Bretton Woods gold/dollar peg unlikely at G20

NEW YORK (Reuters) - Gold surged on Friday as world leaders gathered to battle the economic crisis, amid talk of a new Bretton Woods agreement to shore up the financial system, but calls to revisit the gold standard are unlikely. Read more

The World Tires of Dollar Hegemony

What explains the paradox of the dollar’s sharp rise in value against other currencies (except the Japanese yen) despite disproportionate US exposure to the worst financial crisis since the Great Depression?

The answer does not lie in improved fundamentals for the US economy or better prospects for the dollar to retain its reserve currency role.

The rise in the dollar’s exchange value is due to two factors. Read more

Dollar, Yen Fall as Rate Cuts, Stock Rally Boost Risk Appetite

Oct. 30 (Bloomberg) — The dollar and the yen fell as a wave of global interest-rate cuts sparked a rally in Asian stocks, bolstering demand for higher-yielding assets.

The greenback slid for a third day against the euro after the Federal Reserve reduced its target lending rate to the lowest in half a century. The yen dropped to a one-week low versus the European currency on speculation the Bank of Japan will lower borrowing costs when it meets tomorrow. South Korea’s won jumped the most in a decade after the Fed provided funds to alleviate a shortage of dollars in the nation. Read more

U.S. has plundered world wealth with dollar: China paper

BEIJING (Reuters) - The United States has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday. Read more

Dollar roars back as global debts are called in

For six years the world has been borrowing dollars to bet on property, oil, metals, emerging markets, and every bubble in every corner of the globe.

This has been the dollar “carry trade”, conducted on a huge scale with high leverage. Now the process has reversed abruptly as debt deflation - or “deleveraging” - engulfs world markets. The dollars must be repaid. Read more

Dollar surges vs Canadian dollar, euro, pound

Dollar surges to multi-year highs against the Canadian dollar, euro, pound on recession fears

NEW YORK (AP) — The dollar surged to multi-year highs against the Canadian dollar, British pound and 15-nation euro Wednesday on anxieties about the deteriorating economies overseas and growing expectations that central banks will cut interest rates. Read more

Global summit should look at currencies: France

BRUSSELS (Reuters) - Relationships between major world currencies should be studied as part of a global overhaul of the financial system in the wake of the financial market crisis, French President Nicolas Sarkozy said on Thursday. Read more

Max Keiser: The dollar will soon decline and gold will soon rise

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Financial crisis: Euro and pound tumble as Europe’s banks falter

The euro and the pound fell heavily against the dollar today after another weekend of turmoil which exposed further weakness in the European banking system and lack of co-ordinated action from its governments.

The euro tumbled 1.8 cents to $1.3590, while the pound was down 1.7 cents at $1.7543 after the German Chancellor Angela Merkel followed similar moves by Ireland and Greece last week and said the government would guarantee all private German bank deposits. Read more

VIDEO | Ron Paul: You’re Going To Guarantee A Depression!!!

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