fries, a large drink and an large Ice cream sundae give them a $50 note and see how much you get back. be interesting to see what you come back with!

      • Alwaystomorrow

        It is amazing just how long things can look bad and keep moving along. I am not surprised at all.

        • alan

          Just compare the US to Africa or the Philippines, we have a long long way to go.

        • Kim

          It’s due to manipulation of stocks. It won’t last and there will be no rate hike. You’ll see. :-)

          • samurai sword

            Agreed. Any interest hike makes future debt harder to service. What’s Yellen going to do then? Suggest the top marginal rate be raised to 75%?

            The Fed is out of excuses for not raising, but my guess is that it won’t have to have one this time. I look for a mass-casualty event on American soil, similar to 9/11 and set to occur sometime before the end of the year, that will transform the financial crisis into an existential one. Then the Fed can come riding to the rescue with their next collectivist scheme.

          • Bill G Wilminton NC

            Well thought out ………….good point

      • Bill G Wilminton NC

        Very interesting thought but the design is to take the USA to its knees so it is coming sooner or later……you agree

  • Midwest Values

    Fed should never have been created. They have either caused economic chaos or accelerated it.

    • Uncle Scam

      The fed answers to satan, his rule over the people.

      • Bill G Wilminton NC

        Well said and 1000 per cent accurate !

    • K2

      So money creation should be in the hands of the politicians?

      • Bill G Wilminton NC

        No the people ………………CONGRESS.

        • K2

          and congress is politicians.

          • Bill G Wilminton NC

            The Congress has the right/obligation to issue currency……..one hundred years ago 1913 the Congress immorally gave permission for the Federal Reserve Act. And the International Bankers took over and the trip to oblivion began. The Fed Reserve should have been shut down years ago and now it may be too late. Read about Iceland they turned the international bankers on their heads and put 26 of them in jail and shut their banks down. Read about it plse.

          • K2

            I know all that. But what did i ask, and what did you say?

          • Bill G Wilminton NC

            The politicians in Iceland had no choice but to cooperate……we are stuck in the USA until Congress realizes WE THE PEOPLE are not putting it up with corruption any longer. Trying the best that I can, thanks.

          • K2

            What? I asked how congress printing money any different than the fed printing it. Congress is a bunch of politicians.

          • Bill G Wilminton NC

            Our money would NOT be DEBT BASED or put more simply BORROWED into existence. It takes the POLITICS out of our BANKING SYSTEM……..THAT IS THE DIFFERENCE !! and the ORIGIN of OUR money would be INTEREST FREE. The FED is an immoral and corrupt institution that is neither Federal nor a Reserve. There is a book ” The Creature from Jekyl Island ” by G. Edward Griffin that is hugely informational.

            The Federal Reserve would be out of business no more interest rates up or down based on POLITICS ( stimulate equals lower rates ) but back to DEMAND based system. As Demand increases so do the interest rates. That is just one simple example.

          • K2

            But what would stop the congress from printing as much money as they want?

          • Bill G Wilminton NC

            The result of printing too much money would be INFLATION or overheating and the INTEREST RATES would go up with the INFLATION this would nip the inflation in the bud. This is what is called THE MARKET SYSTEM. Congress could not pass the BUCK to any other agency………..print too much equals inflation too little deflation.

            This is also an over simplification but the other system is simple also IT created TARP, QE 1, QE2, QE 3, QE 4 and E. E equals QE to infinity haha lol which should be renamed 0 as this equals QE to OBLIVION.

          • Bill G Wilminton NC

            The Fed is DEBT BASED money and the more you print the deeper in DEBT you go. The interest on the FED DEBT printed money keeps adding up because the DEBT is never payed off just rolled over and over UNAUDITED and just naturally leads to corruption and another means to corrupt the already corrupt POLITICIANS. Figure out the interest (even though a small percentage) on trillions and trillions of DEBT based money from the Fed Reserve.

            Lastly if we were ever to pay off the DEBT there would be no money in existence. So when you hear a POLITICIAN say I have a plan to PAY OFF THE DEBT just laugh………

          • Bill G Wilminton NC

            trying to reply but my replies dont post…………

          • Bill G Wilminton NC

            Fed Reserve printed money is DEBT BASED it is borrowed into existence…. And also we cannot ever pay off the debt because if we did there would be no money in existence. Read book Creature from Jekyl Island it explains this well.

            This system opens many doors/paths to corruption. The Goldman Sachs bank is one of 5 NYC banks just totally immersed in this polital/Banking corrupt marriage.

          • Bill G Wilminton NC

            When Congress does its job and handles the currency there are no open end financial tricks for a Goldman Sachs to pay off anyone ( Politicians may it be campaign contributions, lobbying or promise of lobbying connections after retirement) because THEY are not in the middle….( front or back lol ). They are not necessary for the flow of the currency.
            Goldman Sachs and other NY Banks rigged treasury auctions for years it is these same Int Banks that make Public Servants become corrupt.

    • Bill G Wilminton NC

      Talk to Mr Rothchild about that……………….and you are correct.

  • Jim Clark

    Brazil is a country that always has a great future but a crummy present. Too bad, because their women are hot.

    • Alwaystomorrow

      Yes they are. :-)

    • SunnyFlaSnotress

      Yes they are :)

  • Cyber Revengeance

    what if world goes through a calm and peaceful recession

    • Mike Smithy

      Visualize world peace. Oops, I meant whirled peas. (Sarc).

      • Bill G Wilminton NC

        haha……………i get it.

        • Mike Smithy

          All I am saying is: “Give peas a chance”.

  • Steeve Girard

    Well time to tell Santa he’s out of a job. Cuz this year retailers are gonna massively close, the way things are going!

    • Bill G Wilminton NC

      But the 5 NYC International banks make zillions on the way up/down……….it is all controlled.

  • J B

    The Club FED might be stupid, but I don’t think they’re that stupid.
    Rates will never go up, unless you want to crash the entire planet.
    Come next month, it won’t be this month because it’s too dry, too wet, too Hot too Cold or the Terrorist attack, but will definately be putting them up at the next meeting. They can’t put them up, so they do the next best thing, they keep repeating the same Illusion just to keep people interested. On top of that, they will have create a bigger QE than the last one, so rising rates along with a Helicopter drop, just doesn’t make cents.

  • Mad Monkey

    It is the Fed’s last chance to raise rates. After December sales and jobs, bad weather coming, inflation dropping. The Fed know it is now or never!! I have no Idea how it will go either decision will be bad – so to keep face they raise rates and let the world around them collapse.

    There was 83% consensus that rates would rise in Sept 2015 – now there is only 60% consensus!! The IMF might intervene again! The house of cards (economy) hidden behind smoke and mirrors will be revealed when the Fed is forced to make a rash decision in December.
    The Fed might just get the the job figures manipulated down again saying they were incorrectly calculated.

    • Bill G Wilminton NC

      First of all the raise of rates is infinitismal but I am with you…..who knows what THEY will do,,,,,,but whatever THEY DO it will be about NWO.

  • retired22

    Many posters don’t realize the obvious.
    The financial forces are not the only factors in play,..this is not just a game of charts & graphs & economic theories!
    Across the world political & demographic problems are popping up all over the place. As a result of current economic downturns marginal 3RD world countries that have currently managed to barely subsist will break down into starving failed states,chaos,anarchy & war will break out everywhere! since 1900 the worlds population has increased form approx. 1.6 billion people to 7.5 billion people today.Mexico & Latin America are prime examples.Mexico’s social model was set up hundreds of years ago as semi feudal.this was done for the benefit of the Spanish upper class who would rule like nobility over the Indians & Mestizos!
    In 1910 the Mexican population was around 12 million people,..with a small hard core of pure blood Spaniards at the top.The masses of people survived as peasants in poverty,….but they managed to somehow survive!

    Today, Mexico’s population has increased to 120 million,a 10x increase from 105 years ago.110 million Mexicans are poor semi literate Indians & people of mixed ancestry & a mere 10 million are white from European ancestry!The upper classes are running the nation essentially the way it was run from the beginning,…demographically this is impossible.Mexico & most of the rest of Latin America are on their way to being failed states!

    • retired22

      The whole distorted economic model that grew up around the Central Banking Scheme is essentially a financial system on monetary steroids.When the steroids are removed the whole world will collapse into the the form it would have been in if the Bank of England had never happened to spread it’s malignant financial virus around the world.Only now this pyramid swindle is effecting a drastically overpopulated world that is short of material resources to sustain itself!
      The results will be chaos,war & the breakdown of social order,..& it won’t matter if the Dow is up to 150,000!

      • Bill G Wilminton NC

        YES and all designed for The New World Order………..will you take the number ?

    • Bill G Wilminton NC

      Well said and very informative, thanks.

  • chilller

    The failure of the FED is exactly what we need to release us from their evil grip. Let them raise rates and make things worse…much worse. I for one am wiling to make the sacrifice in order to begin the ending process of the FED.

    • Mike Smithy

      The banksters will implode this thing once they have laid the groundwork for a new monetary system of their choosing. You must resist taking their bait if you have any hope for economic stability and freedom for your children and their posterity.

      • Bill G Wilminton NC

        The SHEEPLE do not get it…………….

    • Bill G Wilminton NC

      I am on your team….. now all we have to do is get the SHEEPLE to understand

  • Donald Wilson

    The Fed and the elites know exactly what they are doing. The end game is rapidly approaching. The holidays won’t be so Merry when the drugs wear off and the pain sets in. Merry Christmas and and a Happy New Year. Good luck to everyone.

    • retired22

      Donald,I disagree with you!
      These Megalomaniacs have set loose forces they cannot control,..They are in full retreat!
      Like that other madman,Hitler,they were doomed from the beginning with a game plan that was unworkable!
      Humanities problems are not about the bankers succeeding,..the problem is the social wreckage they leave behind them as they go down in defeat!The wreckage & debris we will need to clean up when they are gone!

      • retired22

        To put it simply,the financial elites created the modern welfare state administered by their high priests of Humanism known as Socialists!
        The system was designed to keep the masses
        docile & quiescent by tossing bones to them in the form of entitlements & benefits! this was known to the ancient Romans as ‘Bread & Circuses’.The whole program was based on an ever expanding economy,…ever more prosperity.
        The Welfare State created societies of welfare junkies addicted to hand outs & free benefits.
        The problem we now face is a deflating world economy,there is no new prosperity to feed the welfare state with,the financial system has reached it’s outer limits!
        The Bread is all gone,…but the Circuses linger on!The big question in much of the world today is what to do to placate the hundreds of million of ‘Welfare Junkies’ who are desperate for a fix with no freebees available.The crazed mobs will rip up the destitute Welfare States in their desperation!

        • Rick

          Well that will be good as long as DC is in their path…

        • Bill G Wilminton NC

          WOW well said……………

      • Bill G Wilminton NC

        Mr Retired THEY are the forces………their purse strings controll the world

  • Rick

    Just relax, things will be just fine as long as the rest of the world continues to go along with us (the US dollar) as the world reserve currency. Until there is an uprising (war), we can do anything we please. It kind of mirrors what goes on in our country in a way. Until the American people revolt (physically throw the bastards out), obama and congress can do anything they please. It’s pretty simple really.

  • DJohn1

    The problem I see is we are the best of a bad lot of choices in the way of currency. In other words, the incompetence of other countries in handling their financing is coming home to roost.
    None of the choices is handling a budget very well.
    The possible exception is Switzerland. They also have a problem with their currency being too strong against other currencies.
    With all our debt, with all of our bad handling of a budget for this country, people still gravitate here because over the long haul the dollar remains strong against other currencies because our prospects appear to be better to them.
    Why all the influx of immigrants, illegal and legal wanting to come here?
    Despite everything, including a huge debt to China, this country still rates number one in a lot of people’s eyes as the best place to be.
    Would I change things? Obviously, yes.
    Archie is right! We do need to change the way we negotiate with other countries. By Archie I mean Donald. But the comparison between the two is more than a coincidence. Archie and wife were a portrayal for laughs of the incredible xenophobia of the white, middle class stereotype of years ago. By the way, Archie’s wife always agreed with him, yet when push came to shove, it was her that ruled the roost. She was a perfect Omega to his Alpha leadership.
    Naturally a liberal in-law was a foil for all of this and the program was incredibly popular.
    Donald also portrays things in a similar manner.
    Donald is incredibly popular for his views as well.
    He could even become president because it is a reaction to the stupidity around him.
    Common sense is not so common.
    What has to happen here is we have to open our wallets and see what is inside and from that we need to realign what we spend money on in government and elsewhere.
    Because enough is enough. And no matter what we do there is a bill to be paid and we are going to have to pay it.
    Obamacare is going to have to be taken down because it simply does not work. The average family cannot afford it.
    I have seen insurance deductables go from 600 to 6,000 dollars in a short period of time on a secondary insurance from my company that I retired from.
    I think we got raises twice in six years on social security because of the way the COLA is written which isn’t what it was when it was originally put in force. It might have been 3 raises.
    It wasn’t worth the paper it was written on.
    We have a flood of retail goods coming from China and elsewhere too cheap for American business to compete with them.
    Yet this pyramid scheme from China has backfired badly on them.
    People no longer get raises. Most times they are lucky to keep what jobs they have.
    All because of corporate greed. Last year 30 people where I used to work lost their jobs to corporate outsourcing to India.
    This company did not need the money. Leadership thought it was a good idea at the time. I think they lost their minds. I know the business from 40 years of working in it. The entire business is only as good as a satisfied customer. If it takes 8 hours to get one correction done they have a problem.
    This is happening all over corporate America. The golden parachutes are blooming. Because what looks good on paper actually ruins businesses.
    What I see is no fancy accounting. What I see is from the bottom up at the working man’s level. Well, things are going to have to change. The rules of doing business being first on the list.
    Will Donald succeed? If this country dumps into a severe depression? Then he is going to be your next President.

    • Bill G Wilminton NC

      The dollar remains strong because many countries use our DOLLAR as their currency but when things change and those dollars come flooding back to the USA the inflation will be worse than Zimbabwe. We have exported our inflation to those countries as they sucked up ALL THOSE DOLLARS.
      The immigrants ( legal and illegal) are piling in because we are giving them everything……food ,housing, hospital care, child care and when this system collapses and it will….. THEY will be gone. My grandfather ( 80 years ago) came here alone at 12 years old with a cardboard suitcase and went to work and saved his money 18 years later he was married, built his own very small house. No gov assistance just hard working people………..

  • Scoopie

    The Vision & Beyond by David Wilkerson
    1973,
    David Wilkerson�s statements are followed by media references (in italics).

    1. Economic Crash Coming
    �There is worldwide economic confusion just ahead. In my vision this is the clearest thing I have seen�Not only is the American Dollar headed for deep trouble, but so are all other world currencies. I see total economic confusion striking Europe first and then affecting Japan, the United States, Canada and all other nations shortly thereafter.� David Wilkerson, �The Vision & Beyond�

    • Bill G Wilminton NC

      I agree…………….

  • Lorungee

    Yes, by all means increase interest rates. But know that the public will suffer. All members of the public who hold credit cards will endure higher minimum payments with 15 year payoffs. With the public already cursed with high monthly premiums just for healthcare insurance, this rate increase will suck all the disposable income that’s left from the hands of the people. (not that there’s too much left anyway)

    • SunnyFlaSnotress

      I would be sitting pretty, but that’s me.
      Reminds me of a song..
      When there’s no future..How can there be sin
      We’re the flowers in the dustbin
      We’re the poison in your human machine
      We’re the future, your future
      God save the queen..We mean it man
      We love our queen..God saves

  • Joe Trevors

    Please answer: I thought you said previously it was zero interest rates that caused the strong dollar. Why do you say now we must continue zero interest rates?

  • Femghazi

    The global economy is screwed whether the FED raises rates or not. They should raise rates anyway and continue to raise until normalcy, that would be the right thing to do. Instead, they will raise a bit, see a downturn in global economic trade and start up QE again. They might not even raise rates, we shall see..

    Emerging economies have been on a spending spree with cheap debt and like any spree, it has caught up with them. Best to get it done with now, as we should have in 2008, rather than kick the can down the road.

  • mister_roboto

    Interests rates have been at pretty much zero for so long, this has to be creating some kind imbalance detrimental to the fat-cats, in which case the elite would want a rise in interest rate even if it makes the world economy go kaboom. Perhaps they realize that 1) they have to raise interest rates at some point and 2) it will hurt a lot of ordinary people worldwide, so they may be planning on doing it now because they have some kind of plan in place to benefit from the downfall.

  • cal

    I am waiting for a story where a descendent of Bernard Baruch gets a stock tip from a shoeshine boy. Since history repeats itself then I will know the stock market will crash.

  • Gay Veteran

    The Federal Reserve will do whatever is best for the banksters in the Big Banks

  • GSOB

    What goes up
    Must come down.

  • recovery

    NONSENSE!!!

    There economy is doing fine. Americans are making 6 figure salaries. Plenty of them. Just the other day a guy phoned in claiming he makes six figures.

    If anything, there are too many Americans making 6 figures. We need to stop complaining. The economy has recovered, and is better than before.

    America is going to see a bright future.

    • Mike Smithy

      Polly want a cracker???

  • recovery

    Americans need to stop complaining. Plenty of people are making 6 figure salaries. Always calling radio shows “I make six figures, I make six figures.”

    You see. Americans are making too much money. There is no recession. The economy is doing fine and is going to get even better.

    • Mike Smithy

      Polly want a cracker??

  • recovery

    The economy is the best its ever been. So much has recovered, so many new jobs have been created. So many people are doing well and better than ever before. The naysayers are a threat to our economic freedoms.

    The future is bright and so is our children’s future. You people need to stop lying and exagerrating.

    • Mike Smithy

      Polly want a cracker?

  • df NJ

    If the Fed raises rates it will cause a global depression with all the countries having huge amounts of government debt in US dollars.

    • Bill G Wilminton NC

      Well said….so will THEY raise rates or not ?

      • Philosopher

        The Fed cannot raise rates without destroying the US economy.

        • Bill G Wilminton NC

          After 7 years and constant Media gibberish and BS the best that THEY could muster is 1/4 of 1 point haha lol haha lol lol and THEY continue to tell the SHEEPLE that the economy is getting stronger haha lol….46 million on foodstamps 100 million not in the workforce and THEY are back to no doc house mortgage and 84 month car payments haha lol. When this sucker blows it will make the 1929 depression look like kindergarden.

          So basically our economy needs free money to function haha lol…………

        • Mike Smithy

          Catch 22.

  • Heinrich van Rooi

    As we approach December it looks like stock markets are starting up in crash moods. Will the Dow now continue it downward momentum?Personally I think so. This party has ended that was fueled by a DEBT RINGE… Economic fundamentals are starting get absolutely plummeting.

  • Philosopher

    I use the KITCO app to check the price of gold / silver and currencies every day. It also shows the value of the USD. The USD has gone through the roof. The Euro, the Swiss franc, the Canadian dollar, the Austrailian dollar are falling. For how long and how far? Even the British pound has fallen. I don’t see how this can be happening. It doesn’t make sense.

  • df NJ

    The Fed cannot raise rates without destroying the Chinese economy. Which makes me thinks the Fed may be playing multi-dimensional chess with China. Maybe the sons and daughters of the American banking elite have finally found a way to get the Chinese to divorce their Yuan from our Dollar. Raising rates will force the communists to do something to ensure their 100% employment policies.

  • TtT Engine

    The NWO Star Chamber{i.e.Leftism] gets so many people ramped up over little tweaks to he world-wide debt machine. U.S. Debt is outpacing equity 25:1. They are locked into near zero interest rates because of the out of control debt spiral. Any serious interest rate increase would explode America’s National Debt worse than it already exists. The Gargantuan welfare state, which is completely a way of life now, 100 million people out of the non-existent workforce because of off-shoring/ the closing of 55,000 U.S. factories in the last 15 years, is the real monster in the room. In essence, these devils have destroyed our societal core value way of life of earning your keep and working for a living. Just SAY NO and fight to Stop a modern day feudal system ! DT understands this. Can he prevent it ? Christi Fidelis !!

    • df NJ

      Corporations have so much cash they could be their own banks. Raising interest rates 1/4 point only hurts foreign countries. America’s debt is exploding for more reasons than just interest rates. Maybe we need to expand publically owned hospitals serving the VA to include Medicaid and Medicare patients to get hospital over charges under control. We need more competition to wring out some of the inefficiencies in all the monopolies and cartels over charging customers.

  • Ms

    Michael have you heard about turkey shooting down a russian plane? It just happened today. Everyone’s still asleep in america but i’m guessing michael will post an article on it once he wakes up.

    • df NJ

      Well, it is Thanksgiving and I guess the turkey’s are fighting back!

  • The Mighty $ is counting its days.

  • “Inflation is taxation without legislation.” Milton Friedman

  • Steve Hansen

    “No cost credit” is the source of our problems, and the only way to fix it is to raise interest rates. It´s the only way!

    Does anyone think that zero interest rate is supposed to last forever? And if they where, would that solve any problems? Don´t think so. It would in best case senario kick the can further down the road and make all problems even worse.

    I hope that they FINALLY rase interest rate, and if they do, keep doing it!

  • Musivick

    the increase is designed for the global rebalancing required by ALL financial entities to hold the safest & largest return Paper available… this is designed to increase the ‘demand’ for the USD (which for all practical purpose should be devalued by 50% at this present time…

  • Dana Webb

    Even if there’s no rate hike, this economy will eventually grind to a halt.

    • df NJ

      As long as people continue to copulate we will need an economy. And my faith in people’s desire to copulate is not shaken by the sentiment of your post.

      • Dana Webb

        When you have a system that produces
        more and more debt than actual money to extinguish it, eventually there is
        nothing left to invest in the future.

  • df NJ

    “As the U.S. dollar has risen, the prices that many of these emerging markets are getting for the commodities that they export have been declining. Meanwhile, it is taking much more of their own local currencies to pay back and service all of the debts that they have accumulated.”

    Where is it written in our Constitution we have to be the world’s sugar daddy. Not raising interest rates is a tax on US citizens who are savers to pay for foreign governments lavish spending. Why is that fair or better? And when do loan originators become responsible for making bad loans? If a few multi-nationals collapse because Brazil can’t pay their obligations then maybe they should not have made the loans in the first place. At what point in history do American interest become more important than foreign interests?

  • beans

    Sorry but we are a ‘service’ not a ‘manufacturing’ (needing commodities) economy now. As such, only those countries that are commodity based will do poorly as will those that rely on manufacturing (like Japan). Service industry countries like America where housing is up 5% y/y and I could rattle off other statistics that are all up won’t be hurt. Until service employment is down (which its not) due to ‘robots’ (which decimated that manufacturing industry) the Fed will raise rates.

  • df NJ

    I thought our Constitution controlled the creation of our money. It’s nice to know the IMF runs our currency. It’s as if the Constitution does not exist or our government has been taken over by foreign powers. Oh wait, it has!

    “The question inside the 12th-floor, oval boardroom: whether to grant China’s yuan status as a reserve currency by adding it to the fund’s Special Drawing Rights basket. The SDR, created in 1969, gives IMF member countries who hold it the right to obtain any of the currencies in the basket — currently the dollar, euro, yen and pound — to meet balance-of-payments needs.”

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