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Strategies & Market Trends : The coming US dollar crisis
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To: zamboz who wrote (11452)9/20/2008 3:37:11 PM
From: IngotWeTrust  Read Replies (1) of 71441
 
I will patiently re-iterate again.

This has its aegis in the Post WW2 Bretton Woods Currency Accord where it was ordained the US$ would be the world's reserve currency until the Euro was to be introduced.

That historical event occurred on FDR/HSTruman's watch, NOT on Reagan's watch. Reagan was still making movies in '42-'43.

What DID occur on Reagan's watch was the testing of the waters in the creation and acceptance of expanded OTC derivatives beyond the rare handshake contracts both in London and US and other large money centers of the globe.

If Reagan admin would have nipped it in the bud by creating oversight and regulation in the late 80s, we wouldn't be in this obscene and colossal miasma, nor having this conversation.

REAGAN did not. Nor did his treasury secretary, James Baker, nor his Fed Reserve chief, PAUL VOLCKER.

We ARE having this conversation.

The scariest part of this conversation is this:
PAUL VOLCKER IS SITTING AT OBAMA's right hand in many of the economic photo-ops where Barack is seated (presidential pretender looking) at the conference table in the whitehouse in the chair the president always sits in. It is NOT Biden that sits next to him like Cheney does Bush...it is VOLCKER!!!

Wrap your mind around that.

OTC Derivs...They were just so cuddly, cute and new way back then. Plumb irresistible as it turns out.
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