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Joined: 2004/6/15
Posts: 1924


Bro Rahman
I've heard rumblings before of our economy and how it lives because of credit and that at some point this money must appear and if it doesn't we're in trouble. A friend of mine told me about this a couple of years back and all this is being confirmed. I'm kinda concerned about the tax cuts that have proposed. It seems that the people on the top are aware of the impending economic implosion so they are setting themselves up to be in good (better than the rest of us) shape when it happens. When that happens they will really have consolidated their hold on power. Any thoughts anyone?

Farai Bamu

 2005/2/18 12:12Profile

Joined: 2003/6/3
Posts: 4803


To continue with the thoughts that Rahman shared I read this on the BBC network.

Dollar drops on reserves concerns
Recent rebounds in the dollar have proved to be short lived. The US dollar has dropped against major currencies on concerns that central banks may cut the amount of dollars they hold in their foreign reserves.

Comments by South Korea's central bank at the end of last week have sparked the recent round of dollar declines.

South Korea, which has about $200bn in foreign reserves, said it plans instead to boost holdings of currencies such as the Australian and Canadian dollar.

Analysts reckon that other nations may follow suit and now ditch the dollar.

At 1930 GMT, one euro was worth $1.325, up 1.46% on the day.

The British pound had added 0.76% to reach $1.91, while the dollar had fallen by 1.25% against the Japanese yen to trade at 104.2 yen.

Change in mood

At the start of the year, the US currency, which had lost 7% against the euro in the final three months of 2004 and had fallen to record lows, staged something of a recovery.

The comments from Korea come at a time when sentiment towards the dollar was already softening.

Analysts, however, pointed to the dollar's inability recently to extend that rally despite positive economic and corporate data, and highlighted the fact that many of the US's economic problems had not disappeared.

The focus once again has been on the country's massive trade and budget deficits, with predictions of more dollar weakness to come.

"The comments from Korea came at a time when sentiment towards the dollar was already softening," said Ian Gunner, a trader at Mellon Financial.

On Tuesday, traders in Asia said that both South Korea and Taiwan had withdrawn their bids to buy dollars at the start of the session.

Mansoor Mohi-Uddin, chief currency strategist at UBS, said that there was a sentiment in the market that "central banks from Asia and the Middle East are buying euros".

A report last month already showed that the dollar was losing its allure as a currency that offered rock-steady returns and stability.

Compiled by Central Banking Publications and sponsored by the UK's Royal Bank of Scotland, the survey found 39 nations out of 65 questioned were increasing their euro holdings, with 29 cutting back on the US dollar.

In Christ

Jeff Marshalek

 2005/2/22 15:42Profile

Joined: 2002/12/11
Posts: 37568
"Pilgrim and Sojourner." - 1 Peter 2:11



I hope you are keeping well and being increased from faith to faith and glory to glory into the image of Him who has called us. I hope to hear from you more you are missed brother.

SI Moderator - Greg Gordon

 2005/2/22 19:22Profile

Joined: 2004/3/24
Posts: 1374


Yo brother Greg ...

Yes i'm fine, thank you! ... And yes by His grace and mercy the ole boy is still keepin on, keepin on! ... i pray all is well with your soul, and God's blessing in your studies!

Sister Dian,

Ditto on the "agape/philos"!

Brother Ironman,

May our Lord continue to reveal what He has for you to know and do ... Then do it! ... Amen

Brother Jeff,

i feel like we're somehow God's bookends, one on the West coast, one on the East coast ... i posted some additional info over on your thread DAYS ARE EVIL:

The peace and blessings of our Lord Jesus Christ to all!!!

 2005/2/23 11:47Profile

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