The current international currency system, with the dollar’s primacy in as a reserve currency and in trade is “the product of the past,” Hu also told the newspapers.
He pointed to China’s effort to expand the role of the yuan in cross-border trading and investment, while acknowledging it “will be a fairly long process” to make it a fully fledged international currency.
weak stream wrote:When I say "understand" the financial system I'm referring to specific knowledge of how the transactions are made. For example, how bond auctions are conducted, how the Federal Reserve conducts interest rate controls, how IPO's are instituted as well as how currency swaps between central banks are made and many others. This knowledge and understanding, however, is not necessarily a knowledge of economics.
weak stream wrote:It is an economic ignorant that somehow believes we will not have to pay these debts.
weak stream wrote:From a Generational Dynamics perspective ( and really, at this point, we have only Boomers and GenXers in control) I think Boomers are inclined to fantasy/denial while the GenXers simply don't care how bad this gets as long as they "get theirs". "I'll be gone, you'll be gone" is the mantra of GenX.
While the composite housing prices are still above their spring 2009 lows, six markets – Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007, meaning that average home prices in those markets have fallen beyond the recent lows seen in most other markets in the spring of 2009.
About 10.8 million homes, or 22.5 percent of those with mortgages, were “underwater” as of Sept. 30, the Santa Ana, California-based real estate information company said in a report today. That was down from 11 million, or 23 percent, at the end of June, the third straight quarterly decline.
Nearly half – 48 percent – of Americans would consider a strategic default on their home if they were under water on their mortgage, a number that grew from 41 percent when the same question was asked in May, according to the survey conducted last month on behalf of real estate website companies RealtyTrac Inc. and Trulia Inc.
“This is nearly a 20 percent increase in people's willingness to walk away in just six months,” Trulia CEO Pete Flint said Tuesday. “If this continues, we'll see an epidemic of strategic defaults. The stigma against losing a home has decreased.”
vincecate wrote:I am confused on the latest treasury numbers for Foreign Holders. The grand total seems to have gone up almost $40 billion but the total of the broken out numbers seems to show going down about $40 billion. Can anyone explain this? How come the Grand total does not equal the total of the breakout numbers? What is going on? Are they buying bonds or not? I think TSHTF is when they stop buying bonds.
Nov Oct Sept Aug
Grand Total 4346.8 4307.3 4257.1 4204.7
Change 39.5 50.2 52.4
For. Official 2824.9 2845.9 2811.0 2763.0
Treasury Bills 499.2 531.3 495.4 486.9
T-Bonds & Notes 2325.7 2314.6 2315.6 2276.1
Totals 5649.8 5691.8 5622 5526
Change -42 69.8 96
http://www.treasury.gov/resource-center ... ts/mfh.txt
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