Read my post of January 8 – As at that time two months ago we were awaiting Interest rate announcements from across the pond. Since then the UK has lowered rates a .25% to 5.25% and Trichet and the ECB has held rates steady at 4.0% - But the key point here is that at that time – it became apparent to me that despite the words coming out of US Treasury Secretary Paulson’s mouth –  well to put it bluntly - nah….. I’ll be nice… He’s got such bags under his eyes…..I think he should switch jobs with Condolesa Rice - I think she sleeps better at night…. and eats better too….

The FOMC’s actions were poised to “Damn the Dollar”.    Is what I stated back then and Since then the damage to the US Dollar has been nothing short of "damning". Ben Stein tonight on the Glenn Beck Show said, “There is no End to the Fall of the Dollar” Well….I basically said that two months ago…. the difference is that now Ben Bernanke has recently publicly distanced himself from his mentor -  Secretary Paulson’s policy of a "Strong US Dollar" policy. Stating that his main concern is economic growth. Really, I though he said it was guarding against inflation - at least that was his line back in August. How stupid do they think we are? Or maybe they just  figure that most people could care less about the "facts".  Unfortunately - It is not Ben Bernanke’s fault - and to his credit - He’s holding up well in the "hot seat" Anyone else want his job?

Sometimes I wish I was wrong but my next post on January 22 called that the US was in recession (while most pundits were still debating it) and I raised the notion that a “Depression” is possible. Well with Oil spiking past $105 and Gold heading for $1,000 an ounce – the average person on any street in most any country is likely to be oblivious to what is coming. For new readers - I suggest you scroll back and read my past ramblings….If you dare….

Non Farm Payroll - Is it real?

OK – well – now that the UK and ECB has left interest rates alone today – all eyes are turned to the Non Farm Payroll report due out in a few hours – as if that really reflects the “facts”.  If the government wanted to report the "facts" it would be easy to calculate all "legal" workers and residents in the US with Social Security numbers that are either paying into payroll taxes - vs. retired - or not paying into "the system".  But that might make sense. Ohhhh… and Let’s see what the revisions are….  I believe they basically just count how many people are collecting unemployment checks. … Anyway…..

So as the Greenback Sinks – let’s look Downunder at the AUD-USD

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), Tune into his broadcasts weekly on FX Street with "1stonForex the Week Ahead".  He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Survey and 15 Minute Consultation with Jerry