"Lord, give us a strong dollar, but not just yet.”
That quote is by former Dallas Fed Governor, Bob McTeer.
I've always liked McTeer. Unlike Greenspan, he always
said what he thought, and thought what he said.
By now, you've probably read all the commentary about last
weekends G7 meeting. As usual, lots of jawboning.
The G7 has issued the veiled threat of unified
intervention on the dollar. But, there's only one
problem with that... the U.S. doesn't want it.
At least not yet.
You can find out why, by clicking on the link below,
which will take you to Bob McTeers blog post titled:
"Lord, give us a strong dollar, but not just yet.”
bob-mcteer-blog.com
Bookmark McTeer's blog, and read it often -- good stuff.
Gold remains in a low/moderate reward:high risk environment.
No time to be a hero. Don't force trades. Be patient, and
take what the market gives you.
We've had two nice bites at the apple since the correction
off the highs. Everyone and their mother was short the
U.S. Dollar. It's been stabilized at USD 72 (whodathunkit?).
But, as Paul Volcker recently said:
"The only thing the Fed can do here, is -- buy time."
...tic, toc.
America, and the U.S. Dollar could sure use some
"Volckercillin" right about now.
Sadly, I don't think that's going to be happening anytime
soon, given the competitive devaluation "walk" behind all
of Bernanke & Paulson's strong dollar "talk."
Here's some more of my thoughts on...
"The All Talk and No Walk -- Hanky Panky~Bernanke Buck"
sliderontheblack.com
Feel free to leave your thoughts, or comments.
Mo later,
S.O.T.B. |
