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 ...
Are you required to pay the US.
And - they are taking those worthless dollars in exchange!
Consider that if you adjusted gold for inflation, you’d have to push past $2500 per ounce to equal the high price from 1980. Gold is only worth 1/3rd what it was in 1980.
Houses? The median house in 1980 was $76,000. The median house is now at $230,000, roughly tracking with the growth in median income in the US.
Gold has depreciated as an asset steadily over the last 25 years, and this little blip isn’t gonna be a correction. Property, and most other wealth vehicles (stocks, bonds) have appreciated at least with the rate of inflation, and most considerably beyond inflation.
Gold is pretty, looks good on a finger or around the neck, but as an investment vehicle it’s a long-term bust. A lot worse than property, or stocks, or even bonds.
Hyper inflation will make my mortgage look like pocket change if the dollar devalues that badly.
It’s the other living expenses I’d be worried about — and whether a job market would exist I suppose.
GREAT!!
We have PLENTY of empty manufacturing space in America for all those Chinese factories!!
Hyper inflation will make my mortgage look like pocket change if the dollar devalues that badly.
It’s the other living expenses I’d be worried about — and whether a job market would exist I suppose.
If the feds can’t pay off their foreign debt, will China foreclose on California?
Well, if that ever actually happens and Gold hits $2K an ounce, I’m wealthier than my wildest dreams. Bring it on! :)
I don’t buy the depression stuff either. However are you saying we have not lost about 40% of the dollar’s value
against the Euro in the last few years?
I have seen that at least in a practical manner when I look at European housing prices and the prices of other goods from Europe.
Hey! I’m a “Goldbug” and I’m a real person. However, most of my holdings are in silver; gold will just be the cherry on top of my pile-o-cash, Baby! :)
So, by this logic, its time to go out and buy a $1M+ dollar mansion so you can pay it off with worthless dollars after the crash. But, wait: if the $$ goes down, won’t the price of real estate shoot back up? And won’t that shore up the banks again? Does not compute!
The key being that it has to be documented income. If they don't know about it, and there is not legal paper trail from a source to you, there's no way you can be charged with tax evasion... This is how blind trusts and foreign corporations help shelter/hide overseas income. Keep it overseas, make it untraceable, and you are effectively shielded from reporting the income and thus paying taxes.
>>Its down 50% more than negating our gains in everything else.
At least 50% against most major currencies and commodities.
for example the day President Bush was elected a Euro cost $0.85 Now it costs $1.45
I just this weekend heard someone talking on the radio about “peak gold.” The “gold fields” are drying up and it’s getting harder to keep up.
Seems like the oil and gold people are writing their propaganda from a book of mad libs.
>>>When I first came to Slovakia in 2002, I got 48 Slovak korunas for one dollar. Today I would get less then 22 SK.
Slovakia has been one of the hardest currencies against the US$... mainly because they have implemented large measures of economic freedom (compared to their socialist/communist past). Many countries in Eastern Europe have similar success stories. Hope you like it there. I imagine the skiing must be excellent.
Why 90%? Why not 99%?
In ancient Rome one ounce of gold bought a toga, nowadays it still buys a good suit.
Because of its constancy, gold has functioned as a transitional currency between fiats because the average life of a fiat currency is only 50 years.
Buy bullets. You can shoot your food instead of buying it !
I doubt that there will be any “free fall.” The transition to equalizing the dollar with trade partner currencies is being managed in order to make it gradual. Even the oil magnates are seeing to it. Everyone has a stake in the gradual (not sudden) fall of the dollar.
Gold, gold, gold, gold, sausage, gold and SPAM!
That only has a little SPAM in it...
Buy bullets. You can shoot your food instead of buying it !
I shot half gallon of milk and some Ritz crackers last week. Unfortunately, my local supermarket has a “You Shot It, You Buy It” policy.
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