Date:   10/23/2004 6:27:49 PM ( 20 y ago)
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URL:   https://www.curezone.org/forums/fm.asp?i=18520

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Now can you see why the CERT program and National Guards are being trained? Get ready AmeriKKKa your gonna feel some hard soon :-) Yes you need this wake up call because you've just let it happen for so long! Laughed at people like me and now you will witness the truth and repent for the sins to Conspiracy TRUTHsayers

-Anunnaki

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Central Bank Stops Supporting Dollar

Oct. 22, 2004
News From Russia

The weighted average dollar exchange rate was 29 RUR/USD in the first 90 minutes of trade at a special session today. Thus, the official dollar rate for October 23-25 will decrease by RUR0.12. This is the most considerable one-day drop of the dollar against the ruble since late April. The low on the deals was even 28.95 RUR/USD at the UTS.

According to commercial bank dealers, the Central Bank has not supported the dollar despite a large selling of dollars by market participants.

Banks sold over $436m at a special session at 11:30 a.m. Moscow time. Yesterday, the trade volume was just $19m at the UTS at the same time. The average lot of dollars to be sold was $1.7m in the first 90 minutes of trading.

A Bank of Moscow expert told RBC TV that the trade volume on MICEX including a special session for today deals almost reached $1bn in the first 30 minutes of trading. The expert said that the Central Bank's activities could be attributed to the dollar's decrease on international exchanges and growth in the gold and currency reserves in Russia. However, the Central Bank's leaving the market at the end of the week was quite unexpected. The specialist thinks that the Central Bank is currently concerned about its obligations on preventing inflation.

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From a reader....

U$D Selloff Continues in Eastern Bloc
Oct. 22, 2004

Many of you don't know I am a hedge fund trader specializing in currencies.
I talk to people from around the world every day.

This came my way the other day from a contact in the biz and I thought you
might be interested in it. The last time there was this much urgency to dump
the U$D in that area of the world was a few months prior to 9-11.

This could mean something and it could mean nothing....but we take notice in
my line of work.

Name Withheld
____________________________________

message:

Hey Name Withheld,

I just got another email from the guy I told you about before in Cz Repub.
who owns 3 money changing houses and is an FX Spot trader as well . This is
his broken email to me summarizing, the USD is flat out being dumped, still.
It isn't making headlines for some "reason". He, as you may remember I told
you, has a strong tie to a large bank in Cz...banker said they are flooded with
USD from people changing their accounts over to another currency...EUR, Cz
money etc...anything to get out of USD. The Chinese he says there are dumping
all their USD. We're not talking FX specs, we're talking mom and pop dumping
what they thought a month ago was a solid hedge…the USD.

The person has sent me two other emails in two weeks saying the same
thing..one of which you got already, evidently it is an ongoing thing to sell off
USD. I didn't know the Chinese are heavy into Cz but evidently they are and
dumping USD too. He says yards (Billions). After all, he's the one changing it!

Take it for what it's worth but be real quick with that close button on your
Euro shorts should the house of cards implode faster than we thought. It's
already jumped the gun 2-3 weeks in my book. Here is the letter from Prague
contact: Dear XXXXX! Thanks for ur advice..I'm too flat now just waiting. but
if we don't go back to 1.2450 (Eur-Usd) in the next 48 h, that meaning my
friend the crash is sooner then later...it seems something from the G7 to take
the usd down. I wana to be honest with u I dont like the rush from big Chinese
fish here they are selling the usd at this level and buying any thing
CZK..PLN..SFR...EUR..everything. they start from the morning ..and I‚m talking with
a huge number as real money..they are changing their USD accounts and
..XXXXX Im talking about yards (Billions) my friend here in the CZ say the Chinese
have a large biz..operation..our CB(Central Bank) today cant to hold the
crash. it was the first time when the usd in czk at 24,95. Good luck my friend
thank you once again luck see u soon....

End

____________________________________

Now the panic on the Chech guy is this....he sees Chinese dumping billions
of U$D a day through HIM, not caring about the rate. He has no option but to
facilitate the transactions. So he is now LONG a huge amount of U$D in a
market that has his Chinese customers freaked out so much they are totally
ditching the U$D for anything else they can get liquidity for. This guy now has to
go into the Interbank market and try to get rid of this huge U$D position,
but needs to ditch it ASAP to avoid taking a huge loss on it. But there aren't
many buyers looking to stock up on the U$D lately, so it starts to fall.

What can happen is if he and others stop buying the U$D due to the risk, it
starts to fall and the Central Banks have to step in. last fall there was a
brutal U$D sell-off that lasted from Sept to Jan. The Bank Of Japan spent an
incredible amount of U$D (Trillions) trying to slow the fall. We made a huge
amount of $$$ off it too. The "fundamentals" don't say it should happen again
this fall but it is looking that it might anyway due to the above activities
perhaps.

In the FPT this could be a precursor to some kind of attack against
American interests.

Name withheld


 

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