by The Mogambo Guru Telegraph.co.uk had the headline #8220;China#8217;s yuan #8217;set to usurp US dollar#8217; as world#8217;s reserve currency#8221; for an article by James Quinn. I thought that the headline would refer to how it is inevitable that China would not be long in getting rid of the requirement to use the dollar to settle international contracts [...]div class="feedflare" a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=SzmBOqELREo:--XWPOj8xpc:yIl2AUoC8zA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=yIl2AUoC8zA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=SzmBOqELREo:--XWPOj8xpc:F7zBnMyn0Lo"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=SzmBOqELREo:--XWPOj8xpc:F7zBnMyn0Lo" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=SzmBOqELREo:--XWPOj8xpc:7Q72WNTAKBA"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=7Q72WNTAKBA" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=SzmBOqELREo:--XWPOj8xpc:V_sGLiPBpWU"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=SzmBOqELREo:--XWPOj8xpc:V_sGLiPBpWU" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=SzmBOqELREo:--XWPOj8xpc:qj6IDK7rITs"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=qj6IDK7rITs" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=SzmBOqELREo:--XWPOj8xpc:l6gmwiTKsz0"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?d=l6gmwiTKsz0" border="0"/img/a a href="http://feeds2.feedburner.com/~ff/YourFinancialFuture?a=SzmBOqELREo:--XWPOj8xpc:gIN9vFwOqvQ"img src="http://feeds2.feedburner.com/~ff/YourFinancialFuture?i=SzmBOqELREo:--XWPOj8xpc:gIN9vFwOqvQ" border="0"/img/a /div

I looked around the barroom and said, “The gold exchange on the Comex is a den of lying, thieving, corrupt bastards who are in cahoots with the lying, thieving, corrupt banks and the lying, thieving, corrupt government!”

Instead of the expected rousing response of, “You’re right, Mighty, Mighty Mogambo (MMM)! This is an outrage!” all I got was a few, “Shut the hell up!” replies and one wag saying, “Tell us something we don’t already know! Hahaha!”

Undaunted, I continued on with an appeal to their greedy natures by saying, “Well, GoldForecaster.com reported the interesting news that ‘With a hefty increase in long positions of nearly 28 tonnes and the trimming of some short positions, COMEX turned around again and went long last week.’ This means that although the gold exchange is full of lying, thieving, corrupt bastards, they are not stupid! They are buying gold! These are the insiders! And they’re

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Can the Chinese “dragon” save us from the worst recession in 70 years?

It’s an important question for any investor if they plan on making any long-term investment decisions during this global downturn.

Financial newsletter writer John Mauldin gives us a big clue of what’s to come in an article he wrote earlier today…

One of the best gauges of an economy is tax collections. No one pays taxes unless they have to, so collections are a real-world, real-time analysis of the US economy. And the best source I know of for tracking taxes is The Liscio Report, by Philippa Dunne & Doug Henwood.

Tax collections are down. Philippa and Doug give us the actual numbers, which are not pretty. Bottom line? “What does this all mean? It suggests that the consumer retrenchment in this recession will be deep and long, and will probably continue into any recovery. The American consumer is no longer

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Our researcher, a href=”http://student.dcu.ie/~cullr2/”Ronan Cull/a, has put together this list of stock picks (Irish, UK, Canadian and US) from around the web. Any take your fancy! a href=”http://www.zignals.com”Chart – Save – Alert with Zignals/a for free.br /br /”Changing Value: 9 picks for 2009 = APC, GE, ISRG, WFC, and more” Sheldon Liber (BloggingStocks.com)br / 1. American Eagle Outfitters (AEO) 2. Anadarko Petroleum (APC) 3. Anglo American (AAUK) 4. Annaly Capital Management (NLY) 5. Diageo plc. (DEO) 6. General Electric Company (GE) 7. Intuitive Surgical Inc. (ISRG) 8. Wells Fargo and Company (WFC) 9. EZCorp Inc. (EZPW)br / br /”Brokers Bullish ISEQ after rise” Pat Boyle (Independent.ie)br /Davy:br / 1. CRH 2. Ryanair 3. …

Link FestHedge Fund Link FestIn case you have been reading up on bank failures and bail outs all week and missed much of the news on the hedge fund industry here is a link fest out to many of the events which recently occurred in the industry:Citadel, TPG-Axon Stumble Toward Worst Year in Hedge-Fund SwoonBloomberg - USA19, the worst first nine months of a year since Chicago-based Hedge Fund Research Inc. started tracking the data in 1990. Investment gains are being ... Worth Interviews Hedge Fund Guru David EinhornMarketWatch - USAIn the case of Lehman Brothers, one of those short sellers is David Einhorn, the head of hedge fund Greenlight Capital. Last May Einhorn stated publicly ... ...

Holy cow batman.

A string of cascading failures in US Financial institutions appears to be having a chilling effect on the leaders of the worlds largest developing nation.

This week, casualties in the form of Merril Lynch, Lehman Brothers, and now AIG are lighting off alarms across the globe, with fears that the US Financial Maelstrom could lead to global problems far greater than what is happening now.

The most recent alarm, caused by the cascading failures of some of the worlds oldest financial titans, is rung with a final clarion call of AIG, a $1,000 Billion dollar insurer of the US Commodities markets is facing bankruptcy, to be bailed out by the Fed.

From the Telegraph.co.uk:

Federal Reserve bails out AIG with $85bn loan

By James Quinn, Wall Street Correspondent Last Updated: 1:38am BST 17/09/2008

The future of American International Group appears to have been guaranteed after high-level talks resulted

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Beijing swells dollar reserves through stealth

Last Updated: 3:24pm BST 26/08/2008 The Telegraph.co.UK

Rule changes for commercial banks are acting as cover for exchange rate intervention, writes Ambrose Evans-Pritchard

China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy.

A study by HSBC’s currency team in Asia has concluded that China’s central bank is in effect forcing commercial banks to build up large dollar reserves, using them as arms-length proxies in a renewed campaign of exchange rate intervention.

Beijing has raised the reserve requirement for banks five times since March, quickening the pace with two half-point rises in late June.

This is having major spill-over effects into the currency markets because banks in China have been required over the last year to

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Beijing swells dollar reserves through stealth

Last Updated: 3:24pm BST 26/08/2008 The Telegraph.co.UK

Rule changes for commercial banks are acting as cover for exchange rate intervention, writes Ambrose Evans-Pritchard

China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy.

A study by HSBC’s currency team in Asia has concluded that China’s central bank is in effect forcing commercial banks to build up large dollar reserves, using them as arms-length proxies in a renewed campaign of exchange rate intervention.

Beijing has raised the reserve requirement for banks five times since March, quickening the pace with two half-point rises in late June.

This is having major spill-over effects into the currency markets because banks in China have been required over the last year to

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