Whisper it softly but we Boggart Bloggers sense a change in public mood. We have warned many time over the past two years that the pandemic we were living through was a pandemic of fear rather than a plague caused by an infectious agent. We, an Information Networks and Systems Consultant, an Accountant and a lecturer in mechanics and engineering, all now retired and with time on their hands to research, crunch numbers and analyse "The Science" concluded the case for lockdows, mask mandates and mandatory vaccines was illogical and unsupported by verifianle evidence, (mathematical models are not evidence.) We concluded something else was going on, and when we dug deeply we found that many things were going on.
Our http://www,greenteethmm.com/currency-wars.shtmlcurrency wars feature has taken a back seat these past two years as the COVID pandemic (or propaganda pandemic as some people might say,) has pushed all other stories aside. In our opinion however, the pandemic has served as a convenient smokescreen behind which all sorts of elitist skulduggery has been going on, hidden from the view of the general population.
In Europe, Brexit is done and dusted, the UK economy though hit by the irrational and panic stricken responses to the pandemic as all other major economies have been, is doing well while the European Union (EU), the globalist project aimed as completing the trio of superpowers needed to create an Orwellian dystopia, seems to be falling apart politically and economically. Well we Brits always knew Europe needed us far more than we needed Europe.
And as if to confirm this, the UK£ has been doing remarkably well in currency markets.
It is somewhat surprising then that investment bankers Goldman Sachs this week predicted that the Eurozone would grow at a faster pace than the U.S. in 2022, predicting growth 4.4 percent for EU and only 3.5 percent for U.S. GDP. The latest World Bank forecast, also from January, still sees the U.S. ahead, if only by a paper-thin margin of 0.1 percent, while the new IMF outlook is yet to be released.
As our finance expert Phil T. Looker always likes to remind us GDP is a next to useless measure of real economic health as it only measures the level of churn in an economy. The old analogy is Joe wins $500 on a scratchcard, so the pays Jeff the mechanic the $500 he owes for car repairs. Jeff takes the cash and pays Simon the accountant for sorting out his little problem with the Taxman. Simon decides his office is looking a bit dingy and hires Will the decorator to freshen up the decor. Will passes the money on to Mandy the prostitute in gratitude for her comforting him when his wife left, his mother was sent to prison and and his dog died all on the same day. Mandy looked in the mirror, decided her face was looking a bit tired and spent the money on a spa day. And the beautician, feeling lucky, blows the whole lot on scratch cards.
So Joe's $500 has increased GDP by $3000 yet no extra wealth has been created. But hey - ho, in a system reliant on fiat money, as John Steinbeck wrote, "The monster must grow or else it dies, and for it to grow the monster must be fed," and measuring the heath of the economy by GDP is how we feed the monster. Thus 'growth' is the keyword even though ALL major economies the rate of price inflation is higher than the rate of growth, thus they are in fact contracting and all but the super rich are becoming poorer. But bankers make the rules not us, so on we go.
While mainstream business journalists are still arguing over who will trump whom for economic growth this year, Statista's Katharina Buchholz notes that there are other indicators that already show the Eurozone’s growing economic prowess and international importance.
While the Eurozone has seen output stagnate its single currency, The Euro has been doing quite well. The value of global transactions settled in Euro has been slowly gaining ground on the sum total of UD dollar transactions, data from the Swift international payment network indicates, hinting at increased activity around the currency.
In October 2020, Euro transaction value briefly moved ahead of the U.S. dollar, while in the longer term the gap between the two currencies on the world stage has become considerable smaller since the start of the coronavirus pandemic.
Goldman Sachs report that reasons for this include the EU’s coordinated efforts to prop up its economy in the current crisis and its continued zero-interest fiscal policy, both of which can only be harmful to the collective EU economy in the long term, and that since the inauguration of the economically illiterate Biden regime in Washington D.C. faith in the U.S. economy and its future prospects is crumbling. According to CNBC, uncertainty around President Joe Biden’s “Built Back Better” economic package continues to harm confidence in the USA, while far left lunacies like the Green New Deal threaten to bankrupt the Us economy while achieving nothing other than to score points with climate change whingers like Greta Thunberg and the unwashed crusties of Exstinktion Rebellion.
Here's an inforgraphic lifted from Statia showing the narrowing of the gap between Euro and US dollar transactions.
You will find more infographics on the topic at Statista
Looking at only payments between parties from different currency zones – thereby excluding international payments between different Eurozone countries – the U.S. dollar still retains its edge as a global trade currency. The gap to the Euro stood at around 3 percent of transaction value in November 2021. Yet, economists have shown surprise at the Euro’s general international success as a strong second player since the U.S. dollar was long seen as the singular international trade currency.
It is also worth mentioning that another reserve currency is performing strongly though on a smalled scale. The UK pound, though by no means a challenger to either Euro or Dollar is the forgotten currency of the bunch, and for decades has been used mainly for trade between nations in the British Commonwealth, (which represents about a third of the global population mainly due to India, Pakistan, Nigeria and Bangladesh being members. The reasons for this small rally in the popularity of the £ are less clear but as we have reported extensively elsewhere in this page, The People's Republic of China has been busy trying to promote its Yuan (Renminbi) as a reserve currency so it could be that both the Euro and The Pound are benefitting from smalled economies fear of getting too deeply in hoch to the predatory superpowers, The USA and China.
E U Central Bank Digital Currency Is The Death Rattle Of A Failed Experiment
The announcement from the European Central Bank (ECB) that is is to intrduce an official European Union digital currency spells the end of the European Single Currency experiment and with it the ambition of "ever closer union until the EU's member states were merged into a single political entity Digital Currencies might not quite be Ponzi schemes but on appearances the difference can be compared to that between a horse and a pony.
Negative Interest Rates - Final Nail In The Coffin Of Neoliberalism? Negative interest rates, in plain terms a situation in which we pay bankers for holding our money, are the latest ruse of politicians and economists to make uis start spending our investments and savings, thus kickstarting the global economy thy have screwed up.
The age of financial privacy is over
Yes you read that right. The fascist regime in the USA has usurped to itself the right to raid bank accoutns anywhere is the world. At the moment they are only stealing money by way of tax demands from people who were born on US soil even if those people have not lived in the USA since childhood and have never be employed by a US business.
Plans to let the taxman take cash out of people’s bank accounts without their permission were condemned by MPs after Rebecca Benneyworth, of the Institute of Chartered Accountants, warned the department is ‘shooting itself in the foot.’ She told the ICAEW conference : ‘Public trust in HMRC would be eroded very quickly if cases come to light where funds have been incorrectly removed. ‘HMRC cannot afford to have public opinion turn against the tax system and those charged with administering it.’Accountants have warned HMRC cannot be trusted ...
Taxes Will Rise If Government Do Not Raid Bank Accounts Taxes will have to rise unless officials are given new powers to raid people’s bank accounts, David Cameron has said.
The Treasury select committee warned that allowing HM Revenue and Customs to remove cash from bank accounts without court orders is “very concerning” because of its history of mistakes.
The committee said that taxpayers could suffer “serious detriment” if officials are able, either by mistake or through an “abuse” of power, to take money from people who have done no wrong.
A look at how the fractional reserve banking system works and how it brought the global economy and many people's personal finances close to collapse. It's really all about pulling magic money out of fresh air.
Investors Ignore Triple Dip Regession As Stock Market Hits Four Year High
News that the British economy was staring an unprecedented triple dip recession in the face left investors unperturbed yesterday as shares on Britain's leading index hit their highest point in since the crash four-and-a-half years ago.
Tax The Rich, Hurt The Poor
The Folly Of Using Inflation To Reduce The Debt
As the Obama administration starts to seriously consider minting Trillion dollar coins to reduce debt by fuelling massive inflkation the Daily Stirrer's finance expert explain why this would not work and would have catastrophic consequences.
A Dickensian Christmas Gift: Mister Micawber's Economic Wisdom
Anti Austerity Protests Bring European Capitals To A Standstill
Angry protests have left many European capitals in chaos as millions of workers joined strikes against austerity measures they claim have made their national economies worse. Trade unions in Spain, Greece, Portugal and Italy staged a series of demonstrations throughout the continent on the ...
Government Powerless Against a New Wave Of Immigration
The government is powerless to stop tens of thousands new migrants heading to Britain after a new EU borders shake-up, Theresa May has admitted. The Home Secretary yesterday warned the Government is legally unable to block Romanian and Bulgarian citizens from coming to the UK under an expansion of ...
Poverty tycoons who make themselves millionaires from taxpayer-funded foreign aid budgetIn responce to questions about Britin's overseas aid budget,David Cameron has said at the United Nations that rather than cutting aid to developing nations in these austere times UK taxpayers should be happy it is being increased. Meanwhile with her own millions safely tied up in trusts Hillary Clinton demands global wealth taxes to raise money for helping the disadvantaged.
The Folly Of Trying To Inflate Away Debt
Feeding The Monster
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The loopy left in Britain and the USA have, throughout the cedit crunch, chanted their Tax The Rich mantra. Those who do not learn from history are condemned to repeat it of course and the left have still not learned from all the other economic catastrophes caused by attempts to redistribute wealth that taxing the rich huts the poor most.
Despite the ever growing dunghill of evidence to the contrary lefty politicians around the world continue to call for higher taxes, more government spending and collectivist solutions while the clueless Obama administration embark on another futile round of "quantitative easing. What they are trying to do is inflate away debt but inflation is the curellist stealth tax. (Also posted at Scribd)
As the debt crisis grinds on and the creit crunch mutates into the credit famine the clueless politicians and even more clueless economists and academics who advise them can only think of one course of action. That is to inflate away their debt problem by devaluing currency to the extent at whic a bag of potatoes or wheat grain costs $£€ 1 trillion. Inflation is the cruellest tax, destroying the savings and pensions of sensible people and rewarding irresponsibility.
As Spain's economy nears collapse and economists call for Europe's taxpayers to stump up still more money for a bigger bailout fund to save bankrupt nations, The Daily Stirrer economic expert under his new nom de plume explains why efforts to save the Euro are throwing good money after bad.
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