Audit the Fed – Amendment to a $200 billion bill frightens currency traders!
Contrarian Profits (November 20th, 2009) Writes:
Chuck Butler, regular analyst at The Daily Reckoning, offers an analysis of why the ‘Audit the Fed’ amendment to a $200 billion deficit plan spooked the currencies markets this week.
Chuck Butler (The Daily Reckoning): As I checked the currencies throughout the day yesterday, I noticed that as the day went on, the non-dollar currencies were stronger, led by the Big Dog, euro (EUR)… But then late last night, and I mean late last night, I checked them, and those gains had been wiped out.
So, when I arrived here this morning, I had one thing on the top of my list of things to do, and that was to find out what happened… Come on, I said to myself, it had to be more than the “risk on, risk off” stuff that’s been hanging over the markets like the Sword of Damocles! But, when you
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Today is a day to give thanks. I know it’s a little early for Thanksgiving, but I’m talking about being thankful to Uncle Sam and the U.S. government for the bountiful opportunity they have given us to make huge loads of money in a relatively short amount of time. I’m talking about shorting U.S. debt via 2 specific, but very risky vehicles:
