‘And The Award For The Most Creative Excuse For Joining Currency Wars Goes To … The Bank Of Israel!’

“And the award for the most creative excuse for joining currency wars goes to…” (Lighthouse Investment Management, May 13, 2013):

… the Bank of Israel!

  • On Monday, Bank of Israel cut interest rates in a surprise decision to 1.5% from 1.75%.
  • Also, they are done with watching the Shekel strengthen against the dollar:

“Beginning this year, and in coming years, the Bank of Israel will purchase foreign exchange in order to offset the effect of natural gas production on the exchange rate.”

  • Hilarious! The BoI tries to ‘justify’ entering the global currency wars with natural gas production. A top contender in Central Banking Oscar’s for “Most creative excuse for FX manipulation”!
  • The Q&A brought up a critical question (not the kind of soft balls lobbed at ECB and the Fed by corrupt and incompetent journo’s):

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Foreign Central Banks To Begin Buying US Stocks Outright Starting Today – Next Leg Of The Ponzi Revealed

You can’t make this stuff up!

Next Leg Of The Ponzi Revealed – Foreign Central Banks To Begin Buying US Stocks Outright Starting Today (ZeroHedge, Mar 1, 2012):

We were speechless when we read this from Bloomberg.

The Bank of Israel will begin today a pilot program to invest a portion of its foreign currency reserves in U.S. equities.

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Bank of Israel Will Purchase $ 100 Million a Day

(IsraelNN.com) The Bank of Israel put the brakes on the shekel’s upward climb, and announced it would purchase $100 million a day. The shekel reacted with a sharp plunge against the dollar.

With the dollar dropping on Wednesday to a 12-year-low rate of 3.23 shekels, Bank of Israel and its chief, Stanley Fischer, announced an unprecedented plan to begin purchasing dollars at the rate of 100 million per day. The bank had been buying a quarter of this amount, 25 million of the greenbacks, each business day for over three months, when the dollar was in the midst of its plunge from 3.85 shekels at the beginning of the year.

“We are increasing our daily purchases,” a senior Bank of Israel official said, “and we will test how this will affect the exchange rate.”

(To the elite all of this is a game of chess.  – The Infinite  Unknown)

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