US Dollar could drop by 90% - Never Forgotten: a Foster's Home Community

Partymember · 11-26-2007, 05:36 PM

start stockpiling guns and ammo and canned beans, kiddies. Gonna be an interesting new century. Canadian dollar surpassing us by 9 cents...remember when they got 60 cents on the dollar? I do. We used to go up there and laugh as we spent our powerful greenbacks. No longer, guys.

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."

"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 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, he said.

link: http://www.upi.com/NewsTrack/Busines...e_90_pct/4876/

Subzeroace · 11-26-2007, 05:52 PM

Crap... As much as I love the CND being higher, it means super long wait times at the border (I'm in Southern Ontario so weekend shopping trips to the States are in) and no tourist money coming in ._.

Although I may finally talk my way into another trip to Florida :3

Don't worry Florida/New York, I'll spend money in you!

Partymember · 11-26-2007, 05:59 PM

Quote:

Originally Posted by Subzeroace

Crap... As much as I love the CND being higher, it means super long wait times at the border (I'm in Southern Ontario so weekend shopping trips to the States are in) and no tourist money coming in ._.

Although I may finally talk my way into another trip to Florida :3

Don't worry Florida/New York, I'll spend money in you!

oh yeah, we got the crappy passports now...what a dumb idea. I loved the open border. I love Canada! Damn politicians

Medikor · 11-26-2007, 07:57 PM

I admit that it's made ebay shopping a lot easier with a stronger CND but we all knew that the CND becoming stronger than the USD is a sign of the apocalypse. What are comedians going to make fun of now?

I know that a stronger CND hurts the trend of Americans coming to Canada to film movies and tourism may take a hit, but the USD going down by 90%? Sounds like another depression era. Here's hoping that all of you in the States come out of this in one piece should the USD drop actually come to pass.

One Radical Dude · 11-26-2007, 08:10 PM

That would be very depressing, if this became a reality in the near future. I am aware of the US dollar decreasing; but 90% becoming a possibility? We'll see. Right now, I'm taking this article with a grain of salt (mainly because I'm not reading/hearing much about it). It's not something to ignore, but it's nothing to panic about just yet.

Lynnie · 11-26-2007, 08:11 PM

Quote:

The Panic of 2008 will lead to a lower U.S. standard of living.

Uh oh... That sounds scary. I knew it would come to something similar eventually, but didn't think it would be as soon as next year.

Medikor · 11-26-2007, 08:19 PM

Quote:

Originally Posted by Lynnie

Uh oh... That sounds scary. I knew it would come to something similar eventually, but didn't think it would be as soon as next year.

I wouldn't take it too seriously, Lynnie. This USD disaster strikes me as awfully similar to the Y2K thing a while back.

Subzeroace · 11-27-2007, 05:51 PM

Quote:

Originally Posted by Partymember

oh yeah, we got the crappy passports now...what a dumb idea. I loved the open border. I love Canada! Damn politicians

I got one months in advance =3

Partymember · 11-27-2007, 06:45 PM

cool! I need to get mine still. Its expensive, though, which sucks

Quote:

Originally Posted by Lynnie

Ah yes, the Y2K scare. I was among those who had stocked up on canned goods and a bathtub full of water (not to mention all the bottles I had in my fridge and cupboards). Man, the next morning made a fool out of the best of us.

I hope you're right, and it comes to little more than that.

heh. I keep 12 days worth of MRE's and water in 2 liter jugs in my room.

wow...its sounds so paranoid when i type it out...

11-26-2007, 05:36 PM	#1
Partymember super-scientist GO TEAM VENTURE! Join Date: Nov 2006 Location: Lake George Posts: 1,500	US Dollar could drop by 90% start stockpiling guns and ammo and canned beans, kiddies. Gonna be an interesting new century. Canadian dollar surpassing us by 9 cents...remember when they got 60 cents on the dollar? I do. We used to go up there and laugh as we spent our powerful greenbacks. No longer, guys. 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." "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 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, he said. link: http://www.upi.com/NewsTrack/Busines...e_90_pct/4876/ __________________ Think you used enough dynamite there, Butch?

11-26-2007, 05:52 PM	#2
Subzeroace Has a PhD in Horribleness Burning things is fun and useful! Join Date: Dec 2006 Location: A place to live, a place to grow, Ontari-ari-ari-O Posts: 500	Crap... As much as I love the CND being higher, it means super long wait times at the border (I'm in Southern Ontario so weekend shopping trips to the States are in) and no tourist money coming in ._. Although I may finally talk my way into another trip to Florida :3 Don't worry Florida/New York, I'll spend money in you! __________________

11-26-2007, 07:57 PM	#4
Medikor Robot Master I'm a bubble man! Join Date: Aug 2006 Location: Nova Scotia, Canada Posts: 1,428	I admit that it's made ebay shopping a lot easier with a stronger CND but we all knew that the CND becoming stronger than the USD is a sign of the apocalypse. What are comedians going to make fun of now? I know that a stronger CND hurts the trend of Americans coming to Canada to film movies and tourism may take a hit, but the USD going down by 90%? Sounds like another depression era. Here's hoping that all of you in the States come out of this in one piece should the USD drop actually come to pass. __________________

11-26-2007, 08:10 PM	#5
One Radical Dude Big Insensitive Jerkface Still Awesome Join Date: Jul 2005 Location: Seattle, WA, USA Posts: 2,738	That would be very depressing, if this became a reality in the near future. I am aware of the US dollar decreasing; but 90% becoming a possibility? We'll see. Right now, I'm taking this article with a grain of salt (mainly because I'm not reading/hearing much about it). It's not something to ignore, but it's nothing to panic about just yet. __________________ Visit these pages: Facebook, Twitter, Google+