Friday, March 20, 2009

The Decline Of The Dollar As The World Currency

You can bookmark this Blogger. I regard him/her as the King of Bloggers on economy and monetary issues. Knowledge, great insight in the markets. excellent command of English and pretty Blog lay-out make this Blogger worth reading.
But who is he? I've been thinking about this and he calls himself Arthur Cutten (see email profile: If you Google this name you will find out Artur Cutten was Canadian-born businessman who gained great wealth and prominence as a commodity trader in the United States. He was called to appear before the Banking and Currency Committee in regard to the causes of the Wall Street Crash of 1929. He was under indictment for tax evasion upon his death in Chicago in 1936. Then if you Google Arthur Cutten and Jesse you hit the name Jesse Livermore. Jesse Lauriston Livermore (July 26, 1877 — November 28, 1940), also known as Boy Plunger. He was an early 20th century stock trader. He was famed for making and losing several multi-million dollar fortunes and short selling during the stock market crashes in 1907 and 1929. We are getting somewhere but who is the write of the Blog? I only found out after I misspelled as So without an "s" and found out that this Blog was registered to a certain Louis Paquet. Ah, a French name! Link with Geneva/French speaking Switzerland! Mr Paquet is Canadian and seems to be the Vice President of the National Bank of Canada. Another lead! Look here for a picture. But is it him? After all, there other Louis Paquets in this world and the misspelling might be a wrong lead? To be continued..

Jesse's Cafe Americain
March 19, 2009

The arrogant belief that you are the 'only game in town,' and indispensable, provokes reckless behaviour that takes advantage of such a belief with abusive excess.

The time for the dollar to fall from its reserve currency status is coming precisely because of the years of reckless deficit spending beginning with the Reagan Administration.

This is also a model for the Wall Street moneycenter banks, who have abused their position in the financial system egregiously since the repeal of Glass-Steagall. The likely result of this long cycle of reckless speculation and arrogance was forecast here in 2005.

Forecast 2005: The Humpty Dumpty Economy
Jesse's Café Américain

The current trend in the United States economy is not sustainable. This is a
realization that will penetrate the national consciousness slowly and unevenly.
Most economists agree on how this cycle will end (even if it is only privately), but
the great debate is in the details of how, and most importantly, when.

If one does not accept that the situation is unsustainable, and believes that things
can continue on endlessly just as they are, with the United States consuming the
bulk of the world’s savings and production because of who we are, then perhaps
this is symptomatic of the national epidemic we now suffer which the ancient
Greeks called hubris.

"Where else will they put their surplus if not our debt? To whom will they sell their
goods if not to us? Who will teach them how to live, and govern them?" History
shows that even if such trends last far beyond most expectations, eventually a
day of reckoning arrives, in some frequently repeated patterns of systemic

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