In the currency market, the dollar climbed higher against the euro. Late Thursday, the euro was trading at $1.4027 vs. $1.4156 on Wednesday.

Bankruptcies, Depressions and Mark Stanford with his Argentine beauty.

The Fed continues to preach that high unemployment will stymie any chance of (hyper) inflation taking hold and stealing our collective wealth.  Michael Ponto of Delta Global Advisors believes just the opposite.

Amero to Replace Dollar as North American Currency. What will take the place of the dollar?

In the currency market, the dollar slumped against the euro. Late Thursday, the euro was trading at $1.417 vs. $1.3984 on Tuesday.

This week’s prestigious Mogambo Award For The Best Sardonic Laugh (MAFTBSL) was provided by Nicoles Michas of the Sparks Report, who suggested that “deflation hawks” love inflation and the sound of hungry children crying, people baking in the heat or shivering in the cold, and these horrible people want lower interest rates and higher inflation since they “don’t see any upward significant price pressures beyond food and energy.” Hahaha!

The base metals were mostly lower on Monday. Copper declined through the pre-dawn hours, perked up in New York but failed to escape the red, finishing at $2.2349/lb., down a penny and a half.

Inflation reduces the real value of debt… but in a perverse and unpredictable way.

As I mentioned in my closing comments yesterday, gold hadn’t done much in Far East trading and early London trading…but I also mentioned that this would change as the day wore on in London…and certainly once the Comex opened. Well…I was right about that…unfortunately.

In the currency market, the dollar was sharply higher against the euro. Late Friday, the euro was trading at $1.3968 vs. $1.4171 on Thursday.