Thursday, September 2, 2021

BioNTech vaccines finally reach Taiwan

 Coronavirus latest: TSMC- and Foxconn-bought BioNTech jabs reach Taiwan -  Nikkei Asia

BioNTech vaccines finally reach Taiwan

TAOYUAN (REUTERS) - The first batch of BioNTech's Covid-19 vaccine arrived in Taiwan on Thursday (Sept 2), after months of heated political and diplomatic wrangling and helped by the involvement of two of the world's most important tech firms.

Taiwan has blamed China, which claims the island as its own territory, for nixing an original order from the German firm earlier this year - charges Beijing has angrily denied.

TSMC and Foxconn cleared to buy COVID vaccines for Taiwan - Nikkei Asia  Taiwan's government subsequently allowed major Apple supplier Foxconn - formally Hon Hai Precision Industry - as well as its high-profile billionaire founder Terry Gou, along with Taiwan Semiconductor Manufacturing, to negotiate on its behalf for the shot.

A US$350 million (S$471 million) deal for 10 million shots was inked in July, which will be donated to the government for distribution.

A cargo flight from Luxembourg carrying the made-in-Germany vaccines landed at Taiwan's main international airport at Taoyuan, outside of Taipei, at 7am, met on the tarmac by Health Minister Chen Shih-chung and Ms Sophie Chang, the TSMC Charity Foundation's chairwoman and Mr Gou's cousin.

In one further flourish of drama, China announced the exact arrival date of the vaccines on Wednesday, shortly before Mr Chen began his daily news briefing.

The roughly 900,000 doses of the vaccine, jointly developed with Pfizer, are expected to start being administered later this month.

Taiwan is getting the shots earlier than expected as a delay in regulatory approval of the shot for use in mainland China made a surplus available for the island.

The vaccine is approved for use in Chinese-run Hong Kong and Macau.

While a relatively small domestic coronavirus outbreak is well under control in Taiwan, only around 5 per cent of its 23.5 million people are fully vaccinated, though the government has millions of vaccines on order.

More than 10 million vaccine doses have arrived in Taiwan to date, split between Moderna and AstraZeneca, while local developer Medigen Vaccine Biologics Corp's shots have also started to be administered.

A Taiwanese Buddhist group has also ordered 5 million doses from BioNTech.

Wednesday, September 1, 2021

五国海军兵分七路来大军压境!不惧中共新规

 

美国、日本、印度、澳洲组成的四方安全对话,联同英国加强对中共的军事施压。美国传媒周一(30日)报道,上述5国现时合共有7支海上特遣部队,罕有同时在西太平洋参与多场演习,当中包括两个航空母舰打击群及两个两栖战备群。

报道指,美国海军的特遣部队分别是卡尔文森号航空母舰打击群、美利坚号两栖战备群,以及刚刚抵达菲律宾海的埃塞克斯号两栖战备群。卡尔文森号与美利坚号分别搭载F35C及F35B隐形战机,前者周二(31日)驶离日本横须贺基地,后者日前则在菲律宾海与英国伊利沙伯女王号航空母舰打击群联合行动。

 伊利沙伯女王号航空母舰打击群周二在朝鲜半岛东部海域,与南韩海军演练人道主义搜救及海上机动。由日本海上自卫队“准航母”直升机驱逐舰加贺号、驱逐舰村雨号及不知火号组成的特遣部队,本月20日出发在印太地区巡航直至11月25日,本月26日至29日在菲律宾海参加美日印澳“马拉巴尔”联合演习。

 

 美利坚号(前)与伊利沙伯女王号(中)在菲律宾海编队航行。

 印度海军东部舰队驱逐舰兰维贾伊号、护卫舰什瓦利克号、巡防舰卡德马特号与科拉号本月初启程,到东南亚、南海及西太平洋部署两个月,除了“马拉巴尔”联合演习,日前先后与越南及菲律宾演习。此外,澳洲皇家海军本月26日展开“印太奋进部署”行动,派遣两栖攻击舰堪培拉号与护卫舰澳新军团号。

 中共全国人大常委会今年4月通过“海上交通安全法”的修法,将于9月1日实施。据中央社报道,中共借海上交通安全法表态,美国军舰不属于无害通过。根据9月1日起实施的海上新规,中共要求5类外国船舰进入领海应向中方报告,这5类外国船舰包括:潜水器;核动力船舶;载运放射性物质船舶;载运散装有害物质船舶;以及可能危及中共海上交通安全的其他船舶。

Dean Martin and Me

 Years ago I would NOT be caught with a Dean Martin CD in my collection, like he is so ancient. Now maybe I am getting ancient, I confess I really like his singing. My first encounter with Dean's music when during my part time school holiday work with my uncle who was a big fan of his. He would put on his record on and play it loud at his upstairs home pad while the whole office downstairs can hear it loud and clear. My auntie did not take too kindly of his fancy of Dean's music as she always complained aloud that her husband may be thinking of all his old girlfriends when he sang along with Dean's.

Later I followed The Dean Martin's Show on RTM because he always brought on many Motown stars. One thing I have always been amazed by this man is he always appear drunk during filming of his shows (confirmed later by many articles written on him) He would flung himself onto the grand piano and the poor piano player just was so shocked by his reckless display.

And I also remember went to watch one of his film as a super spy, "The Silencer" in Odeon cinema during the later years. One of the scene was when he walked into a room, the background was playing one of his hit songs, and he complained aloud how terrible was that song. Not many audience laughed as they most probably did not know that was his hit. He actually made 3 more movies on the same super spy character of Matt Helm. And yes, Dean also appeared having a glass too many in the films.


I own a few of his "must have" CDs, I begin to like more of his great singing. These Italians are just so hopelessly romantic.

Dean Martin - King Of Cool

Dean Martin was the King of Cool, sure, no mean feat for a member of the Rat Pack. But he was also the most well-rounded of the bunch as far as talent went. Big screen, little screen, recording studio, nightclub -- no venue or medium was beyond Dino's scope.

              Profile: Dean Martin

Dean Martin


Claims to fame:

  • His personal style, sense of humor, and easy way with a song earned him the title "The King Of Cool"
  • Perhaps the most well-rounded and versatile talent in the "Rat Pack"
  • More beloved by his fellow Italian-Americans than perhaps any other singer
  • Carved out impressive careers in the studio, films, and television
  • Along with Jerry Lewis, one of the postwar era's most enduring comedy teams
  • A major vocal influence on the young Elvis Presley

Born:

Dino Paul Crocetti on June 7, 1917 in Steubenville, OH; died December 25, 1995, Beverly Hills, CA

Styles:

Great American Songbook, Lounge, Adult Contemporary, Easy Listening, Pop Vocal

Early years:

Dino Crocetti sang at an early age, like many Italian-Americans of his generation; but, like most children of the Depression, he also took on most any job he could find, legal and otherwise, working in speakeasies and steel mills and even boxing as "Kid Crochet." He eventually ended up in nearby Columbus as a featured singer in the Ernie McKay Orchestra, then Sammy Watkins', where the bandleader suggested he change his stage name of Dino Martini to something less ethnic. After WWII, Martin was a fixture on the East Coast nightclub circuit, but not one with a signature style.

Success:

While working at New York's Glass Hat club, he met comedian Jerry Lewis, and the two decided to form an act; after a rough start, the two quickly became the toast of the city, and were soon picked up by Paramount. There, they made an astonishing 16 films in seven years, all while maintaining a national radio show. Trouble was, Dean had begun to feel that his "straight man" routine was overshadowing his singing, and he left in 1956. Though he'd already had a hit with "That's Amore" (a song he hated), his solo success really blossomed in the '60s due to his association with Frank Sinatra's "Rat Pack" of entertainers.

Later years:

The late '60s and early '70s proved Dean was a triple threat -- adult contemporary crooner hits, movies (most notably his "Matt Helm" series of James Bond spoofs), and his laid-back TV variety show on NBC, featuring his lovable, boozy persona and a bevy of beauties called the "Golddiggers." Though Sinatra famously reunited him with Lewis on the comedian's charity telethon in 1976, the two never resumed their partnership, and Dean gradually drifted into semi-retirement. Martin, who never fully recovered from the sudden and shocking death of his son Dean Paul in a 1987 plane crash, passed away in 1995 from lung cancer.

#1 Dean Martin hits:

Pop:
"Memories Are Made Of This" (1955)
"Everybody Loves Somebody" (1964)

Adult Contemporary:
"Everybody Loves Somebody" (1964)
"The Door Is Still Open To My Heart" (1964)
"You're Nobody Till Somebody Loves You" (1964)
"In The Chapel In The Moonlight" (1967)
"In The Misty Moonlight" (1967)

Top 10 Dean Martin hits:

Pop:
"Powder Your Face With Sunshine" (1949)
"That's Amore" (1953)
"Return To Me" (1958)
"The Door Is Still Open To My Heart" (1964)
"I Will" (1965)

Adult Contemporary:
"Send Me the Pillow You Dream On" (1965)
"(Remember Me) I'm The One Who Loves You" (1965)
"Houston" (1965)
"I Will" (1965)
"Somewhere There's A Someone" (1966)
"Come Running Back" (1966)
"A Million And One" (1966)
"Nobody's Baby Again" (1966)
"Let The Good Times In" (1966)
"Lay Some Happiness On Me" (1967)
"Little Ole Winedrinker, Me" (1967)
"You've Still Got A Place In My Heart" (1968)
"April Again" (1968)
"Not Enough Indians" (1968)
"Gentle On My Mind" (1969)

#1 Dean Martin albums:

Pop:
The Dean Martin Christmas Album (1966)

Top 10 Dean Martin albums:

Pop:
Dean Martin Sings (1953)
Everybody Loves Somebody (1964)
The Door Is Still Open To My Heart (1966)

Important Dean Martin movie appearances:

"The Caddy" (1953), "The Young Lions" (1957), "Some Came Running" (1958), "Rio Bravo" (1959), "Ocean's Eleven" (1960), "Something's Got To Give" (1962), "What A Way To Go!" (1964), "The Sons Of Katie Elder" (1965), "The Silencers" (1966), "Bandolero!" (1968), "Airport" (1970), "Cannonball Run" (1981)

Covered by:

Bob Dylan, Celtic Frost, Johnny Cash, Elvis Presley, Chris Isaak, Michael Buble, Ben E. King, Julie London, Perez Prado, Cliff Richard, Petula Clark, Gale Storm, The Everly Brothers, Jim Reeves, Frank Sinatra, Little Richard, The Statler Brothers, Paul Anka, The Drifters, Bobby Rydell, Brenda Lee, Peggy Lee, D.O.A., Connie Francis, Brent Spiner

Other Dean Martin facts and trivia:

  • Spoke Italian exclusively until he was five years old
  • Was strongly influenced in his singing style by Harry Mills of the Mills Brothers
  • The Dean Martin Show was turned into a series of popular celebrity roasts in 1973
  • An avid golfer who had his own signature series of balls
  • Was extremely claustrophobic in his younger years, but finally forced himself to ride elevators until he cured the sensation
  • The inscription on his tombstone reads "Everybody Loves Somebody Sometime"
  • San Antonio,Las Vegas and Rancho Mirage, CA have all renamed portions of their highways after the singer

Dean Martin awards and honors:

  • GRAMMY Lifetime Achievement Award (2009)
  • GRAMMY Hall of Fame (1999)
  • Hollywood Walk of Fame: 1817 Vine St. (recording), 6519 Hollywood Blvd. (movies), 6651 Hollywood Blvd. (television)

Other important Dean Martin songs:

"Sway," "Ain't That A Kick In The Head," "Memories Are Made Of This," "Let It Snow! Let It Snow! Let It Snow!," "I'll Always Love You," "If," "You Belong To Me," "Love Me, Love Me," "Kiss," "I'd Cry Like A Baby," "Money Burns A Hole In My Pocket," "How Do You Speak To An Angel?," "The Naughty Lady Of Shady Lane," "Mambo Italiano," "Let Me Go, Lover," "Under The Bridges Of Paris," "Young And Foolish," "Innamorata," "Standing On The Corner," "Watching The World Go By," "The Man Who Plays The Mandolino," "Angel Baby," "Volare," "On An Evening In Roma," "Love Me, My Love," "From The Bottom Of My Heart," "Every Minute, Every Hour" "You're Nobody Till Somebody Loves You," "You'll Always Be The One I Love," "Houston," "That Old Time Feelin'," "I Take A Lot of Pride In What I Am," "One Cup Of Happiness (And One Piece Of Mind)," "June In January," "Come Back To Sorrento," "Just In Time," "I'm Yours," "Hey, Brother, Pour The Wine"

The Marvelettes - "Please Mr. Postman"

 

The Marvelettes - "Please Mr. Postman"

For a pounding beat, clever lyrics, and distinctive vocals, few songs match the power of The Marvelettes' "Please Mr. The original
        Marvelettes

Postman." Remade by countless artists, including The Beatles and The Carpenters, the song represents Motown's unique and yet universal sound. It also became Motown's first huge hit, topping the charts at number one in 1961.

The story reaches back to early 1961, when five young women calling themselves The Casinyets auditioned at Motown studios for Berry Gordy and Smokey Robinson. Invited back for a second audition, the group had to scramble to find an original song to perform. Original Marvelette member Georgia Dobbins and her pianist friend William Garrett quickly penned an early version of "Please Mr. Postman," a bluesy number with few lyrics. Dobbs left the group after the audition, but Gordy liked the song and ordered producers Freddie Gorman, Brian Holland and Robert Bateman (the latter two often credited as Brianbert) to revise the tune for the new group, so they quickly penned "Please Mr. Postman" specifically for the girl group. Gorman, a bass singer and songwriter, actually worked as a postman, so his experiences proved crucial to the writing process. In Bill Dahl's Motown: The Golden Years, Gorman explained his role: "We started working on it, and I started lending lyrics that I had experienced: 'check one more time for me,' and all of that."

Gordy rechristened The Casinyets The Marvelettes, and recording began. The famous Funk Brothers, Motown's in-house band, played on the track, and the thundering beat was performed by William "Benny" Benjamin and future Motown legend Marvin Gaye. At this time, Gaye was an up-and-coming artist with a commercially disappointing album under his belt, and he occasionally did session work while forging his career. Singers Wanda Young, Gladys Horton, Georgeanna Tillman, Katherine Anderson and Juanita Cowart enthusiastically crooned the catchy lyrics, with Horton taking the lead vocal. The rest is history: "Please Mr. Postman" topped the Billboard Hot 100 and R&B Singles charts in December 1961, officially establishing Motown as a major musical force.

Why does "Please Mr. Postman" endure? The lyrics address a universal topic: missing your loved one. "I've been standin' here waitin' Mister Postman/So patiently/For just a card, or just a letter/Sayin' he's returnin' home to me" Horton croons, encapsulating young love and the anxiety that accompanies it. The song also contains those irresistible hooks—the "wait a minute" refrain, the memorable lines ("Please Mr. Postman, check and see/If there's a letter in your bag for me"), the hand-clapping parts, and the ladies' exquisite harmonies. But it's that driving beat that propels the song—to experience this fully, listen to the bass and drums via headphones or good-quality speakers. That beat represents what Motown brought to popular music, and how groups such as the Beatles emulated that deep, driving beat. The song may be 50 years old, and the post office metaphor may not carry the same weight today, but the subject matter, memorable lyrics, tight harmonies, and thumping rhythm will endure for decades to come.

“The King of Doo-wop.” wet his pants

 

Rich Rosen's "Stormy Weather" acetate


Rich Rosen, owner of Wax Trax Records in Nevada, was once called “the white god of rock ‘n’ roll music” by a record collector in Japan. Others have simply known him as

 “The King of Doo-wop.” Neither nickname is surprising for a man who has spent his entire life searching for the rarest records in the doo-wop genre.

Rosen has owned Wax Trax Records for over forty years, starting the business from his home in Brooklyn, New York. From Brooklyn he moved to Pennsylvania before eventually settling in Las Vegas. But his interest in record collecting goes back to his childhood. “One time I was home sick with a cold,” Rosen explains, “and I sent my father out with a list of 45s that I was looking for. Out of a list of 25, he got me four records. My father was the best and if he didn’t get it for me, something was wrong. So I said, ‘You know something? Records are going to become scarce (one day). Certain records are not going to be found.’ That’s when I decided to start collecting records, and searching for them.”

Rosen had a good ear for music, seeking out artists that many had overlooked; this is where the tag “King of Doo-wop” began to stick. “They all knew I was digging up records that nobody had picked before,” explains Rosen. “In other words, the other dealers were passing up things because they didn’t know what they were. What I would do is sit and listen.”

Rich Rosen with “Stormy Weather”

Collecting doo-wop would soon become the way Rosen earned his living. His main way of collecting would be “buying out” music publishers in New York City. He would contact music publishers in New York City and ask them if they had any old records to sell. At times, the publishers would sell Rosen all the existing “old” vinyl they had in storage. His search, of course, eventually expanded to record stores. One such search in the 1970s brought him to a record store he remembers as “Branfords” in New Jersey. It was there where he would purchase what he calls the holy grail of doo-wop, a Stormy Weather acetate disc — an item that Rosen feels can earn him over twenty-thousand dollars one day.

“I walked into this record store in New Jersey that was in a burned-out area,” says Rosen. “I asked if they had any old records. The person behind the counter said that they had a basement with a lot of old records, and no one had been down there in a long time. So they give me a miner’s cap — one with a light on it — and I climbed down. It was like a bomb shelter of sorts with a ladder going down. And I’m looking all over the place. I’m finding great jazz and Blue notes and stuff like that and then there was this stove but it was not against the wall. I wondered why and saw records were holding the stove back.”

Lo and behold, the vinyl slueth would pick up the record of his dreams. “I put my hand down there expecting to be bitten by a rat,” Rosen continues, “and I picked up a handful of records. And the top record was a 78 of “I Live True To You” by the Larks on Apollo and right underneath was the acetate of “Stormy Weather” by the Five Sharps. I was so nervous that I wet my pants because I’m saying to myself ‘How do I get out of this store with this record?’ I didn’t know what to do, so I just threw it into a box with some other albums and 45s and walked up (to the counter) and they said ‘Give me twenty bucks for the box’ and I just said ‘You got it.’”

When the crowned “King of Doo-wop” moved to Vegas about twelve years ago, he immediately became involved in the music community. He convinced the radio station KLAV 1230 AM to take him on as a doo-wop disc jockey, and ever since he has been producing a doo-wop show at 7 to 9pm every Monday night called the Street Harmony Revue. “I felt like my love for doo-wop should be shared by everybody” says Rosen, “and my radio show is considered to be one of the best doo-wop shows on the airwaves. What I do is single out the better songs, and I have a lot of unreleased stuff, from when I used to buy out the publishers in New York.” Tune in and you will get a chance to hear doo-wop’s most beloved and most obscure. Top requests on the show have been “Summertime Angel” by Intentions on Jamie Records, “Heavenly Bliss” by Classic IV on Twist Records, and “What a Night For Love” by the Notations on Wonder.

As far as still finding rare records, Rich Rosen has never given up hope that people will keep unearthing them in basements and attics everywhere. “One man recently walked in to Wax Trax with a pile of records,” Rosen says. “It contained “It’s Too Soon To Know” by the Orioles on Jubilee, “Please Remember My Heart” by the Solitaires on Old Town and about 50-60 records of that caliber. Most were not mint but there was one record that was,worth $4,000: The Encores on Checker.”

He adds, “So, you never know what’s going to walk in off the street.”

 

Rich Rosen’s List of The 20 Rarest Doo-Wop Records
In alphabetical order by label
• Admiral 913 / “Please Be My Love” / The Spirals
• Cameron 1 / “I’m Looking Over” / Tony Evans & Group
• Chelton Ham 1001 / “Remember Me Baby” / Billy & The Essentials
• Club 1011 / “Darling Come Back” / Patty Cordell & The Crescenets
• Comet 2147 / “Wonderful” / Stan Vincent & The Del-Satins
• Delsey 301 / “Sugar Girl” / Lenny Rocco
• Guyden 2087 / “Only Girl For Me” / Bobby Young
• Hawk 153 / “I Still Love You” / Joey & The Ovations
• Herald 569 / “Betty My Own” / Tony Maresca & The Dynamics
• Jamie 1252 / “Summertime Angel” / The Intentions
• Little 813 / “Lorraine” / Joey Dee
• Little Star 112 / “Baby” / The Quarter-Notes
• Orange East / “My Girl” / Tony Dell
• Planet 1048 / “The Wonderful Years” / Barry & The High Lights
• Stasi 1002 / “Every Road” / Anastasia
• Tropelco 1007 / “Lover’s Bells” / The Royal Boys
• UWR 900 / “Rain” / The Demolyrs
• Valley 302 / “Yo Yo Girl” / Dickie & The Debonairs
• Wonder 100 / “Chapel Doors” / The Notations
• Zooma 101 / “My Dream” / The Clee-Shays

Rich Rosen’s 20 Most Wanted Records*
• Aladdin 3449 / “Two Lovers” / The Blenders
• Bardo 529 / “Please Come Back” / The Fi-Dels
• Brooks 2000 / “Baby” / The Carribeans
• CeeBee 1062 / “Oh Why” / The Softones
• Central 2605 / “Blue & Lonely” / The Pretenders
• Chase 1600 / “Write Me” / The Remarkables
• Cyclone 5012 / “If I Could Hold Your Hand” / The Calendars
• De Besth 1124 / “I Want You” / The Five Crowns
• Gee 10 / “Blue” / The Coins
• Gone 5010 (Black) / “Lamp Light” / The Deltas
• Lessie 99 / “That’s My Girl” / De Jan & The Elgins
• Mark 146 / “Tell Me A Lie” / The Charm Kings
• Markay 108 / “Pardon Me” / The Cezannes
• Marlin 803 / “Frankie My Eyes Are On You” / Little Iris Culmer
• Moon 109 / “Crying” / The Endorsers
• Planet X 9621 / “I Want” / Henry Sawyer & The Jupiters
• Play 1002 / “I Thank Heaven” / The Tone Blenders
• Rama 215 / “My Foolish Heart” / The Joytones
• Teen 121 / “What Is Your Name Dear” / The Ebb Tides
• Tops / “Heaven Sent You” / The Concepts

*Listed in alphabetical order by label. Rosen started off collecting Doo-Wop and Ihen ventured into R&B. He still collects Doo-Wop, but it seems that most of his want list, below, is R&B, or you could say R&B oddities – things that have eluded him during his 45 years of collecting records.

Wax Trax Records is located in the Westside neighborhood of Las Vegas, Nevada. 2909 S Decatur Blvd, Las Vegas, NV 89102.

An old essay on USD as reserve currency

 

A number of sites are commenting on a Bloomberg video in which El-Erian, PIMCO Co-CEO says "Dollar could lose its reserve currency status".



<iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/ImXkRdLxllo" frameborder="0" allowfullscreen></iframe>

Bloomberg: "Mohammad what does a weak dollar signal to you, a dollar that can't jump up here on a day like we've seen today?"

El-Erian: "It is a warning shot to America that we cannot simply assume flight to quality, flight to safety. That people are starting to worry about the fiscal situation in the U.S. They are starting to worry about the level of debt. They are starting to worry about what they hear about states and municipalities. So, I would take this as a warning shot that we cannot assume that we will maintain the standing of the reserve currency as we have in the past."

Reserve Currency Definition

Before we can debate whether or not the US will lose reserve currency standing, we must first define what it means.

Investopedia defines Reserve Currency as follows.

"A foreign currency held by central banks and other major financial institutions as a means to pay off international debt obligations, or to influence their domestic exchange rate."

I accept that definition. Unfortunately Investopedia rambles on with nonsense about the implications: "A large percentage of commodities, such as gold and oil, are usually priced in the reserve currency, causing other countries to hold this currency to pay for these goods."

That sentence is a widely believed fallacy. The reality is no country is obligated to hold dollars to buy goods denominated in dollars.

Currencies are Fungible

Currencies other that illiquid currencies with low or no trading volume (think of Yap Island stones or the Cuban Peso) are fungible. It is a trivial process to switch from one currency to another.

You can buy gold or silver in any country, and I assure you those transactions do not all take place in dollars. Thus, just because a commodity is widely priced in dollars does not mean it only trades in dollars.

That holds true for oil as well.

I keep pointing this out, unfortunately to no avail, that oil trades in Euros right now. There is no selling of Euros to buy dollars on the front causing the oil producers to trade dollars for euros on the back end. The oil states simply sell oil for a price in Euros and then hold Euros in their Forex reserves.

Fact and Fantasy

The first part of what El-Erian said is factual. Here it is again for convenience. "People are starting to worry about the fiscal situation in the U.S. They are starting to worry about the level of debt. They are starting to worry about what they hear about states and municipalities."

Those are true statements. Unfortunately, his "warning shot" regarding reserve currency status is fallacious.

To understand why, let's return to the definition of reserve currency: "A foreign currency held by central banks and other major financial institutions as a means to pay off international debt obligations, or to influence their domestic exchange rate."

Foreign Currency Reserve Factors

  1. Trade Volumes
  2. Trade Deficits
  3. Currency Manipulation
  4. Hot Money

Trade Volumes and Trade Deficit


The US happens to be at or near the top of nearly every country's trading partners. The US runs a trade deficit with most of them. Those trading partners accumulate dollars as a simple function of math. We run a deficit, someone else runs a surplus.

Some wonder why the surplus countries do not buy oil or commodities with their accumulated dollars. OK, what does Saudi Arabia, Iran, or Venezuela do with the dollars then?

Does Iran or Venezuela even hold dollars now? Think of the implications of that answer in light of the widely viewed fallacy that one needs dollars to buy oil.

Regardless, of where the dollars end up, those US dollars will eventually return home. Recall that Dubai tried to buy a US port and China tried to buy Unocal. Both were rejected for security reasons. However, those dollars will return home, with China, Japan, and the oil states buying various US assets.

Currency Manipulation

Most US trading partners do not want their currencies to rise, especially China and Japan.

Consider the Yuan which does not float. To suppress the value of the Yuan, China takes US dollars and exchanges them for Yuan at a pegged rate. China does this hoping to create job and boost exports.

The US calls this currency manipulation and it is. However, it is no more manipulative than Bernanke flooding the markets with US dollars hoping to weaken the US dollar and stimulate growth.

Hot Money

Hedge funds and other speculators have moved money to China banking on currency appreciation.

China needs to maintain currency reserves to allow for the repatriation of those US dollars. Michael Pettis at China Financial Markets points out that most of the hot money inflows into China are done by Chinese businesses that understand how to get around rules and regulations regarding currency inflows.

That argument make perfect sense, but the math remains the same regardless of where the hot money comes from.

Global Beggar-Thy-Neighbor Policies

It is pretty pale to suggest the end of the US dollar as a reserve currency when countries hold dollars as a function of math, then hold still more dollars to suppress their currencies, hoping to keep their exports up to "stimulate growth".

Mathematical Impossibility

Another mathematical relationship says the dollar, the pound, the Yen, and the Yuan cannot all be weak at the same time (relative to each other). Yet that is precisely what every country wants. It's mathematically impossible.

You can see the effect in rising commodity prices.

If commodity prices were a function of the US dollar alone, then they would be rising in US dollar terms alone. Instead there is upward pressure on commodities in all currencies.

At some point the desirability to hoard commodities will peak.

Zero Hedge Comments

Zero Hedge commented on reserve currency status about a week ago.

Regarding El-Erian's statement: "I would take this as a warning shot that we cannot assume that we will maintain the standing of the reserve currency as we have in the past"

Zero Hedge quipped:
That's a given - the question however remains, which fiat currency, if any, is willing and ready to step in and replace the USD? With all eyes continuing to be look at the CNY, how long before China finally takes the plunge to find out just who is the real reserve currency in the world?
Will Another Fiat Currency Replace the Dollar?

For starters, Zero Hedge ignored the essential trade deficit math. The US runs a trade deficit, someone else must run a trade surplus.

Second, Canadian dollar and the Swiss Franc do not have enough trading volume. More importantly, there are not enough Canadian Dollars or Swiss Francs to go around. Look at what happened to Iceland when too many plunged into the Icelandic króna.

The Canadian and Swiss economies are simply not big enough for them to be global reserve currencies. In regards to the Euro, is Europe in a better fundamental situation than the US? Would it matter even if it was? To answer the second question, please remember trade deficit math.

As for the Yuan, it is complete silliness to suggest the currency of a command-economy dictator-led country that will not even float its currency will be some sort of major reserve currency.

To the extent that China trades with Russia, South Korea, etc., local reserves in varying currencies can happen (and are happening already), but the global significance of it is wildly overstated. The amounts in question are tiny, as a simple function of math.

Will the dollar remain the global reserve currency forever? Of course not. However, it is highly unlikely any of the presumed leading Fiat candidates including the Yuan and the Keynesian wet-dream IMF SDRs (Special Drawing Rights), will take the dollar's place. SDRs are essentially a basket of currencies.

The concept of trading in baskets of currencies backed by nothing is even more ridiculous than the existing setup. People do not buy goods and services in baskets of currencies.

What can replace the dollar?

Gold, or a mechanism like gold that would impose a hard restrictions on perpetual deficits is what its takes to restore sanity. However, we may not see a significant move towards gold until there is a massive currency crisis or revolt against fiat currencies in general, not just the US dollar.

FREEDOM ISN'T FREE...SOMEONE HAD TO PAY FOR IT

 When I was a kid, I couldn't understand why Eisenhower was so popular.  Maybe this will explain why.

 
cid:1.3996923746@web112007.mail.gq1.yahoo.com
 
 
 
General Eisenhower Warned Us
[cid:2.3996923746@web112007.mail.gq1.yahoo.com
 
It is a matter of history  that when the Supreme Commander of the Allied Forces, General Dwight Eisenhower, found the victims of the death camps he ordered all possible photographs to be taken, and for the German people from surrounding villages to be ushered through the camps and even made to bury the dead.

He did this because he said in words to this effect:

'Get it all on record now - get the films - get the witnesses -because
somewhere down the road of history some bastard will get up and say that this never happened'

This week, the UK debated whether to remove The Holocaust from its school curriculum because it 'offends' the Muslim population which claims it never occurred. It is not removed as yet.. However, this is a frightening portent of the fear that is gripping the world and how easily each country is giving into it.

It is now more than 60 years after the Second World War in Europe ended. This e-mail is being sent as a memorial chain, in memory of the,6 million Jews, 20 million Russians, 10 million Chris tians, and 1,900 Catholic priests Who were 'murdered, raped, burned, starved, beaten, experimented on and humiliated' while the German people looked the other way!

Now, more than ever, with Iran , among others, claiming the Holocaust to be 'a myth,' it is imperative to make sure the world never forgets.


cid:3.3996923746@web112007.mail.gq1.yahoo.com

[

This e-mail is intended to reach 400 million people! Be a link in the memorial chain and help distribute this around the world.

How many years will it be before the attack on the World Trade Center  

'NEVER HAPPENED',

 
 
cid:4.3996923746@web112007.mail.gq1.yahoo.com
Because it offends some Muslim in the U.S. ???


FREEDOM ISN'T FREE...SOMEONE HAD TO PAY FOR IT