Forecast: U.S. dollar could plunge 90 pct By UPI

[Demeter]

http://www.informationclearinghouse.info/article18776.htm


11/24/07 -- -, 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."..."The bigger they are, the harder they'll fall," he said in an interview with New York's Hudson Valley Business Journal...
Celente -- who forecast the subprime mortgage financial crisis and the dollar's decline a year ago and gold's current rise in May -- told the newspaper the subprime mortgage meltdown was just the first "small, high-risk segment of the market" to collapse.

Derivative dealers, hedge funds, buyout firms and other market players will also unravel, he said.
Massive corporate losses, such as those recently posted by Citigroup Inc. and General Motors Corp., will also be fairly common "for some time to come," he said... he would not "be surprised if giants tumble to their deaths," Celente said.

The Panic of 2008 will lead to a lower U.S. standard of living, he said.
A result will be a drop in holiday spending a year from now, followed by a permanent end of the "retail holiday frenzy" that has driven the U.S. economy since the 1940s....

[marmar]

1. At par with the Monopoly game board dollar soon?

:think:

[liberalmuse]

2. The way he puts it, it doesn't sound so bad...

But it's going to be bad. I guess it doesn't take a genius to look at what Bush has been doing over the years and to guess that a financial collapse of some kind is on its way. The question is, how do we adequately prepare for it?

[Recursion]

4. Suggested investments for the coming cycle:

* shotguns
* bottled water
* canned food
* world real estate

[formercia]

11. ammunition

it's getting very expensive and those guns won't be very useful without.

[Recursion]

13. I can make my own ammo. Shotguns, not so much...

Come to think of it, knowing odd little skills like making ammo, distilling water, raising cows, etc. may be quite marketable soon too...

[formercia]

15. I reload too.

otherwise, I couldn't afford to keep in practice. Casting lead is a good skill. Some molds, i've had for 35 years and are just as good as new.

[no_hypocrisy]

3. Is it inevitable or can the damage be mitigated with new political and economic policies?

[Joanne98]

5. If the corporations die it's worth it! But I don't think we're that lucky!

The Republicans will blame it on Social Security and Medicare and the stupid American sheeple will believe them. I hope I'm wrong. I'll keep my fingers crossed!

[antigop]

8. Joanne, I think you are correct. The collapse will be blamed on social programs. n/t

[Baby Snooks]

12. No, no, no...

The Republicans will just simply blame it on the Democrats. In fact, they already are. Before it's happened. And that in itself says a lot of what is coming down the pike.

[keep_it_real]

6. A permanent end of the "retail holiday frenzy"?

" . . . a permanent end of the "retail holiday frenzy" that has driven the U.S. economy since the 1940s, he said."

Now that's deep.

[truedelphi]

10. This analyst misses the dot com bubble of the nineties

The real estate bubble of the past few years, and who knows how much else.

But he or she apparently is aware that people buy things at the end of the year due to sales and due to celebrating Holidays.

[Dj13Francis]

7. Could be worse...

Chances are it probably will be.

[Gregorian]

9. So is this something that can be fixed with duct tape?

I've got a whole shitload of the stuff. Not to mention plastic sheeting. Duct and cover!

T quote Julius Ceasar- When all else fails, laugh.

[Demeter]

14. Actually, I Think That Was Sid Ceasar

[Gregorian]

17. Yes, Sid Ceasar the famous economist.

Argh, I just had to go over to youtube and watch his old skits. What a trip.

[liberalla]

20. Laughing will be especially valuable!

[balantz]

16. Way to go Bushco

Perfect timing for such a national disaster with martial law declared and thugs like Blackwater overseeing food handouts. If this economic downfall happens there is no stopping them now. Is 2008 the year the world order of monopolies gets re-configured? Must be nice to have a place in Paraguay to sit back, crack a cold one, and watch the playing out of your chess-game, Herr Bush and friends.

[liberalla]

21. Perfect timing?

No, I think it was perfect planning. They are that maniacal.

[Oldenuff]

18. Hummm

I have long been of the opinion that this Nafta and Gatt BS that has been fed us over the years,is not about raising the standard of living for third world countries,it's about lowering ours.

[undergroundpanther]

19. Remember the bible nuts

Bushco is full of them.
Read it and gag.
http://wfministries.net/biblicalwealth.html