Hong Kong stock index up 4% overnight – that’s huge. China is about to do something. Oil prices continue to go up. Rumblings that China might be either diverting its excess dollars into building up infrastructure in China, or that they will work with the IMF to create a strong global central bank in which they get a say. If that happens, look for the price of oil to become demoninated in a new global currency instead of Dollars (of which Dollars will be only one of the basket of currencies). The dollar is about to become the third rail that nobody will want to touch. Interest rates are now going up on the shorter maturity end of the yield curve. The end will come quickly. Geithner is on board – he’s not an American, he’s a citizen of the world, and he gets his power from God himself.
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Art: What do you think about the sale of Treasuries today? It’s supposed to be 65 billion of debt sold over two or three days of auctions.
Saw a blurb today that Russia wants to trade its U.S. Treasuries to the IMF. Also, I wasn’t aware of it but the Fed was asking for permission to sell Bonds independent of the U.S. Treasury, which was dropped. Given Geithner’ IMF background and globalist view, I think all of the forces are aligning to make the IMF the global bank, and will become the purchasers of all these US Treasuries that the entire world economy can’t possibly absorb. The global currency would then become the pricing mechanism for oil, and the world’s major oil exporters will require payment in that currency. Once the dollar is no longer the reference currency, the future changes a lot.
What happens tomorrow? US Banks will borrow money at the discount window for close to 0%, and use it to buy up the Treasuries, and then offset the treasuries in the futures market and make free risk free income.
Thanks, Art, for much to consider. (I heard the same report about the Russians.)