[Marxism] Dollar's continued strength defies forecasts
thomasfbarton at earthlink.net
Fri Feb 7 11:45:20 MST 2014
Typical journalistic nonsense.
See chart of dollar at:
Since Summer of 2013, the international exchange value of the dollar has declined sharply.
Since Fall 2013, long before the current problems of small nation currencies, it has remained in a trading range, a pause between a significent move up or down.
That remains to be seen.
>From: Marv Gandall <marvgand2 at gmail.com>
>Sent: Feb 7, 2014 9:54 AM
>To: Thomas F Barton <thomasfbarton at earthlink.net>
>Subject: [Marxism] Dollar's continued strength defies forecasts
>Rule #1: YOU MUST clip all extraneous text when replying to a message.
>Why the dollar stays steady as America declines
>By Gillian Tett
>February 6 2014
>Last week Nigeria’s central bank announced something that might make American politicians blink. Kingsley Moghalu, the deputy governor, pledged to convert almost a 10th of Nigeria’s $43bn reserves from dollars to the Chinese currency. “Ultimately the renminbi is likely to become a global convertible currency,” he explained, noting that “the future of international economics and trade will shift in large part to business with and by China”.
>Only 0.01 per cent of central bank foreign exchange reserves are held in renminbi, compared with 60 per cent in dollars and 25 per cent in euros. But Patrick Zweifel, chief economist at Pictet Asset Management, believes renminbi reserves could reach 30 per cent of the total by 2025, posing a challenge to the dollar’s pre-eminence.
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