US Dollar could drop by 90%

[Partymember]

start stockpiling guns and ammo and canned beans, kiddies. Gonna be an interesting new century. Canadian dollar surpassing us by 9 cents...remember when they got 60 cents on the dollar? I do. We used to go up there and laugh as we spent our powerful greenbacks. No longer, guys.

RHINEBECK, N.Y., Nov. 19 (UPI) -- A financial crisis will likely send the U.S. dollar into a free fall of as much as 90 percent and gold soaring to $2,000 an ounce, a trends researcher said.

"We are going to see economic times the likes of which no living person has seen," Trends Research Institute Director Gerald Celente said, forecasting a "Panic of 2008."

"The bigger they are, the harder they'll fall," he said in an interview with New York's Hudson Valley Business Journal.

Celente -- who forecast the subprime mortgage financial crisis and the dollar's decline a year ago and gold's current rise in May -- told the newspaper the subprime mortgage meltdown was just the first "small, high-risk segment of the market" to collapse.

Derivative dealers, hedge funds, buyout firms and other market players will also unravel, he said.

Massive corporate losses, such as those recently posted by Citigroup Inc. and General Motors Corp., will also be fairly common "for some time to come," he said.

He said he would not "be surprised if giants tumble to their deaths," Celente said.

The Panic of 2008 will lead to a lower U.S. standard of living, he said.

A result will be a drop in holiday spending a year from now, followed by a permanent end of the "retail holiday frenzy" that has driven the U.S. economy since the 1940s, he said.


link: http://www.upi.com/NewsTrack/Business/2007/11/19/forecast_us_dollar_could_plunge_90_pct/4876/

[Subzeroace]

Crap... As much as I love the CND being higher, it means super long wait times at the border (I'm in Southern Ontario so weekend shopping trips to the States are in) and no tourist money coming in ._.

Although I may finally talk my way into another trip to Florida :3

Don't worry Florida/New York, I'll spend money in you!

[Partymember]

Crap... As much as I love the CND being higher, it means super long wait times at the border (I'm in Southern Ontario so weekend shopping trips to the States are in) and no tourist money coming in ._.

Although I may finally talk my way into another trip to Florida :3

Don't worry Florida/New York, I'll spend money in you!

oh yeah, we got the crappy passports now...what a dumb idea. I loved the open border. I love Canada! Damn politicians :frankiemad:

[Medikor]

I admit that it's made ebay shopping a lot easier with a stronger CND but we all knew that the CND becoming stronger than the USD is a sign of the apocalypse. What are comedians going to make fun of now?8D
I know that a stronger CND hurts the trend of Americans coming to Canada to film movies and tourism may take a hit, but the USD going down by 90%? Sounds like another depression era. Here's hoping that all of you in the States come out of this in one piece should the USD drop actually come to pass.

[One Radical Dude]

That would be very depressing, if this became a reality in the near future. I am aware of the US dollar decreasing; but 90% becoming a possibility? We'll see. Right now, I'm taking this article with a grain of salt (mainly because I'm not reading/hearing much about it). It's not something to ignore, but it's nothing to panic about just yet.

[Lynnie]

The Panic of 2008 will lead to a lower U.S. standard of living.
Uh oh... That sounds scary. I knew it would come to something similar eventually, but didn't think it would be as soon as next year. :o

[Medikor]

Uh oh... That sounds scary. I knew it would come to something similar eventually, but didn't think it would be as soon as next year. :o

I wouldn't take it too seriously, Lynnie. This USD disaster strikes me as awfully similar to the Y2K thing a while back.

[One Radical Dude]

I wouldn't take it too seriously, Lynnie. This USD disaster strikes me as awfully similar to the Y2K thing a while back.

Oh, yeah. I'm hoping that the results will end the same. I do think the dollar will slide more, though; but I doubt it'll go down that far.

[Lynnie]

I wouldn't take it too seriously, Lynnie. This USD disaster strikes me as awfully similar to the Y2K thing a while back.
Ah yes, the Y2K scare. I was among those who had stocked up on canned goods and a bathtub full of water (not to mention all the bottles I had in my fridge and cupboards). Man, the next morning made a fool out of the best of us. 8D I hope you're right, and it comes to little more than that. :)

[koosie]

Wow. I love this forum sometimes.

Now I've never studied economics but as I understand it, a weak currency does lead to an increase in exports which helps wobbly economies stabilize through making new jobs etc. I'm certainly buying a lot of your nation's Pink Lady Apples right now. They're really delicious and much cheaper than they should be.

Um...I just wrote a load of stuff that's probably boring.

Instead:

Like you ever needed an excuse to stockpile a vast arsenal, PM.

Civilisation could become a vast single, tranquil, collective consciousness and you'd still be sitting on a few dozen assult rifles and a beltfull of grenades I'll wager.

[Medikor]

Civilisation could become a vast single, tranquil, collective consciousness and you'd still be sitting on a few dozen assult rifles and a beltfull of grenades I'll wager.

What can we say? It's his right as an American, darn it!.;)

[Partymember]

Civilisation could become a vast single, tranquil, collective consciousness and you'd still be sitting on a few dozen assult rifles and a beltfull of grenades I'll wager.

just. in. case.

LOL

i tend to put my cash in assets (like guns) and i've got no aversion to doing hard work.

I just worry about all them city slickers out there. 8D

[Cassini90125]

Civilisation could become a vast single, tranquil, collective consciousness and you'd still be sitting on a few dozen assult rifles and a beltfull of grenades I'll wager.

Gotta keep them squirrels in line somehow. :cheesegrin: 8D

[Partymember]

bear in mind that if America plunges into depression so will the rest of the world, like in '29

just FYI

[Subzeroace]

oh yeah, we got the crappy passports now...what a dumb idea. I loved the open border. I love Canada! Damn politicians :frankiemad:

I got one months in advance =3

[Partymember]

cool! I need to get mine still. Its expensive, though, which sucks :P

Ah yes, the Y2K scare. I was among those who had stocked up on canned goods and a bathtub full of water (not to mention all the bottles I had in my fridge and cupboards). Man, the next morning made a fool out of the best of us. 8D I hope you're right, and it comes to little more than that. :)

heh. I keep 12 days worth of MRE's and water in 2 liter jugs in my room.

wow...its sounds so paranoid when i type it out...

[Subzeroace]

So I guess I was one of the only people here who was on the computer when Y2K rang in? How daring am I? XD

[some guy you dont know]

eh. i was i think 6 or so in 99. so i didnt know what Y2K was. probably watching spongebob at the time. in fact i still dont really get Y2K. :P

[Ub3rD4n]

Man, this is not good news. If America goes down, we go with it.

[vinny]

i better buy a bunch of gold. not just cus of all this, but also cus its shiny.

mama mia, *throws his oro in a safe*

[Partymember]

i plan to keep bees, if i miraculously get a home before the Apocalypse, you can turn their honey into mead. If i live far enough south i want to grow tobacco, too. Its all about skills.

In an age where paper money is worthless, if you dont have skills to produce the stuff that people want, you are dead.

The short term goal, for me, is to convert my greenbacks to something stable and steady, like gold or Swiss Francs. The long term goal is producing enough stuff (alcohol, tobaco, etc.) so that if even gold and S. Francs lose their value i can TRADE for the stuff i want.

[vinny]

what about other countries? will their value drop also? and out of all the things you could produce, alcohol was first on the list lol. ahhh i caan see it now, libing off the land, boiling sea salt for trade. i think spices would be a good idea to trade.

[koosie]

Good idea with Bees. Granulated sugar is for feebs! Not so sure about tobacco though. Horrible stuff, totally deadly and deadly addictive. I smoke cigars now and when if I could afford it, even now! Fortunately the economic meltdowns already hit me so it's totally off the agenda. It's not so bad, growing things is such a joy in itself. There's lots of commodity items that you can easily grow. I'll be harvesting Grapes, Figs & Carobs next year and Mangos one day. Try Pink Lady apples!

[Partymember]

Vinny, other countries will be hithard as well. Remember: he US still produces a LOT of goods, we still provide a LOT of jobs, and we still throw around a LOT of economic weight. Heck, we pay for so much extra stuff right now, i believe we pay something likt 1/4 of the UN's annual budget...now if we STOPPED paying that the slack would have to be taken up by the rest of Europe and Asia...who will already be in a massive depression just like the USA is. All those third world countries? Forget about it...without the UN pumping ridiculous sums of cash into them they would slip back into complete disrepair. The Great Depression of the '30s was insane. People were starving to death in NYC while trains loaded with milk and corn and beef were sitting on the tracks in Nebraska because nobody had the cash to move them!

BTW alcohol and tobacco? Primo stuff. Think of all the people who are addicted to tobacco...and alcohol takes the edge off really well. That stuff will be in DEMAND.

And Koosie, i agree about refined sugar, its like cocaine the way its produced, really. But tobacco is nice once in a while. A few cigarettes at work make the day seem nicer. And cigars are wonderful, too. Pipe tobacco is the best, IMO. Besides, all the tobacco addicts out there will really want this stuff!

Listen to me people: When paper money becomes worthless (a la the post-WW1 German Reichmark), the currency of the future will be food, drugs, alcohol, medecine, and bullets.

[jekylljuice]

Listen to me people: When paper money becomes worthless (a la the post-WW1 German Reichmark), the currency of the future will be food, drugs, alcohol, medecine, and bullets.

Too bad. I may as well take to the streets and start looting right now.

[Partymember]

Too bad. I may as well take to the streets and start looting right now.

attaboy, get in on the ground floor 8D

[CrazyPhil]

Wow, as if our country doesn't have enough problems already. Seriously, we're already dealing with illegal immigration, the "war" in Iraq, and a possible Oil Peek. And now we could be facing a depression worse than the last one. *sigh* Wonderful.

But seriously, what are the chances of this actually happening? I took an economics class last semester, and our teacher did mention that the U.S. dollar could depreciate in value, but by 90%? Isn't that a bit extreme to happen all at once?

[Partymember]

haha, never doubt the power of speculation and panic.

Ya know how when theres a hurricane which takes out an oil rig in the gulf, and gas prices in Maine jump up 20 cents overnight? Same principle, fear of shortages, fear of being left in the dark, fear of everything. And greed. Lotsa of that.

So if we do dip further in our current recession you'll find out what i mean when i say "survival of the fittest". Morality is a luxury. People can get mean, real mean when they think they might not be able to feed their kids next week because the Grand Union trucks are all stuck on I-95 without gas. Thats when people start getting shot, thats when people start panicking.

[Ridureyu]

I don't know if the dollar is going to drop 90%, but everybody has been saying for some time that it WILL take a serious hit in the next few years. Not having it tied to anything concrete doesn't help, either.

[Partymember]

yeah. Besides, i remember being younger and having such an edge on Canadian money going up and really getting good stuff for my greenbacks...now their money is worth more. Thats an appreciable slip in just my lifetime. I'm 18. Thats a fast decline.

[LaBloo]

The U.S. economy as been bad this past year. It's a big decline.

[One Radical Dude]

Whatever happens that is negative will hurt the rest of the world, too. I still don't believe it'll drop 90%, though. Just a bit of warning to everyone...this is an major election year in the US, and I want to warn you to try not to bring politics into the forum. Lately, I've seen a post or two that concern myself and the staff. With past experience on other forums, I know things never end well with political posts, Be careful, gang. :herriman:

[Howard]

While the panic does exist, this is nothing new. Have to have a resession every 20 years or so. The media does not help with their "alarmist" articles, because they got nothing better to do. Whatever happened to "good reporting" with the Edward R. Murrows, or the Walter Kronkites?::)

[taranchula]

The media does not help with their "alarmist" articles, because they got nothing better to do. Whatever happened to "good reporting" with the Edward R. Murrows, or the Walter Kronkites?::)

I agree, often times I am saddened not to have grown up in a time when most news porgrams and newscasters had dignity and respect.

[AerostarMonk]

Competing with the Internet and other sources of information has led many reporters to think it's "okay" to be alarmist. Anything to pack in the viewers. With all of the old guard gone and broadcast news on the decline it could only get worst in my opinion.

[CrazyPhil]

Competing with the Internet and other sources of information has led many reporters to think it's "okay" to be alarmist. Anything to pack in the viewers. With all of the old guard gone and broadcast news on the decline it could only get worst in my opinion.

Yeah, that's why I barely ever watch the news, unless something really big or important is happening.

[Partymember]

i haven't heard much lately about the economy. I'll see how much gas goes up this summer :jk: thats always fun.

Remember when people were freaking out over $2 a gallon?

[LaBloo]

I heard that the U.S. dollar is getting weaker while the Canadian Dollar is getting stronger by time.