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Daily Dispatches

Penny keeps proclaiming currency devaluation

Section: Daily Dispatches

Not a Penny More: The Time to Abolish the U.S. Coin Has Come

By Sam Learner
Financial Times, London
Sunday, April 16, 2023

They pile up in drawers. They're taken or left on a whim at store counters. Vending machines and parking metres won't accept them. And last year they cost the U.S. Treasury $100 million more to produce than they're worth. Despite all this, the penny -- America's copper-plated 1-cent coin -- persists.

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Yellen says sanctions may risk U.S. dollar's hegemony

Section: Daily Dispatches

From Agence-France Presse
via Al Arabiya, Dubai
Sunday, April 16, 2023

Economic sanctions imposed on Russia and other countries by the United States put the dollar's dominance at risk as targeted nations seek an alternative, Treasury Secretary Janet Yellen said today.

"There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar," Yellen said on CNN.


Rogue banks and bankers in Kenya probed for rigging local exchange rate

Section: Daily Dispatches

They seem to have learned their techniques from JPMorganChase traders.

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From Garowe Online, Garowe, Somalia
Sunday, April 16, 2023

NAIROBI, Kenya -- A number of undisclosed banks in Kenya are under investigation by the Competition Authority of Kenya for allegedly fixing foreign exchange trades, adding a fresh twist to the crisis that has seen lenders run out of dollars on some days.

Another country rich in gold and silver makes itself a slave to the U.S. dollar

Section: Daily Dispatches

U.S. Dollar Scarcity Threatens Bolivia's 'Economic Miracle'

By Carlos Valdez
Associated Press
Saturday, April 15, 2023

LA PAZ, Bolivia -- Sofia Andrade, a lawyer, chose over the past month to withdraw all her dollar savings from the bank as the US currency became scarce on the streets of Bolivia.

"I prefer to have them at home," she said. "I fear they won't let me withdraw them later."

Former clients seek help pursuing recovery from Anglo Far East Bullion Co.

Section: Daily Dispatches

11:33a ET Saturday, April 15, 2023

Dear Friend of GATA and Gold (and Silver):

Former clients who lost their assets last year in the failure of the Angl0 Far East Bullion Co. in Panama are organizing in pursuit of redress and recovery and they seek contact with other former clients who might consider joining them. They have created an internet site through which they may be reached:

Ambrose Evans-Pritchard: Brace for QE all over again, and let's get it right next time

Section: Daily Dispatches

By Ambrose Evans-Pritchard
The Telegraph, London
Friday, April 14, 2023

If you thought that zero rates and quantitative easing were a bad dream that we can all forget, you may be in for a surprise. It is again becoming clear that deflation remains the overarching structural threat to the world economy.

A few brave analysts are already starting to flag a return to emergency QE as soon as next year, convinced that the US Federal Reserve and the European Central Bank have over-tightened and set in motion a deepening credit crunch.

In 'Live from the Vault,' Maguire and Schectman ponder a new currency system

Section: Daily Dispatches

7:04p ET Friday, April 14, 2023

Dear Friend of GATA and Gold (and Silver):

Kinesis Money's "Live from the Vault" program this week is a discussion between London metals trader Andrew Maguire and Andrew Schectman of coin and bullion dealer Miles Franklin Precious Metals. 

Debt ceiling jitters drive up cost of insuring against U.S. default

Section: Daily Dispatches

By Kate Duguid, Lauren Fedor, and Colby Smith
Financial Times, London
Thursday, April 13, 2023

The cost of buying insurance against a U.S. government default has shot to its highest level in more than a decade, in an early sign of market concerns about the political impasse in Washington over the debt ceiling.

Amid a stalemate between the White House and congressional Republicans on raising the federal borrowing limit, the price of five-year credit default swaps -- the most widely traded form of debt insurance -- reached its highest since 2012 this month.

Bloomberg columnist admits and contrives a rationale for dollar imperialism

Section: Daily Dispatches

4:20p ET Thursday, April 13, 2023

Dear Friend of GATA and Gold:

An opinion column by Tyler Cowen of Bloomberg News today offered an awfully contrived rationale for U.S. dollar imperialism and exploitation throughout the world. But Cowen's acknowledging that imperialism and exploitation was service enough.

In his column, "What De-Dollarization? The Dollar Rules the World" --