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Old 11-27-2019, 10:08 AM
 
189 posts, read 78,839 times
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We all know that the paper dollar is constantly losing purchasing power, and that all fiat currencies eventually fail. On a scale from 1-10, how likely is the USD to collapse in the next 3 decades? With 1 being an infintesimally small probability and 10 being an absolute certainty.

Why or why not is a dollar failure likely, how would a currency collapse happen, what effects would it have on American society and the global economy, and what should a prudent saver do to protect himself? Are precious metals, land/property, or even Bitcoin good protection measures?
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Old 11-27-2019, 10:28 AM
 
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China is rumored to be releasing gold backed crypto .... that can hurt the dollar big time .....terrible for the dollar , good for gold
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Old 11-27-2019, 10:57 AM
 
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If the dollar collapses all of a sudden it becomes cheap to do business here. We are self sustainable on the food and energy front. I'm not saying it wouldn't suck but we would be a lot better off than Greece and Spain and they are still ticking and in fact starting to climb out of their death spiral - lots of clothing jobs moving to Spain for instance.

Does anyone really trust China? If the US released a fed controlled gold backed crypto I could see it being used worldwide, but China?

I'm not an expert on central bank policies but the whole fiat thing always was perplexing...that the "bank" could just create money to "fix" systemic issues is nutso to me. And the fact that China will just stand idly by while we print money to fund our military...
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Old 11-27-2019, 02:13 PM
 
2,926 posts, read 1,904,005 times
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Quote:
Originally Posted by Taggerung View Post
We all know that the paper dollar is constantly losing purchasing power, and that all fiat currencies eventually fail. On a scale from 1-10, how likely is the USD to collapse in the next 3 decades? With 1 being an infintesimally small probability and 10 being an absolute certainty.

Why or why not is a dollar failure likely, how would a currency collapse happen, what effects would it have on American society and the global economy, and what should a prudent saver do to protect himself? Are precious metals, land/property, or even Bitcoin good protection measures?
All empires are little sandcastles.

Only the tides are forever.
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Old 11-27-2019, 02:38 PM
 
8,630 posts, read 5,379,640 times
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Quote:
Originally Posted by wheelsup View Post
If the dollar collapses all of a sudden it becomes cheap to do business here.

... the whole fiat thing always was perplexing...that the "bank" could just create money to "fix" systemic issues is nutso to me. And the fact that China will just stand idly by while we print money to fund our military...
If the US dollar collapses, then the entire modern world collapses... not a possibility worthy of much fear.

The "fiat thing" becomes intuitive, once we realize that all wealth is just a matter of convention. It's convention that gold is valuable. Is there any intrinsic reason for gold to be more valuable than say stainless steel? It's not a matter of physical durability, or industrial utility, or scarcity. Ultimately it's just convention.

If wealth is merely a matter of convention, then wealth can be created or destroyed, as our perceptions change. A painting sells for $20M, while arguably a better one sells for only $50K at auction. Why? Perception, tastes, crowd psychology. One painter created $20M of value (minutes the costs of the paints and easel), while another only managed 0.25% of that. Wow! Ultimately, all human activities are "fiat". Nothing backs them, save what other humans happen to think at the time.
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Old 11-27-2019, 02:54 PM
 
Location: SoCal
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Another doom and gloom thread, except this time the horizon is extend to 30 years. Anything can happen in 30 years, come to think about it.
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Old 11-27-2019, 03:20 PM
 
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You have more important signs than purchasing power of dollar going null.
New economic clusters are switching to their own currency. Yuan is one of them. Gold is back. Aftermath of Bretton Woods is gone. US is no more a world police.

The entire dollar/fed scheme is nothing but a pyramid, this been known for years.
Fiat currencies are offered now, like crypto.

So yes, dollar WILL turn into just another something, question only is - when.
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Old 11-27-2019, 03:31 PM
 
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A currency is benchmarked against all others and not just yuan and bitcoin joining forces.
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Old 11-27-2019, 09:39 PM
 
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On a scale of 1 to 30, I'd give it a 2 or a 3 because I don't think any competing currency will replace it. Unless ultra-left liberals gain control of the government then I'd give it a 10 or 12.
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Old Yesterday, 01:39 AM
 
189 posts, read 78,839 times
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Originally Posted by oceangaia View Post
On a scale of 1 to 30, I'd give it a 2 or a 3 because I don't think any competing currency will replace it. Unless ultra-left liberals gain control of the government then I'd give it a 10 or 12.
A U.S. dollar collapse will take everyone other fiat currency down with it...
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