betekenis van het woord CURRENCY

Bankier:

China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations, a lost decade for China, the breaking of the Euro, and a receding of the U.S. dollar that will have long-lasting effects. Pettis explains how China has maintained massive but unsustainable investment growth by artificially lowering the cost of capital. He discusses how Germany is endangering the Euro by favoring its own development at the expense of its neighbors. And he looks at how the U.S. dollar's role as the world's reserve CURRENCY burdens America's economy. Although various imbalances may seem unrelated, Pettis shows that all of them -- including the U.S. consumption binge, surging debt in Europe, China's investment orgy, Japan's long stagnation, and the commodity boom in Latin America are closely tied together, and that it will be impossible to resolve any issue without forcing a resolution for all. Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future.

Jim Rickards doet enkele opmerkelijke uitspraken op Kitco

Jim Rickards deed enkele opmerkelijke uitspraken op Kitco over de heersende ‘CURRENCY Wars’. Hij licht de spelers toe, wat de rol van China is en wie het volgende slachtoffer wordt.

Verder bespreekt hij ook de rol van goud in de ‘CURRENCY Wars’ en hier heeft hij enkele eigenzinnige ideeën over. Ook de recente prijsval van goud komt aan bod.

Steeds meer landen wijzen standpunt G20 over ‘CURRENCY Wars’ af

Afgelopen zaterdag sprak de G20, de vereniging van 20 grote geïndustrialiseerde landen, gespierde taal. Wie over ‘CURRENCY Wars’ praatte wist niet waar hij het over had. Van ‘CURRENCY Wars’ was namelijk geen sprake, hooguit van enkele kleinere verschuivingen op de valutamarkten.

Wie echter de koersbewegingen bij het Brits Pond en de Yen bekijkt, stelt echter vast dat die kleinere verschuivingen toch relatief grote omvang hadden aangenomen. Beide valuta’s zijn fors in waarde gedaald, iets wat voor aardig wat opschudding heeft gezorgd.

PaybackTime: LTRO-2 afbetalingen haperen

A month ago, on January 25 when the window to commence LTRO repayments was opened, European banks, with much pomp and circumstance, announced that 278 banks repaid a greater than expected €137.16 billion of the €1+ trillion in LTRO funding disbursed in early 2012. This was taken as a sign of European bank stress dissipation and financial stability, and furthermore served to push the EUR much higher on expectations that the ECB balance sheet would rapidly contract even as every other central bank balance sheet was expanding. It also ignored the fact that ongoing broad economic weakness in Europe required and still requires a weaker CURRENCY, not a stronger one (however too weak, and you get "redenomination risk", etc, etc). As it turns out, like everything out of Europe, the "strength" indicated by the first LTRO2 repayment was merely a sham, and moments ago when the ECB announced the results of the second 3 year LTRO repayment option, the news was a big dud: instead of the €122.5 billion expected to be paid back, European banks repaid just under half of this amount or €61.1 billion, spread among 356 banks - an average of just €0.17 billion per bank.

The result was an immediate slide in the EUR CURRENCY as questions once again arise: were European banks just faking it; is European liquidity suddenly (and still) insufficient and do banks still need much more ECB support than expected; is the ECB balance sheet contraction now officially over especially with rumblings yesterday by assorted ECB officials that a negative interest rate is conceivable, and with JPM now expecting another rate cut imminently by Draghi? Most importantly: is this time not different after all?

Nieuw-Zeeland volgende kandidaat ‘CURRENCY Wars’: “Kiwi-dollar moet worden gestopt”

In ‘CURRENCY Wars’ zijn er winnaars en verliezers, hoewel het onderscheid tussen beiden niet altijd even makkelijk te maken is. Kan iemand een winnaar worden genoemd die er in slaagt om de eigen nationale munt bij wijze van spreken de strot om te wringen?

Enfin, niemand wil in het kamp van de verliezers zitten, ook Nieuw-Zeeland niet. De gouverneur van de Nieuw-Zeelandse Reserve Bank Graeme Wheeler haalde gisteren zwaar uit naar de speculanten met een forse uitspraak als “the kiwi is not a one-way bet”.