The only thing backing the US dollar is the "full faith and credit" of the US government. How much faith, and later, credit is there when the US is allowing phony book keeping?
New Mark-to-Market Rules Coming
"The House Financial Services Committee, led by Rep. Paul Kanjorski (D-PA), yesterday successfully browbeat the Financial Accounting Standards Board (FASB) into coming up with modifications of the mark-to-market rules for valuing bank assets."
"Thus the idea is to let the banks make up the valuation for these assets. Oh sure -- they will have some fancy black box model showing how much they are 'really worth.' But anyone with three hours of experience with Excel can make up a spreadsheet that gets the answers they want if they manipulate the numbers and the assumptions that go into the spreadsheet.
There is a term for knowingly publishing financial statements with incorrect values in them, and that term is 'securities fraud.' The very foundation of capitalism is that the 'real value' for something is that which a willing buyer and a willing seller can mutually agree upon. That, folks, is the market price. That is the price at which these securities should be valued."
New Rule Would Allow Banks To Choose Values Of Their Assets
"The Financial Accounting Standards Board quietly buckled to banking-industry pressure last week and proposed new accounting practices that would allow banks to value assets at a higher price than they could currently be sold for."
EU presidency: US stimulus is ‘the road to hell’
By AOIFE WHITE, AP Business Writer – Wed Mar 25, 3:38 pm ET
BRUSSELS – The head of the European Union slammedPresident Barack Obama’s plan to spend nearly $2 trillion to push the U.S. economy out of recession as "the road to hell" that EU governments must avoid.
Road to hell article
Chris Rea: The Road To Hell
Well I'm standing by a river
But the water doesn't flow
It boils with every poison you can think of
And I'm underneath the streetlight
But the light of joy I know
Scared beyond belief way down in the shadows
And the perverted fear of violence
Chokes the smile on every face
And common sense is ringing out the bell
This ain't no technological breakdown
Oh no, this is the road to hell
And all the roads jam up with credit
And there's nothing you can do
It's all just bits of paper flying away from you
Oh look out world, take a good look
What comes down here
You must learn this lesson fast and learn it well
This ain't no upwardly mobile freeway
Oh no, this is the road
Said this is the road
This is the road to hell
The current "Road to Rescue" is a road to debt.
G Edward Griffin - Creature From Jekyll Island, A Second Look at the Federal Reserve
From The Jakarta Post:
What Asia and the world need from America now
"What the American governing and legal establishment must do, before too much time goes by, is to come completely clean not only with the American people but with Asia, especially, which has poured so much of its wealth into the US. China and Japan are its biggest financial investors.
What's at stake is not so much an eventual honest return on investments (which, in many instances, may be impossible, as many funds have vaporized down the rat-holes of criminal enterprises), but the credibility of the United States of America. And this is something that, when healthy, is priceless, and when destroyed, is worthless.
The US dollar has completed a 5 wave uptrend. With the US turning into a cross between communism and fascism, and a world of make believe, the "full faith and credit", the backing of the US dollar is getting shakey.