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Currency Meltdown Coming

Greg Hunter
USA Watchdog

The situation in Japan is getting worse, not better. There are shortages in food, fuel and warm dry shelter. To make matters exponentially worse, nuclear power plants there continue to burn out of control and emit high levels of radiation. Japan is a stark reminder of how fast a modern technologically advanced society can be brought to its knees by an unforeseen calamity.

On the other side of the Pacific, the devastating pictures from that island nation are taking the attention away from our own, much more predictable, calamity coming from a tsunami of debt. As the U.S. and other world governments continue to print money to keep the banks and system solvent, a ball of debt is growing. It is on course to swamp the system. In his latest report, Martin Armstrong, former Chairman of Princeton Economics and an expert in the study of economic cycles, said events happening in places like Japan or the Middle East are not the main issue the world is facing.

Armstrong said, “This is coming at a time when governments are broke. We have state and local governments in a debt crisis and that meltdown is very real!!!!!!! Government is collapsing. That is the issue.” Armstrong says because of all the money created to bail out failing banks, gold is gaining in price. “This is not just inflation. We are on the verge of a currency meltdown this time,” said Armstrong. (Click here to read the latest report from Martin Armstrong.)

The latest analysis from economist John Williams of Shadowstats.com agrees with Armstrong. 

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RELATED ARTICLE:
Dollar Quietly Losing Status as Safe Haven During Crisis

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Possibly The Last Time To Get Out Of The Dollar

Dees Illustration

Simon Black

Sovereign Man 

It's no secret that the United States government owes a pretty penny to foreigners. Certainly, what America owes to foreigners pales in comparison to what it owes to Ben Bernanke... but still, $4.45 trillion is no small number, even in these crazy times when terms like "kajillion bajillion" are more appropriate to quantify debt and entitlements.  

China is the largest foreign buyer of US Treasuries with around $1.15 trillion in holdings... Japan is the second largest at around $886 billion.  Curiously, the trend for China has been down-- the Middle Kingdom has been steadily reducing its position since peaking in October 2010. 

Japan, on the other hand, has been steadily increasing its Treasury holdings over the same period. Its government does have a long pattern of currency intervention, and there has been much grumbling in Tokyo about the effects of the strong yen on their exports. 

Fast forward to this past weekend. Earthquake. Tsunami. Volcano. Nuclear radiation. Japan clearly has other things on its mind right now than to continue financing the ongoing largess in Washington DC.

At a minimum, Japan will likely slow (or eliminate) its US Treasury purchases, instead focusing on dumping money into its own economy. At greater risk, Japan may choose to allow much of its Treasury portfolio to simply mature, requiring the US government to repay tens of billions of dollars of principal (which it doesn't have). 

With so much uncertainty, many investors around the world are buying Treasuries at the moment, so if Japan starts selling its portfolio into that momentum, the impact may be negligible... for now. Rearranging the deck chairs, if you will. 

Come June 30th, though, with the supposed end of the "I'm not printing money" money printing that is quantitative easing, the US government will have lost, in theory, two of its biggest buyers-- the Federal Reserve and Japan. And with both China and the OPEC nations slashing their own Treasury purchases, it leaves one simple question: 

Who will buy all of this damned US government debt?

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Dollar Quietly Losing Status as Safe Haven During Crisis?

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Dollar Quietly Losing Status as Safe Haven During Crisis

Eric Blair
Activist Post

It used to be that during times of perceived global crisis institutional investors rushed into the dollar as a safe haven. U.S. Treasury bonds were once considered as good as gold when uncertainty gripped the world. However, it now seems that the weight of fundamentals have finally surpassed prevailing perceptions where the dollar is no longer king of crisis investing.

In October, 2010, the dollar reached a 5-month low against the Euro during the fierce debate leading up to the $600 billion quantitative easing by the Fed.  Following the final passage of QE2 in early November, the mainstream media hyped it as victory and promptly pivoted to begin pounding out headlines about the Eurozone debt crisis.  Almost immediately the dollar turned the corner against the Euro.

2-month Dollar/Euro Chart 2010

It was easy to predict such a turnaround because perception at the time was clearly driving the currencies, while fundamentals were largely ignored.  As I pointed out in October:

The fundamentals suggest that it (the dollar) should be finished, but just as the world is about to declare it dead, miraculously a global storyline seems to emerge just when needed and foreign investors rush back in for 'safety.'

And, indeed, investors flocked back into the dollar on the hyping of the Eurozone debt crisis 2.0.  However, this cycle only lasted until the first week of January, 2011 where talk of the Euro crisis was noticeably absent from the headlines, and America's financial woes once again took center stage.

Now, as the world is gripped by authentic crises with mass civil unrest in the Arab world, and the devastating earthquake/tsunami in Japan, large institutional investors are continuing to abandon the traditional safe-haven dollar.

Bloomberg reported last week that "Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., eliminated government-related debt from his flagship fund last month as the U.S. projected record budget deficits."

Despite the global turmoil, the dollar hovers near its 52-week low on the Dollar Index.  Perhaps the timing of these crises coinciding with American lawmakers threatening a government shutdown over its escalating debt has deterred investors from their normal behavior.  Instead we are seeing far more money moving into commodities, as currencies and government debt are being increasingly exposed as unreliable.

The world seems to be finally realizing that commodities such as food staples and oil are the genuine currency of our society, and the only true safe haven during global uncertainty.  In fact, it appears that the fiat U.S. dollar is actually measured by oil (and other vital commodities), not the other way around.  As tangible and necessary resources, oil and food are now kings of the crisis.

RELATED by Eric Blair:
Economy Hit with the Ultimate Smokescreen: Biflation
5 Collapse-Proof Investments with Tangible Fundamentals




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