October 28, 2007
US Dollar Already Lost Reserve Currency Status Among Gamblers
Haven’t been playing much poker recently but I went online tonight for a tournament and was surprised to see that all buy-ins and prize money are now denominated in euros. My account, long filled with old dollar winnings, is now quoted in euros! How about them apples! How long before we see crude oil, gold, etc. quoted in euros instead of dollars? STAY SHORT USD.
Cat: | Time: 12:28 am (utc+8)
October 28th, 2007 at 2:13 am
I’ve sensed a real glee in your reporting on the dollar drop Chairman. You seem to be enjoying it in a way that the craven George Soros would surely admire. But that’s just one reader’s impression, it could be my bias showing through.
October 28th, 2007 at 2:21 am
Monetary Policy as Globalization’s Achilles Heel
October 28th, 2007 at 2:48 am
James: I’m not gleeful, I’m just trend following. Like every thoughtful American I’m deeply troubled by the state of the union, the nitwits and incompetents in power, the growing divide between the rich and poor, etc. ad nauseum.
Describing Soros as “craven” is silly. He’s a smart, opportunistic trader who has given billions of his gains away and he deserves respect (reflexology nonsense aside).
October 28th, 2007 at 4:20 am
James: The US Government has been debasing the currency for years, though there are surely periods (like the late 1990s) when the US Dollar is strong. Using this calculator from the Federal Reserve Bank of Minneapolis shows that $1.00 in 1913 had the buying power of $20.84 today.
http://minneapolisfed.org/Research/data/us/calc/index.cfm
It’s not a matter of being gleeful, or distressed. It’s something we should all know and, if possible, take prudent steps to protect ourselves.
October 29th, 2007 at 12:48 am
[…] So ‘The Chairman’ has a very interesting post on the growing UNimportance of the US dollar . […]
October 29th, 2007 at 1:14 am
Chairman: I surely agree with your regarding the incompetents in power, and the obvious trend. I was wrong in labeling your recent dollar posts in that way, it was an instant reaction influenced by other items I read that day.
I disagree completely regarding Soros however. From his own mouth he makes it clear that he feels no remorse at all for his participation in the stealing of Jewish property during the Holocaust. Its hard to fault a teenager for being thrust into that situation and not acting with nobility (even though many his age during that time did in fact risk their own lives) but to hear him today speak of these times as the “happiest years of my life” and that he feels no remorse at all for what he did - surely qualifies him as craven in my book. How else would you describe someone from a Jewish family, who while posing as a Christian, participated in the raiding of the property of Jews who were sent to their deaths - and it doesn’t bother him one bit? He gives money away yes, but its all aimed at securing power for himself. IBD discloses what Soros really is quite well: http://ibdeditorials.com/series4.aspx
John: I agree with what you say, thanks very much for that link.
October 31st, 2007 at 10:49 am
John: 21-fold over 94 years is an annual rate of 3.3%. That is not all that bad.
October 31st, 2007 at 10:57 am
James: One glance at that IBD page should make clear that this is more of a radical rant than a thoughtful, unbiased account. I would not trust it for a second.
October 31st, 2007 at 11:09 am
Andreas: When I saw the editorial was at IBD I didn’t even bother to click through.