Wednesday, October 16, 2013

Crisis in Washington and the dollar .

Crisis in Washington and the dollar .

U.S. Bankruptcy rescued by law to increase the national debt by February 7th and renewal of funding.

Elton John, David Bowie and the Rolling Stones have failed an audition at the BBC


Officially unconfirmed rumors in Washington say that Harry Reid of Democrats and minority Republicans in the Senate , led by Mitch McConnell on Tuesday late night reached a compromise in the name of prevention of fiscal crisis.
Democrats and Republicans in the upper chamber of Congress is to restore full function to federal departments and agencies to 15 Jan 2014 .
Draft bill authorizes the Treasury to carry out additional borrowing and uvelichaavane debt ceiling until February 7, 2014 .
U.S. President Barack Obama zyavi that would veto the bill prepared by the Republicans if it involves political conditions for the adoption of the budget.
The issue of the infamous health care reform at the moment there is complete silence.
Now the role of the dollar as the leading reserve currency at risk .
Money supply and the Chinese yuan and the yen and the euro higher.
Alternatives can be the Swiss franc , the Japanese yen and Chinese yuan , but none of these currencies can offer liquidity close to the dollar.
The euro was the main option, but is under pressure from the deep problems of the eurozone.
The share of the dollar in global currency reserves declined in recent years amid the current crisis.
In U.S. currency still denominated 62% or 3.72 trillion. dollars of global foreign exchange reserves totaling 6 trillion. dollars , according to the IMF.
In the early 50 -ies of XX century the share of the dollar in global money supply was 90 % and is now around 15%.
In the long term the dollar will continue to lose ground , whether the current crisis in the United States resolved as confidence is shaken.

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