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Intro & Prosperity Calls
The BIS You may not know the name, but the Bank of International Settlements or BISof Basel, Switzerland, found in 1930, is the world's oldest functioning central financial institution. It is very important. Though it does not directly manage the world financial system, it is effectively THE central bank for the other central banks of the world, including the US Federal Reserve. - Obviously the BIS would be a key part of any comprehensive New World Order. With its home in Switzerland, a place of very conservative financial attitudes, the BIS has just made statements which are loud warning bells about the collapse of the US dollar. - These unusually direct statements are extremely serious. It is not just talking about some ups-and-downs in dollar prices. - It is talking about the real deal here, a dollar going DOWN that may not come back up. The article says: "The dollar clearly remains vulnerable to a sudden loss of private-sector confidence," the Basel, Switzerland-based BIS said in its 77th annual report today. "The reliability of public-sector inflows has also become more uncertain." Central banks may reduce purchases of dollars and allow their currencies to strengthen in a bid to curb inflation, the BIS said. They may also invest a greater proportion of new foreign-exchange reserves outside of the U.S. to earn higher returns, adding to the "threat" to the dollar, it said. . . . " . . . central banks in Asia . . .could slow down accumulation of reserves and let their currencies rise. Then the dollar will fall." . . . . . . The U.S. needs to attract about $2.1 billion a day [to borrow to pay its bills] . . . . . . The U.S. currency fell 0.6 percent to $1.3470 per euro in the past week. The dollar dropped to a record low of $1.3681 on April 27. The euro has climbed 2.1 percent against the dollar this year. . . . The Indian rupee has gained 8.6 percent against the dollar in 2007 . . . The Chinese yuan has climbed 2.4 percent so far this year . . . Here is the full article: Dollar 'Vulnerable' to Drop in Investment, BIS Says Bloomberg News, 24 June 2007 http://www.bloomberg.com/apps/news?pid=20601103&sid=aHlb_k7gVajg&refer=news It may be time now to consider getting out of the US dollar if you have significant assets. Contrary to what people tell you, it is both legal and easy for US citizens to open a foreign bank account. You can do it in person in Europe, and wire the rest of the money over later - You can even open an account by mail with Swiss banks, though that can take several weeks. When I became a refugee from the US more than three years ago, it turned out that I had also had accomplished the best "investment" I ever made, by having established a European bank account with my money in euros - I profited greatly from the falling dollar back then. Another virtue of European bank accounts, especially Swiss, is that your money can usually not be touched by US lawyers and judges. It is known in Europe that the US courts and judges are bogus, dishonest, and fraudulent, and they don't give automatic respect to US court judgments. People attacking you would often have to bring their case all over again in the European courts under European laws, which are very different and much less likely to be a way to steal your money. - Your biggest problem, if you are still in the US, may be that some crooked US judge would jail you until you turn over your European funds. - So get a passport, too, in case you need to travel quickly. -- Dr Les Sachs http://www.dr-les-sachs.be/ |
