U.S. Dollar Dropping Under Obama

dollar2Hasan Obama suggested that the issue of the Chinese exchange rate would form part of his Asian agenda. China’s Commerce Minister stated that it must provide a stable and predictable environment for China’s enterprises. While Hasan visits China, the dollar fell again as China accused the United States of increasing protectionism as the dollar dropped against the euro and yen. The euro climbed to 1.4969 dollars from 1.4918 dollars at 133.85 yen (133.57), 0.8966 pounds (0.8937) and 1.5096 Swiss francs (1.5093). The dollar fell to 89.42 yen from 89.66 yen and 1.0085 Swiss francs (1.0117).

Ben Bernanke may be forced to raise rates in order to restore faith in the dollar. The U.N. panel says world should ditch dollar, Zimbabwe has ditched the US dollar in favor of the rand, and China and Russia are rethinking the dollar’s status as world’s reserve currency.
Japan’s growth reached its highest levels in more than two years in Q3, expanding by a faster than anticipated 1.2% q/q.  Commerce ministry Yao Jia said, “We used to see that the United States was an innovation driven US. But what we are seeing now is an increasingly protective US.” Hasan is keeping his mouth shut about China’s effective USD.  Over the last three months, banks put 63 percent of their new cash into euros and yen.

dollarreserveCurrently, dollars account for about 62 percent of the currency reserve at central banks that’s the lowest on record. America is feeling the effect of the dollar after Hasan printed up trillions of new dollars and new bonds to stimulate the US economy. The dollar is guaranteed to lose its status as the international reserve currency.  Look at where the United States stand in Foreign Exchange Reserves. Below is a ranking of countries by reserves of foreign exchange. (amounts in billions)

1 China $1,534
2 Japan $954
3 Russia $476
4 India $275
5 Taiwan $275
6 Korea, South $262
7 Brazil $180
8 Singapore $163
9 Hong Kong $153
10 Germany $136
11 France $116
12 Algeria $111
13 Malaysia $101
14 Italy $94
15 Thailand $87
16 Mexico$87
17 Libya $80
18 United Arab Emirates $77
19 Turkey $77
20 Switzerland $75
21 United States $71
22 Iran $69
23 Poland $66
24 Norway $61
25 United Kingdom $57
26 Indonesia $57
27 Nigeria $51
28 Argentina $46
29 Canada $41
30 Romania $40

Click ON Links:
Dollar Losing Value Under Obama
Obama Bank Overhaul
Cash For Clunkers Failed America
Obama’s 9 Trillion Dollar Deficit
The World’s Most Powerful People
Obama GM Bankruptcy
Obama Says ‘WE’RE OUT OF MONEY’
Obama $3.6 Trillion Budget Proposal
Where’s The Money !
Ben Bernanke Lies Again
Impeach Obama

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    • Klaudia
    • November 24th, 2009

    Hello, i have a little offtopic question. I like the Layout of this site, can i get the template somewhere? Thank you in behind and best wishes from austria.

    • emptysuit
    • November 24th, 2009

    Klaudia, thanks for visiting the site, sorry I had to disable you link. (we can’t show that here) The template is Vault9 with wordpress. Thanks, don’t be a stranger.

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