| Rank | |||
| 3 | EUR/JPY | Buy | 126.23 |
| 1 | USD/JPY | Buy | 98.90 |
| 5 | GBP/JPY | Buy | 141.84 |
| 2 | AUD/JPY | Buy | 64.82 |
| 4 | CAD/JPY | Buy | 79.58 |
Thursday, February 26, 2009
Obama Spreading Panic
It’s Obama spreading panic
By Dick Morris
Ultimately, all recessions and depressions resolve themselves into crises of confidence. The instant, global, 24/7 communications of today make them ever more so. President Obama, in his pursuit of liberal big-government spending, has totally neglected the role of the president of the United States in reversing global panic. To the contrary, his every remark and the constant preoccupation of his Cabinet is to heighten the sense of crisis and to escalate the predictions of doom if we do not do as they tell us and raise spending now and taxes later.Instead of being a firewall, reassuring Main Street even as Wall Street crashed, he has become a conduit of panic, spreading the mood of desperation from the stock exchange floor to kitchen tables across the world.
There are bad loans, which became bad assets, that lie at the root of the crisis. Through deregulation by the government and the greed of financial institutions, they spread to every portfolio in the world. But these basic facts have metastasized out of all proportion to their real harm into job and financial insecurity for every family on Earth. It is President Obama, not the markets themselves, who has spread this fear. A global Paul Revere, he has not only aroused us, but incited fear and trepidation in his wake.Previous panics have been global in impact, but local in focus. The world panicked because of developments in Mexico or Argentina or Thailand or South Korea. Now, with Collateralized Debt Obligations spreading the poison of a bunch of bad loans all over the world, infecting every portfolio, the panic is not only global in impact but in focus as well. Modern communications have hastened the spread of the virus of panic throughout the global bloodstream.In addressing this panic, the president of the United States must truly be the leader of the world — showing the way back to confidence.Instead, Obama has been instrumental in purveying fear and spreading doubt. It is his pronouncements, reinforced by the developments they kindle and catalyze, that are destroying good businesses, bankrupting responsible people and wiping out even conservative financial institutions. Every time he speaks, he sends the markets down and stocks crashing. He doesn’t seem to realize that the rest of the world takes its cue from him. He forgets that he stands at the epicenter of power, not on the fringes campaigning for office. This ain’t Iowa.Why does Obama preach gloom and doom? Because he is so anxious to cram through every last spending bill, tax increase on the so-called rich, new government regulation, and expansion of healthcare entitlement that he must preserve the atmosphere of crisis as a political necessity. Only by keeping us in a state of panic can he induce us to vote for trillion-dollar deficits and spending packages that send our national debt soaring.And then there is the matter of blame. The deeper the mess goes — and the further down his rhetoric drives it — the more imperative it becomes to lay off the blame on Bush. He must perpetually “discover” — to his shock — how deep the crisis that he inherited runs, stoking global fears in the process.So, having inherited a recession, his words are creating a depression. He entered office amid a disaster and he is transforming it into a catastrophe, all to pass every last bit of government spending and move us a bit further to the left before his political capital dwindles.But the jig will be up soon. The crash of the stock market in the days since he took power (indeed, from the moment he won the election) can increasingly be attributed to his own failure to lead us in the right direction, his failed policies in addressing the recession and his own spreading of panic and fear. The market collapse makes it evident that it is Obama who is the problem, where he should, instead, be the solution.Morris, a former adviser to Sen. Trent Lott (R-Miss.) and President Bill Clinton, is the author of Outrage. To get all of Dick Morris’s and Eileen McGann’s columns for free by e-mail, or to order a signed copy of their new best-selling book, Fleeced, go to dickmorris.com .
By Dick Morris
Ultimately, all recessions and depressions resolve themselves into crises of confidence. The instant, global, 24/7 communications of today make them ever more so. President Obama, in his pursuit of liberal big-government spending, has totally neglected the role of the president of the United States in reversing global panic. To the contrary, his every remark and the constant preoccupation of his Cabinet is to heighten the sense of crisis and to escalate the predictions of doom if we do not do as they tell us and raise spending now and taxes later.Instead of being a firewall, reassuring Main Street even as Wall Street crashed, he has become a conduit of panic, spreading the mood of desperation from the stock exchange floor to kitchen tables across the world.
There are bad loans, which became bad assets, that lie at the root of the crisis. Through deregulation by the government and the greed of financial institutions, they spread to every portfolio in the world. But these basic facts have metastasized out of all proportion to their real harm into job and financial insecurity for every family on Earth. It is President Obama, not the markets themselves, who has spread this fear. A global Paul Revere, he has not only aroused us, but incited fear and trepidation in his wake.Previous panics have been global in impact, but local in focus. The world panicked because of developments in Mexico or Argentina or Thailand or South Korea. Now, with Collateralized Debt Obligations spreading the poison of a bunch of bad loans all over the world, infecting every portfolio, the panic is not only global in impact but in focus as well. Modern communications have hastened the spread of the virus of panic throughout the global bloodstream.In addressing this panic, the president of the United States must truly be the leader of the world — showing the way back to confidence.Instead, Obama has been instrumental in purveying fear and spreading doubt. It is his pronouncements, reinforced by the developments they kindle and catalyze, that are destroying good businesses, bankrupting responsible people and wiping out even conservative financial institutions. Every time he speaks, he sends the markets down and stocks crashing. He doesn’t seem to realize that the rest of the world takes its cue from him. He forgets that he stands at the epicenter of power, not on the fringes campaigning for office. This ain’t Iowa.Why does Obama preach gloom and doom? Because he is so anxious to cram through every last spending bill, tax increase on the so-called rich, new government regulation, and expansion of healthcare entitlement that he must preserve the atmosphere of crisis as a political necessity. Only by keeping us in a state of panic can he induce us to vote for trillion-dollar deficits and spending packages that send our national debt soaring.And then there is the matter of blame. The deeper the mess goes — and the further down his rhetoric drives it — the more imperative it becomes to lay off the blame on Bush. He must perpetually “discover” — to his shock — how deep the crisis that he inherited runs, stoking global fears in the process.So, having inherited a recession, his words are creating a depression. He entered office amid a disaster and he is transforming it into a catastrophe, all to pass every last bit of government spending and move us a bit further to the left before his political capital dwindles.But the jig will be up soon. The crash of the stock market in the days since he took power (indeed, from the moment he won the election) can increasingly be attributed to his own failure to lead us in the right direction, his failed policies in addressing the recession and his own spreading of panic and fear. The market collapse makes it evident that it is Obama who is the problem, where he should, instead, be the solution.Morris, a former adviser to Sen. Trent Lott (R-Miss.) and President Bill Clinton, is the author of Outrage. To get all of Dick Morris’s and Eileen McGann’s columns for free by e-mail, or to order a signed copy of their new best-selling book, Fleeced, go to dickmorris.com .
Wednesday, February 25, 2009
2/25/9
| Rank | |||
| 3 | EUR/JPY | Buy | 125.30 |
| 2 | USD/JPY | Buy | 98.16 |
| 4 | GBP/JPY | Buy | 141.93 |
| 5 | AUD/USD | Buy | 0.6571 |
| 1 | AUD/JPY | Buy | 63.96 |
| 6 | CAD/JPY | Buy | 78.43 |
Tuesday, February 24, 2009
2/24/9
| Rank | |||||
| 4 | EUR/USD | Buy | 1.2903 | ||
| 3 | EUR/JPY | Buy | 124.92 | ||
| 9 | USD/CHF | Sell | 1.1514 | ||
| 8 | USD/CAD | Sell | 1.2380 | ||
| 1 | GBP/USD | Buy | 1.463 | ||
| 2 | GBP/JPY | Buy | 140.95 | ||
| 5 | AUD/USD | Buy | 0.6556 | ||
| 6 | AUD/JPY | Buy | 63.51 | ||
| 7 | CAD/JPY | Buy | 78.31 |
Monday, February 23, 2009
2/23/9
| Rank | ||||
| 2 | EUR/JPY | Buy | 121.63 | |
| 3 | GBP/USD | Buy | 1.4665 | |
| 1 | GBP/JPY | Buy | 139.29 | |
| 5 | AUD/JPY | Buy | 62.09 | |
| 4 | CAD/JPY | Buy | 76.59 |
Sunday, February 22, 2009
2/22/2009
| Rank | ||||
| 3 | EUR/JPY | Buy | 120.11 | |
| 2 | GBP/USD | Buy | 1.4532 | |
| 1 | GBP/JPY | Buy | 135.46 | |
| 4 | AUD/USD | Buy | 0.6512 | |
| 6 | AUD/JPY | Buy | 61.03 | |
| 5 | CAD/JPY | Buy | 75.39 |
The Swiss are Pissed!
ZURICH, Feb 21 (Reuters) - The right-wing Swiss People's Party (SVP) called on Saturday for retaliation against the United States over a U.S. tax probe into the country's biggest bank UBS that threatens prized banking secrecy.
The populist SVP, the country's biggest party, said Switzerland should not take in any detainees from the U.S. prison for terrorism suspects at Guantanamo Bay in Cuba, which the Swiss government said last month it could consider to help shut the camp down.
Switzerland should also reconsider its policy of representing the United States in countries where it has no diplomatic presence, the parliamentary SVP said in a statement.
The SVP said gold stored by the Swiss National Bank in the United States should be repatriated and Switzerland should ban the sale of U.S. funds in the country to protect Swiss investors after the failure of U.S. regulators.
The SVP has one minister in the seven-member Swiss government which is made up of the biggest four parties, but its populist policies have shaken up usually consensual Swiss politics.
The comments came after UBS agreed on Wednesday to pay a fine of $780 million and to disclose about 250 names of U.S. clients it said had committed tax fraud to settle U.S. criminal charges that it had helped rich Americans dodge taxes.
U.S. tax authorities said on Thursday they were still pursuing a civil case against UBS seeking access to thousands more names of U.S. citizens it says are hiding about $14.8 billion in assets in secret Swiss bank accounts. [ID:nN19534438]
The SVP also said it would call for an urgent debate in parliament on ways to protect Swiss banking secrecy from "further foreign blackmail". (Reporting by Emma Thomasson)
Thursday, February 12, 2009
2/12/9
| EUR/USD | Sell | 1.2743 | ||
| Sell | 115.34 | |||
| USD/CHF | Buy | 1.1751 | ||
| USD/CAD | Buy | 1.2540 | ||
| USD/JPY | Buy | 91.43 | ||
| GBP/USD | Sell | 1.4109 | ||
| GBP/JPY | Sell | 127.93 | ||
| AUD/USD | Sell | 0.6461 | ||
| AUD/JPY | Sell | 57.94 | ||
| CAD/JPY | Sell | 71.94 |
Tuesday, February 10, 2009
Sunday, February 8, 2009
Thursday, February 5, 2009
The Dollar is Doomed!
The dollar is doomed, thanks to Washington, says commodities bull Jim Rogers.
U.S. government leaders have got it backwards, and their policies risk the dollar’s long-term role in the world economy, Rogers warns.
“They think that if you drive down the value of your money, it makes you more competitive, now that has never worked in history in the long term,'' Rogers told Bloomberg TV.
The dollar has rallied in recent months, but that trend will not hold up, he says.
The buck will eventually lose its status as the world’s reserve currency, then go downhill fast as fewer people see it as the default safe haven for wealth.
“It will be devalued and it will go down a lot. These guys in Washington, they want to debase the currency,'' Rogers says.
The dollar rally seen so far will last until next year, then collapse. Roger says he’s buying yen recently.
Both Templeton Asset Fund chairman Mark Mobius and Swiss Fund head Marc Faber see demand for U.S. dollars as untenably high.
The rush to buy Treasurys has increased demand for greenbacks. Once that cools, the need for dollars will decline, warns Mobius.
As Treasury rates drop to 1 percent, Mobius expects investors will sell their dollars, weakening the currency significantly.
Faber considers asset markets "terribly oversold" because investors are going overboard into the dollar and Treasurys.
"What you could see in the next three months is a very strong rebound in asset markets, in equities, followed by a selloff in bonds and eventually a selloff in the dollar," Faber told CNBC.
U.S. government leaders have got it backwards, and their policies risk the dollar’s long-term role in the world economy, Rogers warns.
“They think that if you drive down the value of your money, it makes you more competitive, now that has never worked in history in the long term,'' Rogers told Bloomberg TV.
The dollar has rallied in recent months, but that trend will not hold up, he says.
The buck will eventually lose its status as the world’s reserve currency, then go downhill fast as fewer people see it as the default safe haven for wealth.
“It will be devalued and it will go down a lot. These guys in Washington, they want to debase the currency,'' Rogers says.
The dollar rally seen so far will last until next year, then collapse. Roger says he’s buying yen recently.
Both Templeton Asset Fund chairman Mark Mobius and Swiss Fund head Marc Faber see demand for U.S. dollars as untenably high.
The rush to buy Treasurys has increased demand for greenbacks. Once that cools, the need for dollars will decline, warns Mobius.
As Treasury rates drop to 1 percent, Mobius expects investors will sell their dollars, weakening the currency significantly.
Faber considers asset markets "terribly oversold" because investors are going overboard into the dollar and Treasurys.
"What you could see in the next three months is a very strong rebound in asset markets, in equities, followed by a selloff in bonds and eventually a selloff in the dollar," Faber told CNBC.
Wednesday, February 4, 2009
Tuesday, February 3, 2009
Monday, February 2, 2009
Sunday, February 1, 2009
Update
Due to contract obligations I will be limited as to what I can comment on. The following is the current status of the market.
| EUR/USD | Sell | ||
| EUR/JPY | Sell | ||
| USD/CHF | Buy | ||
| USD/JPY | Sell | ||
| GBP/USD | Buy | ||
| GBP/JPY | Sell | ||
| AUD/USD | Sell | ||
| AUD/JPY | Sell |
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