Forecast: U.S. dollar could plunge 90 pct (ZOT!!! Retread Trolls Hardest Hit)

UPI ^ | 11/19/07 | ??

[jrsmc]

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."

Forecast: U.S. dollar could plunge 90 pct

[jrsmc]

Dems and MSM are cranking up the doom & gloom.

[stylin19a]

hey..let’s go back to the gold standard....

[Brilliant]

If the dollar goes down 90%, then the euro goes up 900%. Somehow, I don’t think that is going to happen, but if it does it will be very “interesting,” primarily for the Europeans.

[glorgau]

Buy Gold!

[sageb1]

“Dems and MSM are cranking up the doom & gloom.”

They do keep trying, don’t they?

[Petronski]

UPI goes to the wire on the quote of a goldbug?

Good grief.

[sageb1]

The Odd Alliance Supporting Ron Paul

[Bernard]

At last! Something more TERRIBLE AND CERTAIN than global warming!!

[RKV]

They won’t be selling many manufactured goods will they?

[crghill]

Has everyone forgotten that mortgages are secured by hard assets

[stephenjohnbanker]

BULL

[kc8ukw]

I believe these are past predictions by the same guy: http://www.elon.edu/predictions/gerald_celente.aspx

[Glenn]

are secured by hard assets

Hard assets with a capricious value.

[Ironclad]

Quite unlikely. To every action is an equal and opposite reaction The export and domestic investment boom from anything like that kind of a decline would prop up the dollar. Because we need the foreign dollars to support the national debt, interest rates and taxes would have to go sky high, and the average Joe would inevitably be poorer. Same thing happened when Carter was president. Could happen again.

[UCFRoadWarrior]

Hard to trust either side on this...you got GOPers claiming the economy is “fine” (dope smoking) and you got Dems claiming that “it will be worse than the depression” (crack smoking).

The economy is not well, but it wont be like the 20’s or 30’s. Unlike those times the govt is now willing to bail out failed businesses (ahh that Business Socialism)

[Billthedrill]

Yep - Iraq has failed as an issue so they're cranking up "it's the economy, stupid" again. It worked in 1992.

[epluribus_2]

...unless you have the courage to bring “Bill” back into the white house. (angel choir...)

[gondramB]

I am actually concerned about the dollar. Its down 50% more than negating our gains in everything else.

But another 90% ?!

I looked up Gerald Celente and found he was all doom and gloom in 2000 but failed to predict the decline of the dollar. Also he uses phrases like “Empire America”

Its just possible he has mixed motives.

http://transcripts.cnn.com/TRANSCRIPTS/0012/31/sm.11.html

[CitizenUSA]

“UPI goes to the wire on the quote of a goldbug?

Good grief.”

Agreed. I’m predicting cans of SPAM will become the only form of legal tender after the Great Economic Collapse of 2008. Maybe the AP will go to press with that!

BUY SPAM!

[Polybius]

Has everyone forgotten that mortgages are secured by hard assets

True. The lenders may have lent out $400,000 for that $200,000 house but, after foreclosure, the lender still has that $200,000 house.