In Nathan's blog we can read the news, we just had to wait for:
This is a big deal. Today’s action with falling equities, falling bond prices, and a falling dollar (with sharply rising gold prices in dollar terms) pretty much boxes Bernanke and little Timmy Geithner in.
The American way of life is about to change whether we like it or not.
Notice that no shots were fired, no one sent up a balloon saying “Russia no longer uses the dollar as a reserve currency!” No, it happened slowly and subtly.
Russia Dumps the U.S. Dollar for Euro as Reserve Currency
(...) Okay, first of all, we are ALREADY BANKRUPT as our collective debts exceed our collective assets. But let’s just ignore that, shall we? The credit rating agencies have NO CREDIBILITY left at all. They, and their pay for rating scheme, are a huge part of the problem to begin with. They will only downgrade AFTER people have stopped buying our debt which basically began in January of this year.
Secondly, when a country begins printing money to buy back their own debt, DEFAULT HAS ALREADY OCCURRED. Again, don’t look for the headline that reads, U.S. DEFAULTS ON HER DEBT!” It will never come. But we already have, that’s what quantitative easing (printing) is all about.
Rule of law? Third world country? Naw, only banana republics think people will be fooled by stunts like that.Eh, it’s only money. Money for nothing, get your tricks for free!
