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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: RJA_ who wrote (73760)5/30/2010 1:47:47 AM
From: Haim R. Branisteanu  Read Replies (1) of 74559
 
Some times I find it amazing how CB's around the world go ahead with monetary policies which are against their country interest but benefit only the US and the US ability to financially plunder other nations.

Kim’s proposal comes five days before Group of 20 finance chiefs gather to discuss strengthening efforts to prevent financial crises. Federal Reserve Chairman Ben S. Bernanke, who’s among officials due to speak to the Korean forum, has opposed swaps as a “permanent service,” seeking instead to pressure banks into better managing their funding needs across different currencies. (remark- really only an idiot would believe him all the FED wants is that other CB's should hold USD to support the currency and the trade deficit)

South Korea’s Kim said his proposal could cut the need for emerging economies to hold large quantities of foreign-exchange reserves as insurance at a “substantial” economic cost. His comments were for a two-day forum, hosted by his bank, on “The Changing Role of Central Banks.”

The rate banks pay for three-month loans in dollars rose to the highest level since July 2009 last week as the European Union’s near-$1 trillion support plan in the wake of Greece’s budget crisis failed to encourage banks to step up lending. The London interbank offered rate, or Libor, for such loans increased to 0.538 percent on May 27. and this is why the US treasury auctions go so well - 2 year note is 0.75!!

bloomberg.com
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