This is how some people define "constant."
Goldbugs. They're a trip.
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 ...
Since Bush was elected? Wrong.
for example the day President Bush was elected a Euro cost $0.85 Now it costs $1.45
A 50% drop would be a Euro worth $1.70.
This is what the market thinks of some of Mr. Celente’s past books:
Trends 2000: How to Prepare for and Profit from the Changes of the 21st Century (Paperback)
by Gerald Celente (Author)
Availability: Available from these sellers.
76 used & new available from $0.01
Maybe he’ll get lucky and get 2 cents for one of his books.
Just from curiosity: How much has it already plunged from, say, 1960?
Sure, but remember we primarily import goods AND services from Asia - China, India, Japan, South Korea, Taiwan, Malaysia, etc. And those countries keep their currency either directly or indirectly pegged to the dollar.
A devalued dollar versus the Euro really does not impact the US much at all; our suppliers still sell to us in dollars, and those are pretty much fixed. Our prices haven’t gone up.
Now, the EU is a major importer of US and Chinese goods, and the devalued dollar is crushing them. The only real exporter in the EU - Germany - is getting hammered. My guess is that exports from Germany will be down at least 20% total for 2007, and that internal production will also contract at least 5%. The imports from the US and China are taking over.
The net effect is that if this exchanges rate does not correct then Germany, in 2009 or 2010, will functionally withdraw from the EU. And that will end the EU - it will collapse, and leave the US once again as the only serious economic hyperpower.
It’s also going to whack Canada a serious one; Quebec is already getting billions in trade assistance, because of the drop in exports. Canada’s surviving on the strength of their energy output (oil and natural gas); when those hit a bump Canada will take a MASSIVE dump economically. Meaning those industries where they nominally compete will suddenly dry up as well...
Remember, a weak dollar only hurts us if it makes our imports more expensive. If our suppliers have the same currency, then our actual costs do not increase. But it makes our exports a LOT more attractive to the country with the higher valued currency, and makes it hard for them to sell to us.
A “weak” dollar relative to the Euro means precious little; I’d be a LOT more concerned if our dollar dropped in value with the Asian currencies. And that’s not going to happen - Asia has hitched its economic future to the US and it’s in their own interest to stay pegged to the dollar.
Banks during the depression would also foreclose on properties that had large equity. If you had just borrowed the money for a farm and had little equity they would let it slide for a few years.
Most of the items in 'peak' theories are resources. Gold doesn't fit that concept well. Coal, uranium, gravel, water are resources. Gold is nearly useless.
I like gold painted women.
s/Bond. James Bond.
LOL!
Because of its constancy,
An ounce of gold could buy an $850 suit in 1980 and a $255 suit in 2001. Not very constant.
Renegade wrote: “Buy bullets. You can shoot your food instead of buying it!”
Ah, good point. Plus I can defend my backup supplies of SPAM from all the roving gangs and marauders.
Read the comments on this Article’s site, and observe the maggots swarming in the garbage pail.
Yes, just like we have for the past 20 years.
[My emphasis]
More..
"To the extent that any relationship has existed between currencies and economic performance, it has usually been the 'wrong' way round – rising currencies usually preceded periods of economic decline, while weakening currencies have presaged economic strength. Think, for example, of the collapse of sterling in 1992, which ushered in the strongest and longest period of economic expansion in British history . . . America, despite all its problems, will continue to dominate the world economy in the decades ahead."
Makes sense to me; besides we've been through a lot and survived. It's time the younger people learn what it's like. Not to worry.
Even if China links its currency to the dollar, how can it avoid raising prices if the cost of its raw materials, like oil, keeps going up?
“Hope you like it there. I imagine the skiing must be excellent.”
Yes, life is quite nice here.
A huge amount of new construction going on, and no PC crap here.
Oh, they even have nativity scenes in the center of old town.
Imagine that in a city like SanFransicko
Many great pics are here:
http://vvpg.net/
When push really comes to shove, the most valuable “comomodities” will be guns, ammo, food, water and energy. And shoes and a good jacket. Even the Mona Lisa won’t be worth squat.
This is how some people define "constant."
Goldbugs. They're a trip.
Gorzaloon wrote: “Read the comments on this Article’s site, and observe the maggots swarming in the garbage pail.”
...fiat currencies, canned food, Zionists, evil Americans, etc...
Hey, I was joking when I said we should stockpile SPAM, but the guys posting comments on the article’s site are serious!
...and monkeys COULD fly out of my butt.
The dollar has lost about a third against the Euro in the last 5 years. About 20% since the Euro was created.
Mase wrote: “This is how some people define “constant.””
Yes, but they always compare the lows to the highs in order to claim massive profits. Don’t you know? Gold is up 300%!
We’d all be rich if we could accurately predict the markets.
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