Dollar heading for worst week in 24 years
Original post made by Sharon, Midtown, on Mar 19, 2009
The Feds bought 300 Billion of Treasuries today.
They also printed 1 Trillion US Dollars.
Gold went up $40 and Oil went over $40.
Japan is very unhappy with what the devaluation of the $ does to the Yen
"The U.S. dollar was heading for its biggest weekly fall in 24 years on Friday as investors feared the Federal Reserve's plans to buy longer-term government debt would cheapen the world's reserve currency. Analysts said the Fed's radical decision to buy $300 billion of longer-term government debt and vastly expand its balance sheet meant more and more of the U.S. currency would be created, straining demand.
"This is a historic moment, the start of debasement of the world's reserve currency,
and it feels to many participants that in the grand sweep of history we are witnessing the end of 'Rome' on the Potomac," said Alan Ruskin, a RBS strategist in Greenwich.Web Link