Posted on 11/25/2007 1:48:04 PM PST by 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
(Excerpt) Read more at upi.com ...
hey..let’s go back to the gold standard....
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.
Buy Gold!
“Dems and MSM are cranking up the doom & gloom.”
They do keep trying, don’t they?
UPI goes to the wire on the quote of a goldbug?
Good grief.
At last! Something more TERRIBLE AND CERTAIN than global warming!!
They won’t be selling many manufactured goods will they?
Has everyone forgotten that mortgages are secured by hard assets
BULL
I believe these are past predictions by the same guy: http://www.elon.edu/predictions/gerald_celente.aspx
Hard assets with a capricious value.
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)
...unless you have the courage to bring “Bill” back into the white house. (angel choir...)
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
“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!
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.
The dollar will be just fine, and don’t worry about gold, the U.S. economy is backed up by another precious metal known as plutonium, stored safely and securely on ICBMs, SLBMs and cruise missles, not to mention B-1, B-2 and B-52 inventories.
I’m not worried.
Well, that's a given, at least, unless there are people from the future among us.
damn..... what ever happened to penny candy
Liberals, anti-victory moonbats, goldbugs, anti-American generalists, Islamofascists, and their fellow-travellers (sorry for so much redundancy) live in the universe where:
* the U.S. is an evil, all-powerful militarist empire;
* the U.S. cannot win any wars (doublethink is standard in this universe);
* the U.S. economy is too voracious, and needs to be reined-in by controls on CO2 emissions — or any other necessary means;
* the U.S. economy is not only weak, it’s rotten to the core, and about to collapse;
* the world is too dependent on U.S. trade — globalization is an evil force;
* the U.S. economy could completely collapse, and that would have no effect on the economy of Europe — whose currency would rise by an order-of-magnitude against the greenback;
* the route to peace and prosperity is through surrender and social welfare programs.
FReepers live in the other universe.
Glenn wrote: “Hard assets with a capricious value.”
Not entirely capricious. The properties aren’t worthless simply because the mortgages are in default. Housing is typically expensive when it’s located in areas of high demand and low supply. The mortgage “crisis” isn’t necessarily going to change those fundamentals.
just in time for Billary to come up with a spending plan to save us all
It could be possible. We should have never left the gold standard but what are you going to do. Take all your money out of the bank and bury it in the ground. Its already worthless.
“Take all your money out of the bank and bury it in the ground. Its already worthless.”
Or, better yet, buy SPAM!
I’d like to go back to the 1860’s, and clean up Dodge
Celente is/was a frequent guest on “Coast to Coast” with George Noori and Art Bell.Glad he’s on top of this situation and I got all my Gold Napoleons buried in the backyard.
We should have never left the gold standard but what are you going to do. Take all your money out of the bank and bury it in the ground. Its already worthless.
Is there anyone out there who'd like to put money on these numbers? If so, let me know.
Get used to a solid year of these utterly fake VOTE FOR HILLARY OR WERE ALL GONNA DIE “news reports.”
“Dems and MSM are cranking up the doom & gloom.”
Yup ... complete with the weasel words
COULD, MAYBE, SHOULD ... .
YAAAAWWWWNNN
No more Brie for the Big Mac.
There’s an old song with the line,
“A piece of bread could buy a bag of gold,
I wish we’d all been ready.”
We’re all gonna die!
50% since when? Against what?
The houses are worth what the market is willing to pay.
On a different note, I really do not get why some folks think gold is a financial panacea. Gold is just another commodity, and it too can fluctuate in value. The notion that its value will continue to rise forever is the same sort of linear thinking that created the housing bubble.
“A piece of bread could buy a bag of gold,
I wish we’d all been ready.”
You can’t eat gold. That’s why the SPAM economy is our only hope in the upcoming crisis. At least you won’t go hungry.
The only bet that I'm willing to take is that the Dow/Gold ratio will drop to 5 or less within 5 years or so.
Dow 10,000, Gold $2000 ?
They’ll miss us when we’re gone.....who’ll protect them? Who’ll feed them? Who’ll give them medicine? sheesh....idiots.
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.
In theory..., that is correct! However, I remember a friend of mine who, employed by a major lender in Central Florida, had his office walls lined with pictures of what was left when the lender finally repossessed homes!
All plumbing fixtures and wall/ceiling fixtures stripped out, water heaters gone, AC/Heating units gone, drywall ripped out so that copper wiring could be stripped, windows smashed! I won't even mention the plain old vandalism which had no profit motive at all!
Many of the lenders "repossessions" were sold for salvage/land value only EVEN THOUGH THE HOMES WERE ONLY ABOUT 5 YEARS OLD!
There will be many bargains for the ultimate purchasers but, the lenders (and most probably the taxpayers) will really take a hit!
Not all of us.
If the dollar drops 90% in value, Gold would go to more like $8,000 an ounce. I guess that sounded too over the top for the article.
“I am actually concerned about the dollar. Its down 50% more than negating our gains in everything else.”
Well, so am I to some extent.
When I first came to Slovakia in 2002, I got 48 Slovak korunas for one dollar. Today I would get less then 22 SK.
I am now waiting for my FIRST social security check which is said to be “in the mail”. It will be worth half what it would have been in 2002.
On the bright side, I am making money here in Slovakia, and paid in Slovak money.
“Trends Research Institute Director Gerald Celente said, forecasting a “Panic of 2008.”
Would it be cynical to ask what he is selling?
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