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The dollar-faction knows that it has nothing to resist the world's slow but steady, molasses-like run to the dollar-exit doors. It will happen. Nothing can prevent it - except...
The dollar-faction's best chances at regaining control, they believe, lie in speeding up that very process - way past the ECB's tolerance level - in an attempt to utterly destabilize the euro system, hoping for an eventual complete breakdown.
In essence, the dollar faction is playing a game of"chicken" with the Europeans.
So far, the ECB hasn't blinked. It was able to get away with purely verbal intervention earlier this year. It will be very interesting to watch what happens now that the purely verbal attempts have proven to be of very little effect, so far.
My personal guess is that the ECB will try some covert actual intervention before they'ill drop their interest rates. Maybe some friendly arm-twisting of certain Asian nations will do the trick? Who knows?
In the meantime, China and the Muslim nations are playing another game, altogether. Every time the dollar drops, they are buying gold.
The lower the US lets its currency fall, the more temptation the Asians feel to dump their US debt holdings, as they see their US"assets" depreciate with every tick lower by the dollar on its journey into forex"Hades." At some point, this temptation will become overwhelming. The US is currently betting that the Asians' point of no return comes after that of the Europeans. I don't think that's a safe bet to make.
komplett unter:
<ul> ~ http://www.financialsense.com/editorials/wallenwein/2004/1112.html</ul>
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