The dollar headed for the biggest weekly loss against the euro since December after Federal Reserve Chairman Ben S. Bernanke signaled the bank may cut interest rates further to avert a recession.

(click play on video below to see more…)

the following is an excerpt of Feb. 15 (Bloomberg) article by By Stanley White and Kosuke Goto– “The dollar headed for the biggest weekly loss against the euro since December after Federal Reserve Chairman Ben S. Bernanke signaled the bank may cut interest rates further to avert a recession.

The currency traded near a one-week low versus the euro as Bernanke said the Fed “will act in a timely manner as needed to support growth.” The allure of U.S. assets diminished as the yield premium of European government bonds over Treasuries widened to the most in more than a week.

“The dollar will remain weak today after Bernanke’s speech,” said Motonari Ogawa, vice president of interest-rate products and foreign exchange in Tokyo at Morgan Stanley, the second-largest U.S. securities firm. “The U.S. yield disadvantage is increasing. I was about to turn into a dollar- bull, but I’m now rethinking it.”

CNNMoney (See original article here.) By Brian O’Keefe, senior editor, quoting Jim Rogers on the US economy right now:

“Conceivably we could have just had recession, hard times, sliding dollar, inflation, etc., but I’m afraid it’s going to be much worse,” he says. “Bernanke is printing huge amounts of money. He’s out of control and the Fed is out of control. We are probably going to have one of the worst recessions we’ve had since the Second World War. It’s not a good scene.”

(The central bank’s second interest rate cut in a week raises the risk of inflation and bails out the banks.)

(Interest rate cut=increased money supply=inflation=hard times for poor and working families)

Rogers looks at the Fed’s willingness to add liquidity to an already inflationary environment and sees the history of the 1970s repeating itself. Does that mean stagflation? “It is a real danger and, in fact, a probability.”

Great explanation of what is going wrong with our economy and why we should be upset on behalf of the people and the founding fathers:

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Patriots and Belichik fined. lose draft picks for cheating.

NFL Commissioner, Roger Goddell finally handed down the punishment for the New England Patriot’s cheating against the Jets last Sunday. The New England Patriots and coach Bill Belichick were fined a total of $750,000 and the team might lose a first-round draft pick for spying on New York Jets coaches during a game. Good for Mr. Goddell, he has once again done the right thing. Refreshing….does this taint the Patriot dynasty? They probably woudn’t have won a single super bowl were it not for stealing signs…or at least that’s what I heard. 🙂 …but then again, Keyshawn Johnson said that, although the league rules specifically banned video taping signs (as described here), he considers what was done “advanced scouting” that doesn’t give them an edge over any other team, and is not really cheating.

When you think about Keyshawn said, I want you to also consider this point made by an e-mailer to Colin Cowherd today: It is “legal” to count cards in your head at a blackjack tabel in Vegas, but as soon as you introduce any sort of video equipment and outside analysis in your counting, you are immediately banned from the casino….interesting point….good job Roger. 🙂