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Should the dollar collapse in the next few months (yes, I know -- that's been the prediction every year since the 'recession' in 2008 but I think it's much more probable now), how do we prepare??
Should the dollar collapse in the next few months (yes, I know -- that's been the prediction every year since the 'recession' in 2008 but I think it's much more probable now), how do we prepare??
What makes you think the dollar is going to collapse in the short-term? Besides, if the dollar falls a little it's better for exports.
What makes you think the dollar is going to collapse in the short-term? Besides, if the dollar falls a little it's better for exports.
I was listening to an interview with Peter Schiff (who predicted the 2008 crash -- about 4-5 years before it happened -- and he hit it right on the head -- no, he had the year right but he was one month off) and other economists who say the same thing: that the dollar isn't going to collapse a little but that it's going to collapse A LOT.
And I remember Schiff predicting the 2008 recession -- because I talked about it with my family, friends and coworkers (who couldn't stop laughing at me). And I figured, at that time, that Schiff was dead wrong and everyone else was right. Well, we know what happened. And I had made some not-good financial moves in the 4-5 years leading up to the 2008 recession.
So now that Schiff is talking the collapse of the dollar -- which really would collapse our whole economy and would reverberate around the world -- I thought we might just talk about the possibility and how we would prepare for it.
Do you really believe the economy is improving? I certainly don't. I wouldn't even if I were one of the 1% who has greatly benefited and is still benefiting from the recession. I mean, how can anyone believe the economy is improving?? Even our own usually-lying government says that the average worker is less well off today than he/she was 40 years ago.
So are we going to pretend that the collapse of the dollar will never happen or are we going to think about it and do a little preparing?
Last edited by Fran66; 09-22-2013 at 08:58 AM..
Reason: word change
People have been "predicting" the dollar (and total economic) collapse daily since the early 70's based on vague feelings, fear, ignorance, and conspiracies. This isn't something new or novel. Peoplepostthiscraphereall thetime, and usually run away with their tail between their legs after being wrong every single time. If everyone listened to them the economy would collapse several times a day for many different, sometimes mutually exclusive reasons. Ignoring constant failures is delusional at best.
Recessions happen, but they don't mean huge economic collapses will happen very soon.
Peter Schiff also predicted that the dollar would collapse in 2007, he's about 6 years off already. He predicted gold would be $5,000 an ounce and the market would drop in 2009 with massive hyper-inflation. Anyone who didn't take advantage of that bull market rally should be kicking themselves (or him) after he was wrong again.
He was "right" there would be a crisis in 2008 because he always predicts there will be a crisis. He champions total economic collapse, and pats himself on the back every time something negative happens...even if he was completely wrong or didn't predict it.
He makes these bold claims of doom and sells books to fearful idiots. His next prediction was for an economy crippling crisis to hit this year, so he has about 3 months to see what happens. Given his previous track record I would say do the opposite of what ever he thinks, and I am certain he won't apologize for being wrong while his followers adore his constant doom-saying.
And explain to me again why I would run away with my tail between my legs?
And, secondly, you must be a little afraid because you're far more angry and scared about topic this than I am.
We're $17 trillion dollars in debt -- and it's rising. We just keep printing dollars with no backing. You really think this can go on forever without some real detrimental consequences? And since we're no better off than we were 40 years ago -- in fact, the average American wage earner is a little worse off -- you think the future is going to be better??
As for Schiff -- you may be right -- thanks for the heads up -- I'll do some research -- but I do find it strange that he predicted the 2008 recession to the year and almost the exact month, five years ahead of time. In fact, 5.5 years ahead of time.
Ok, so pretend nothing bad is going to happen -- when it's already happening right now. I don't see any good reasoning in that.
People have been "predicting" the dollar (and total economic) collapse daily since the early 70's ...
The dollar collapse has indeed been predicted with zealous insistence since the 70s – that is, the 1770s.
Quote:
Originally Posted by Fran66
And explain to me again why I would run away with my tail between my legs?
We're $17 trillion dollars in debt -- and it's rising. We just keep printing dollars with no backing. You really think this can go on forever without some real detrimental consequences? And since we're no better off than we were 40 years ago -- in fact, the average American wage earner is a little worse off -- you think the future is going to be better??
Yes, and Yes – but not for everyone.
The economy is indeed improving. It’s just not improving for persons who depend on labor for their income, and in particular for persons whose labor can be commoditized. “Improvement” does not imply that most people are better off, or even that the plurality is better off. It simply means that the solvency of the system is more secure, with an increase of outlets for profitable investment. Arguably, the first half of the 19th century was a disaster for industrial workers and agrarian laborers in England, for example; yet the English economy grew handsomely, and the Pound didn’t collapse.
What we’re facing today is a crisis of dislocation between availability of labor (the hapless US worker) and the demand for labor (multinationals chasing the lowest-cost abroad). This is a very real problem, in human costs. But that does not imply that the economy is teetering on the precipice, or that confidence in the US dollar is somehow artificially propped up and will collapse as soon as the fickle nature of speculators turns.
If you want a near-term potential disaster towards which to direct your fears and ire, I suggest the intransigence of the US Congress and their refusal to pass a credible budget for Fiscal Year 2014. Now that’s something that can really spook the markets.
09-22-2013, 10:50 AM
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Quote:
Originally Posted by Fran66
As for Schiff -- you may be right -- thanks for the heads up -- I'll do some research -- but I do find it strange that he predicted the 2008 recession to the year and almost the exact month, five years ahead of time. In fact, 5.5 years ahead of time.
Honestly, people put too much weight in that one prediction. The collapse was obvious from miles away to anyone with even the most casual grasp of the situation and the tiniest bit of grounding in reality. It was like watching a lie and fraud-driven mass delusion go crashing head on into reality in slow motion.
I still find it more than a little amazing that so many people could delude themselves so thoroughly.
1. Our military (we will invade wherever necessary to shore it up (like when Iraq was threatening to accept something other than USD for oil)
2. There is no world reserve currency to replace us. (although BRIC is trying)
Till #2 happens, we are safe.
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