The world is on the brink of a fresh "currency war," Russia warned, as European policy makers joined Japan in bemoaning the economic cost of rising exchange rates.
"Japan is weakening the yen and other countries may follow," Alexei Ulyukayev, first deputy chairman of Russia's central bank, said at a conference today in Moscow.
The push for weaker currencies is being driven by a need to find new sources of economic growth as monetary and fiscal policies run out of room. The yen has slid 11 percent against the dollar since December and this week touched its lowest level in two years.
The alert from the country that chairs the Group of 20 came as Luxembourg Prime Minister Jean-Claude Juncker complained of a "dangerously high" euro and officials in Norway and Sweden expressed exchange-rate concern.
The push for weaker currencies is being driven by a need to find new sources of economic growth as monetary and fiscal policies run out of room. The risk is as each country tries to boost exports, it hurts the competitiveness of other economies and provokes retaliation.
Yesterday "will go down as the first day European policy makers fired a shot in the 2013 currency war," said Chris Turner, head of foreign-exchange strategy at ING Group NV in London.
The skirmish may lead to a clash of G-20 finance ministers and central banks when they meet next month in Moscow, three months after reiterating their 2009 pledge to "refrain from competitive devaluation of currencies."
Actually 2008 turned unto the war on creditors, not currency wars, the central banks were revealed to be a cartel not in the interests of the public.
Interest rates should be around 8% and Bank reserve ratios (deposits stored with the central bank) should be 10%+ level.) Of course this won't happen because exponential debt covers over the harm of income taxes.
The F-16 carries an M61A1 Vulcan gun, which fires 20mm projectiles at the rate of 6000 rounds per minute, in addition to various ground-attack and air-to-air missiles.
The Abrams tank carries a 120mm smoothbore gun with a muzzle velocity of more than a mile per second even with an earlier generation of ammunition it could penetrate 22 inches of armor at more than a mile, and this performance has since been improved. The Abrams also carries three machine guns and a sophisticated ballistic computer system.
So, Mr Obama do you think Mohamed Morsi can pass the background check to qualify for the ownership of such weapons?
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From the Richard Reid (the Shoebomber) sentencing hearing, the judge said the following, along with a great deal more worth reading:
You're a big fellow. But you're not that big. You're no warrior. I know warriors. You are a terrorist. A species of criminal guilty of multiple attempted murders ...
See that flag, Mr. Reid? That's the flag of the United States of America. That flag will fly there long after this is all forgotten. That flag still stands for freedom. You know it always will. Custody, Mr. Officer. Stand him down.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.