Posted on 11/07/2009 6:28:33 AM PST by FromLori
Edited on 11/07/2009 6:29:41 AM PST by Admin Moderator. [history]
The dollar will get "utterly destroyed" and become "virtually worthless", said Damon Vickers, chief investment officer of Nine Points Capital Partners.
"We don't have resources. Neither does a lot of Asia to be quite frank," Vickers said on CNBC's Asia Squawk Box. "Countries that have resources -- the Brazils, the Canadas, Australia -- their currencies are doing well."
(Excerpt) Read more at cnbc.com ...
Let’s thank Barrack Obama, his minions and his agenda ...
If he thinks we lack resources, his economic analysis is worthless. We have huge energy resources and other resources.
I’ll add Damon Vickers to my list of idiots to avoid listening to.
The United States has plenty of resources. What we lack is the will to use them to our own benefit. That’s not the problem.
Drill, baby, drill.
The problem is that we’ve stopped treating looters the way that they used to be treated. We used to shoot them on sight. Now, we elect them to Congress.
We have no resources?
Drill here, drill NOW! These politicians have a job to do, and better do it....NOW!!! Some of us are very tired of waiting.
I suspect he knew that, but because of the Rats we can’t get it out of the ground.
I would agree about our resources but we have also gotten rid of our manufacturing base so there is a lot of truth to what he said.
We do have resources true that they won’t let us use but we also have NO manufacturing base so there is a lot of truth to what he said I believe.
That's what I was gonna type...OK, how about this as a conspiracy theory : You know how much of our mineral and energy assets have been made off limits in the name of environmentalism? Could this be why-to hold them in reserve as other countries use, sell, or mortgage their resources? Or is that hopelessly Pollyanna?
“If he thinks we lack resources, his economic analysis is worthless. We have huge energy resources and other resources.”
I’m sorry, but we are not permitted to access them anymore...and if we start allowing access, it will still take years to get the resources to market (of course, if we had started 10 years ago, we wouldn’t be in this mess).
I think an adjustment on the order of what happened in Argentina in 2001 will be the final result of the realignment. Right now, it takes about $1.60 to buy one Euro or Pound (give or take 10 cents). In a few years it will be around $4.00 - meaning that everything imported (particularly oil), will cost about 2.5 times what it costs now, but wages will stay constant. And that realignment will also apply to the Yawn (China’s currency), so even their goods will go up by the same amount (and that means just about every non-food item at Walmart). Some things will not rise that much, if they are produced here (provided that we actually produce anything), and other things like fixed-rate mortgages will not increase from where they are today, but most of what we buy (including cars, even ‘American’ ones, and plasmas, and computers) will shoot up in price.
So, you guys may want to stock up a bit on stuff that can be stored (and believe me, I have), while it is still VERY CHEAP.
But with socialism those natural resources don't mean much anymore. They'll be soon owned by the govt too, and all those original ideas will stop flowing because there won't be much point to invent new things when there is no profit in it. Not that people will divest in America instantly. There is still time, should socialism set in right now. I think that's where this author is going.
Yes we do but they're all locked up and we can't get to them, same thing as having nothing if you won't us them
You can’t help but wonder if Obama is destroying the dollar deliberately to usher in a new world currency as a stepping stone to world government.
We do have resources but the leftist, conservationists are all on the Suaids payroll like Hasan and you know who plus Al Gore.
We have possibly more resoruces than any other country but much of it is on Federal Land now. As long as we keep sending money to Saudis and their neighbors - we are serfs but hey there is a good ball game on today for the serfs.
Food items will increase too because of increased cost of fertlizer (oil), plowing and harvesting the fields (oil) and delivery to market (oil).
But let us not forget all of those who for so long have kept us from producing our own oil — and now let the Chinese and Cubans go at it.
We do, but we need a huge political reform if we want to use them. All those federal and state agencies have spent 40 years tying those resources up through legal and bureaucratic red tape. They are working assiduously (and insidiously) in the background to implement the Wildlands Project, which will lock up a good 80% of our land mass into no-humans allowed preserves for the flora and fauna. The Gaia worshippers (which is what they are) don't believe in separation of church and state - they are creating their vast outdoor cathedral by locking up all our resources. Our republican legislators have been right on board with it too...
A return to real economic prosperity will require unlocking those natural resources, as well as freeing our citizens from the myriad restraints government has placed on how we live, what we can do in our homes, how we use our personal resources. If we don't have the political will to do that, then Vicker may be right.
I think everything he's doing has that in mind. One world government, with the old American values tossed aside and forgotten.
Won't happen, but he's pushing hard.
This is the basic problem with a “service-based” economy....
hh
Us good guys are going to need more ammo though.
Get it now while it's cheap...and, you'll be able to trade it for food if necessary.
“Food items will increase too because of increased cost of fertlizer (oil), plowing and harvesting the fields (oil) and delivery to market (oil).”
Agree - totally. There will be a sliding scale of increases, depending on the foreign content, and there is DEFINITELY a lot of foreign content in our food supply.
Oops, I didn’t read all the comments first. I see you made that comment in #8....
hh
Only thing I'd add is SOCIALIST ONE WORLD GOVERNMENT....
Your tag explains it quite well....EVENTUALLY...(its the nature of “fiat money”)...There ain't no “Free Lunch!”.....Don't take my word for it...Take Greenspans lecture, before he got on board the “fiat Money express”
http://www.321gold.com/fed/greenspan/1966.html
The Founding Fathers understood this well!...Its why this Country prospered for 200 yrs....Ahhhh but we forget what got us here...
The CNBC writer rambles on a lot of things in the article, and feels that not having stuff to export puts us (US) at a disadvantage. I disagree with what he feels "stuff" is. In today's world, information and the control of information is more valuable than the manufacturing stuff. For example, the hardware (cell phones, computers, satellite dishes, etc) are practically given away because the money is not in the hardware, but in the information that these tools give you access to. And the US is at the top of the information technology...
The only thing that I worry about is the devaluing of the dollar.
http://www.leap2020.eu/GEAB-N-38-is-available!-Global-Systemic-Crisis-The-European-Union-at-a-crossroads-in-2010-an-accomplice-or-a-victim-of_a3885.html
"Money printing” is taking place on a far greater scale than acknowledged by the Fed under its official policy of « quantitative easing »"
These are very ominous signs. Clearly there is a major disconnect between those in this country and those abroad regarding the real state of the U.S. economy. When the collapse finally comes, I suspect the rest of the world will not be nearly as surprised as the folks here.
Yup. Some things I learned recently:
90% of all apple and 80% of all garlic consumed in the US comes from China.
Apple juice is also used as the 'base' for the fruit cocktail drinks.
That's correct -- I don't know who thought it was worth wasting pixels on citing this guy. But even if we didn't have any resources, we'd need only look to Japan. They started with nothing, but by accumulating capital and plowing it back into technological improvements they developed the second largest economy in the world.
That's a double slam against this doofus.
On the other hand, if we aren't allowed to use our resources out of some silly sense of preserving the earth and if the government soaks up all our capital in taxes, then the guy has a point.
Joe, i’m married for a long time to an engineer who for the last 15 years has been the CEO of his own engineering company and i know all too well how the engineering and production processes work.
Mass production and the initial production are not the same. Once the initial production is determined, worked out and finalized, the product can be mass produced anywhere.
Other countries can copy from us and get ideas from us, but up til now, we’ve managed to stay a few steps ahead of them. And i’ll repeat, Socialist/communist countries have no incentive to invent something new anyway.
I don’t disagree with your point about being self sufficient. But it’s a little late for that. There’s a reason why so many American companies have moved their production overseas.
Do you know how much energy goes into American style farming compared to the energy gotten from the food produced?
We don’t have resources
And i will add that just because i say these things, doesn’t mean i like it. I don’t.
All i’m trying to do is take a good hard honest look at this authors analysis and see if it makes sense. And i guarantee you that i hope he is wrong. I mean this mans analysis is a very sketchy from an economic standpoint. It’s not in depth enough to determine if he’s right or wrong.
And i saw a lot of people on this thread saying “this guy is full of it”. That can’t be determined to be true anymore than your analysis or mine can.
But based on what i know, and the outline of an analysis by this man author, so far i can’t rule out that he could be right.
“Do you know how much energy goes into American style farming compared to the energy gotten from the food produced?”
Not me...sorry.
Maybe for a short while when they were busy moving our manufacturing bases that was sufficient but they are not investing in us anymore they are trying to rid themselves of our debt. Engineers have been replaced as well there are freepers who are engineers and cannot find a job.
I personally believe that is the plan!
Also because of corn being used in E85 and wait until next year this years harvest is a disaster it is all over the local news we get out of Eau Claire.
Crashing the dollar is Obama’s payback to Soros for bankrolling his campaign. Soros takes a short position on the dollar and makes trillions. That’s my read on the situation.
You know they also believe in Agenda 21 and will lock out land use that way.
I’m not sure i get your meaning in that first sentence.
As far as the engineers being outsourced too, i am very aware. I’m from Silicon Valley. I blame union wages for pushing engineer wages up so high that they were, like so many other wage earning groups, disproportionate to what engineers in other countries are paid making it more profitable (or so they think. i don’t know that is true) to move the engineering out as well.
Great minds think a like lol
I just bought a case (24) of DelMonte corn on sale last night at $0.67 a can. I told people who were watching me that they'll never see that low price again. I'll use it next year when making taco soup.
BTW, the Wal-Mart brand of canned corn of the same size was $0.74.
What I meant was pretty much all we have left is a service based economy since they will not let us use our resources and have gotten rid of our manufacturing base and engineers on here have told me they cannot find work so my response was to another who said the world invests in America for it’s ideas and it’s engineering.
http://memagazine.asme.org/articles/2009/March/Shift_Offshoring.cfm
This is the point that should have been made in the article. The “Peak Oil”, “we’re about to run out of resources” claims are simply lies. The people at high levels know that they aren’t true. The level of scarcity that exists has been manufactured politically. This is th emessage that needs to be given to every “green” dupe.
We have them....we just "go get them"!!
Read through the posts I have said that over and over again but we do not have a manufacturing base anymore and combine that with they won’t let us use our resources so we don’t have much left no jobs but plenty of bills.
Pick up "The Bottomless Well" by Huber & Mills....
I have been stocking up myself actually plan on doing more today it is only a matter of time not too long now and it food will skyrocket. The local farmers are also talking about how expensive it is for them to feed their live stock they say they are not making enough in many cases to continue milking and now with all the crop failures it is a real hardship.
OK, i understand what you mean now and will respond. Yes, we are a service based economy. We have no industries left except those that provide services FOR THE MOST PART. The auto industry is on it’s last legs (because of unions).
And yes, we should DEFINITELY be using our own natural resources. No doubt about that. But the RATs stomp that out at every turn.
That was me that said the world invests in our ideas and engineering. And i stand by that. There wouldn’t be much to be manufactured abroad if it weren’t for our innovations. But as engineering moves abroad and gains experience in certain countries, they will catch up to us and then we won’t have that either. As you say, it’s already begun.
“If he thinks we lack resources, his economic analysis is worthless. We have huge energy resources and other resources.”
That’s exactly what I was thinking. We’re awash in resources. Our currency isn’t dropping because we lack that, it’s dropping because we have a huge debt load, interest rates are too low and our government is printing too much money.
His prediction may be right in the long run, but for all the wrong reasons.
(I feel like FReepers aren’t even bothering to watch these videos before posting this morning.)
What the heck does he mean we don’t have resources? We have far more natural resources than most of the world. The Democrats just won’t let us touch them.
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