EURO major deval begun 12/24--ala rumormill news

[beefsteak]

http://www.rumormillnews.com/cgi-bin/forum.cgi?read=225399
Saturday, December 24, 2011

Email sent out by Roger Weigand (Trader Rog)
to David Morgan (Silver-Investor) -
Something Odd is happening with the Banks in Europe and exchanges Today 12/24/11.

David Morgan of Silver-Investor.com sent me an email today from Roger Weigand of WeBeatthestreet.com. Both of them are metals experts and always keep their eyes on what is happening in the investment area of metals and mining.

(snip)

It seems something is going down with the banks in Europe today (12/24). Here is Roger's email sent out to other experts in the metals (Gold and Silver) field.

Here is the email:


Trader Tracks Situational Alert Saturday,
12-24-11 -Christmas Eve at 740am PST -
roger wiegand -Traderrog:

"We have received a report of unusual banking activity. Banking screens on 138 different currencies are show 00.000. Some rate fluctuations are beginning to appear. There have been no answers on this activity but banks have been notified to expect a large change in currency rates." (quote not attributed to protect the source).

In our view, what is happening is a massive devaluation in probably the Euro Currency relative to the values versus individual nations. The ECB loaned over $600 Billion (produced out of thin air with no collateral) last week to European Central Bank Member Nations. We think this next step is to re-configure the values of the Euro within each member country.

Obviously the little broken ones like Greece, Portugal and Ireland will be de-valued MORE relative to Germany and France. Last report we got said the consortium of countries amounted to 27 total. The B.I.S., the Bank for International Settlements in Basel, Switzerland is the bankers' bank. The BIS is very secret about their work and activities. They are probably the orchestra leader in this event.

We also noticed later Friday that the ECB is taking a $40 Million dollar lease in a New York City Building. Are they moving the whole headquarters from Brussels, or is this a newer and bigger expansion of the ECB? I think its an expansion and the IMF is fin charge for sure in charge. The IMF is gathering cash from member nations to cover their activities in propping-up Europe and who knows who else. This is all part of the grand scheme moving to a One World Government and One World Currency.

In our view, when the credit and bond markets break-down, the global Super-Crash is underway in an expansion of Greater Depression II. Read your history from 1900 to 1918. This is being exactly replicated from 2000 to 2020. The Panic of 1908 was repeated in our Panic of 2008. The bigger world war begins on schedule from 2013-2014 to 2018. We think the gold and silver rally can peak in 2017 but perhaps extend all the way to 2024.

After Obama is re-elected next year, we forecast a larger expansion of demonstrations not only throughout the world but in major cities in the USA. The calls for impeachment will reach new screaming levels after the dirtiest political campaign in history. There will be lawsuits and re-calls with lots of voter fixing and tampering. We think Romney is the GOP candidate and he will not have one chance in a one million to be elected.

Someone has filed a $1 Trillion Dollar lawsuit in this mess and there is a lock-down on information relative to the suit and to the impending (we think) devaluation. It is obvious to us that this is being done over the Christmas holiday so markets cannot react as they are closed. Many will not open until next Tuesday after the designated Monday, Christmas holiday in the USA.

If my prognosis is correct, this could be a real market mover and perhaps a real market shocker. If I am correct in my surmising what these people are doing, precious metals might rally in a vicious snap-back valuation on fear and security. Gold and silver are being technically pressured to the high side anyway. If this event proves to be true, hang on to your hat. I would not be trading anything but watching first to see what markets do in Asia on Monday evening on Bloomberg in America. -Traderrog

Don't shoot the messenger, guys. Just posting what I found on another forum... Wish it was from ZERO instead of rumormill !!


beefsteak

[mamboni]

I'm confused. Isn't the EURO currency universal? If the individual countries' EUROs are devalued, isn't this a de facto failure of the currency. How is this different, except by degrees, from individual countries issuing their own currency and floating exchange rates?

[beefsteak]

Interesting muse there, mamboni. The only difference I can think of at the moment is the "Scale" of this particular reported observation.

Me thinks this is part and parcel of the "backroom machinations for "breaking up" of the Euro." It is my understanding that the individual countries have still maintained their individual currencies' statistically as referenced in the Euro. If you recall, when the Euro was introduced, there were massive negotiations as to how many drachma for example were going to be converted into Euro's so that the Spanish reale' wouldn't be overwhelmed by Euro/Drachma, just for one example.

The last time I saw anything electronically that even resembled this, globally, was only after Maastricht was approved and Euro was actually unleashed, was an "overnight systemic rollout" Dec 31, 1999. There was a "practice CB event" prior to that, which occured over a weekend and visible on the backroom "black screens" of central banks and their corresponding "lesser banks" network prior to 12/31/1999.

The part that has ME puzzled is the 138 currencies reference instead of the original 13 or so European countries.

Gold and Silver went NO WHERE today. The US dollar sagged somewhat.

[Glass]

EU countries print their own euro's. Germany prints their own as do the French, Spanish etc. These euro's are marked as to where they are printed and in euroland some euros are considered more valuable than other euros. German euros are considered the best euros because they are backed by the german economy. Spanish euros are backed by their economy.

So not all euros are created equal so it looks like it's time to adjust values so they are equal. I suspect some of the euro members are going to under go some substantial devaluation which is going to be very painful. Possibly zimbabwe painful.

[Horn]

British royalty dined on human flesh

They have long been famed for their love of lavish banquets and rich recipes. But what is less well known is that the British royals also ...


http://marcusbrooks.blogspot.com/2011/12/bob-chapman-european-debt-crisis.html

[EE_]

Not sure what this means?

China, Japan to Back Direct Trade of Currencies
QBy Toru Fujioka - Dec 26, 2011 2:55 AM MT .

Yen-Yuan Trade Plan to Cut Dollar Dependence of China, Japan Nelson Ching/Bloomberg

Japan and China will promote direct trading of the yen and yuan without using dollars and will encourage the development of a market for companies involved in the exchanges, the Japanese government said.

Japan will also apply to buy Chinese bonds next year, allowing the investment of renminbi that leaves China during the transactions, the Japanese government said in a statement after a meeting between Prime Minister Yoshihiko Noda and Chinese Premier Wen Jiabao in Beijing yesterday. Encouraging direct yen- yuan settlement should reduce currency risks and trading costs, the Japanese and Chinese governments said.

China is Japan’s biggest trading partner with 26.5 trillion yen ($340 billion) in two-way transactions last year, from 9.2 trillion yen a decade earlier. The pacts between the world’s second- and third-largest economies mirror attempts by fund managers to diversify as the two-year-old European debt crisis keeps global financial markets volatile.

“Given the huge size of the trade volume between Asia’s two biggest economies, this agreement is much more significant than any other pacts China has signed with other nations,” said Ren Xianfang, a Beijing-based economist with IHS Global Insight Ltd.

Currency Swap
China also announced a 70 billion yuan ($11 billion) currency swap agreement with Thailand last week as part of a plan outlined in October to promote the use of the yuan in the Association of Southeast Asian Nations and establish free trade zones.

Central banks from Thailand to Nigeria plan to start buying yuan assets as slowing global growth has capped interest rates in the U.S. and Europe.

The move by China and Japan to strengthen market cooperation “benefits the ease of trade and investments between the two countries,” Chinese Foreign Ministry spokesman Hong Lei said today in Beijing. “It strengthens the region’s ability to protect against risks and deal with challenges.”

The yuan traded in Hong Kong’s offshore market gained 0.5 percent offshore last week and touched 6.3324 per dollar, the strongest level since trading started in July 2010. Its discount to the exchange rate in Shanghai narrowed to 0.1 percent, from a record 1.9 percent on Sept. 23.

Yuan Gains
The yuan gained 0.05 percent in Shanghai to 6.3330 per dollar today and was little changed at 6.3450 in Hong Kong. It strengthened 4.3 percent this year, the best-performing Asian currency excluding the yen. The currency is allowed to trade 0.5 percent on either side of that rate. The yuan is a denomination of the renminbi.

Japan exported 10.8 trillion yen to China in the year through November, and imported 12 trillion yen, according to Ministry of Finance data. The deficit with China widened to 1.2 trillion yen, from 418 billion yen in January-to-November 2010. About 60 percent of the trade transactions are settled in dollars, according to Japan’s Finance Ministry.

Finance Minister Jun Azumi said Dec. 20 buying of Chinese bonds would help reveal more information about financial markets in China. Noda said in September 2010, when he was finance minister, that Japan should be able to invest in China given that its neighbor buys Japanese debt. Japan holds $1.3 trillion of foreign-currency reserves, the world’s second largest after China’s $3.2 trillion.

Chinese Debt
Investing in Chinese debt has become easier for central banks as issuance of yuan-denominated bonds in Hong Kong more than tripled to 112 billion yuan ($18 billion) this year and institutions were granted quotas to invest onshore. Japan will start to buy “a small amount” of China’s bonds, a Japanese government official said on condition of anonymity because of the ministry’s policy, without elaborating.

China sold the second-biggest net amount of Japanese debt on record in October as the yen headed for a postwar high against the dollar and benchmark yields approached their lowest levels in a year. It cut Japanese debt by 853 billion yen, Japan’s Ministry of Finance said on Dec. 8.

Separately, the Japan Bank for International Cooperation, JGC Corp., Mizuho Corporate Bank Ltd., the Export-Import Bank of China and other Chinese companies will establish a $154 million fund to invest in environment-related businesses such as recycling and energy, the Japanese government said.

http://www.bloomberg.com/news/2011-12-25/china-japan-to-promote-direct-trading-of-currencies-to-cut-company-costs.html

[Horn]

Britain trumps France in credit rating catfight

David Cameron has regained bragging rights over President Nicolas Sarkozy as it was revealed that output in the French economy slipped back in the third quarter of the year.

A sharp contraction of investment was among the causes of downward revision in growth from 0.4 per cent to 0.3 per cent.

The slowdown in output contrasts with Britain’s performance during the same period, which saw growth expand by 0.6 per cent – twice the speed

Read more: http://www.thisismoney.co.uk/money/news/article-2078182/Britain-trumps-France-credit-rating-catfight.html#ixzz1hi36pDhH