The dollar is tanking badly. It’s already down to 96 yen and .63 euro to the US dollar. I have a very bad feeling prices for everything are going to go through the roof soon.
When you’re trading 1:1 with the CDN loonie, you know things are bad.
.
USD too a bad hit just now…all time low of 70.70 on the Index.
I don’t see how the U.S. cannot fall into another major depression. I even go as far as to say that this time will be even tougher than in the 1930…crazy times are ahead and the junior precious metals mining stocks are about to take off!!!
Yeah, I think it will be a lot worse than the internet bubble. Oy, what a mess. I was never this pessimistic in 2001.
So much worse than everyone thinks… ever wonder what happens when the only place in the world where a USD is worth a USD is in the US…?
The bursting of the internet dot com bubble will look like a bull market to what is about to come. I honestly think that we are much worse off than in the 1929/30s. We are now totally in debt, we’ve destroyed the purchasing power to such an extend that foreign nations are (about to) dumping their USD reserves in exchange for a stable alternative (Gold, Silver, Euros). That will make imports more expensive and we truly to rely on them at this time. What are we producing anymore? I know we still produce goods but in the grand scale we’ve become a service Nation and the transition that has to be made towards a “producing” Nation can and will be painful.
I’ve been saying this for years now but back then many people were laughing at this type of though. Take your retirement money out of the stock market, out of the USD and put it into Precious Metals and a well diversed basket of foreign currencies.
The only thing I’m still trying to figure out here is when to jump into the housing market. If we’d know for certain that the USD would never be replaced with another currency I’d say that we wouldn’t hit close to bottom til at least 5 years from now. Unfortunately we have a Federal Reserve/Elites with a monetary policy agenda that is quit “interesting” and I wouldn’t put it past them that they purposely devalue the USD for their own agenda. Given that the Fiat currencies have a history of not lasting forever and given that the Federal Reserve doesn’t care about inflation and the value of the Dollar I think that the propability of a new currency introduction is “high”. We are truly living in fu&#ed up times.
exactly…that’s why I like Maple Leaves, Krugerrands, Buffaloes, Eagles, etc.
**Take your retirement money out of the stock market, out of the USD and put it into Precious Metals and a well diversed basket of foreign currencies. **
That depends on when you plan to retire. It will bounce back at some point.
lol–we have the most manufacturing in the world by far!
we just need 6-18 months. it will be a minor recession. you guys listen to WAY too much negative news. and, let us not forget that a recession is more than 2 quarters of decline in the GDP. we’re not there yet. in fact, 3rd quarter in '07 was the strongest out of the prior 4 years!
“the sky is falling” and has been “falling” for some time now. i think it is largely because the media hates George Bush. or, maybe in presidential election years this is what happens, people think the whole world is falling apart.
it is ridiculous that some of you equate this time to the Great Depression. a depression is a time of consistent decline of more than 10%. we’re not there people. and where some markets are failing (ie, housing) others are booming (ie, agriculture, exports, tourism, consumer goods, foreign manufacturing moving to US, etc etc etc). And housing isn’t a “bust” in all markets; in fact, many states are expanding (ie, the Rocky Mountain area is in a boom), with only some in a local recession because of housing or automotive (Mew Mexico, AZ, MI, etc).
i feel most of you are not looking at the big picture–perhaps only seeing what the news is telling you to see.
My parents lived through the Depression and with the stories they told, this is not even remotely similar to that time period. Ya’ll need to get a grip and quit being brainwashed by so much television.
and at some point, you have to belive that things will get better. and they do! SO WAKE UP!
now, with all of that said, i feel that if the idiots would quit lowering interest rates i think this would help us to stave off inflation; that is my big complaint right now. well, and i’m sick of the government funded bail outs on all counts, but…whaddya do.
overall though, our economy is HUGE–we will get through. not to mention, it is a major drag to hear ya’ll bitch at “how bad” it is all the time. i’m sure most of you have decent jobs, decent homes, car(s), full fridge of food, several bikes, etc etc etc. in the Great Depression most people couldn’t afford heat, or food, and it was literally survival of the basics. it wasn’t even that bad in the 70’s.
in fact, the last worst recession of the past 60 years was between 1973-1975 when the real GDP fell below 4.9% over that time. and we are not even close to that. this time period was a recession–NOT a depression.
i encourage all of you to quit bitching, and pull yourselves up by the boot straps to get on with it. the truth is that people can make money in any market.
Thank you KC! After reading the preceeding messages, I thought it was already too late to commit suicide and save the economy from having to kill me.
**i encourage all of you to quit bitching, and pull yourselves up by the boot straps to get on with it. **
LOL. Have you been keeping an eye on the racism threads lately? Certain groups are not responsible for pulling themselves up, cuz the white man done been keeping him down for too long.
lol–we have the most manufacturing in the world by far!
you mean all of those manufacturing jobs outsourced to Asia during the past decade?
no, i mean right here in the US.
A little over one year ago:
- Consumer confidence stood at a 2 1/2 year high;
- Regular gasoline sold for $2.19 a gallon;
- the unemployment rate was 4.5%.
Since voting in a Democratic Congress in 2006 we have seen:
- Consumer confidence plummet;
- the cost of regular gasoline soar to over $3 a gallon;
- Unemployment is up to 5% (a 10% increase);
- American households have seen $2.3 trillion in equity value
evaporate
(stock and mutual fund losses); - Americans have seen their home equity drop by $1.2 trillion
dollars; - 1% of American homes are in foreclosure.
AND A PROMISE BY THE DEMOCRATIC CANDIDATES TO RAISE TAXES!!!
Wow, quite possibly one of the stupidest things ever posted in the LR.
Just a troll.
Yeah, I know. Just like the post itself. Chill dude
Yup, The person who directed me to this site was right, there are a bunch of assholes on here.
Yup, The person who directed me to this site was right, there are a bunch of assholes on here.
And the number appears to be growing all the time.
Thank you for putting things into perspective, KC. I will be more than willing to let everyone else panic about the sky falling but I realize that it is extremely unlikely. Yes, we are heading towards a downturn, there is a lot of crisis in the financial/credit industries, and I’m getting concerned about inflation, but then I remember that this country has been through this before many times and seems to pull out eventually.
kittycat,
I understand your point of view but you have to look beyond the now and look at many variables when trying to predicting the future.
Back in 2005 when I called the top of the housing market people literally made fun of my prediction. I reasoned back then that the prices were not only way out of whack with affordability, but that many transactions were speculator purchases and that we will reach a point of financial exhaustion when prices no longer can increase. At that point we’ll instantly see a huge decline in demand as demand was artificially high. I also said taht the lack of appreciation will have a huge affect on the economy as funny house atm money can no longer be used as much as previously. I’ve also pointed out that there will be a very substantial rise in foreclosures due to people no longer being able to refinance themselves out of trouble as this was possible. Not very many people took those words with much thought and on quit a few occasions people actually laughed at what I had to say.
I certainly think that Bush has made many idiotic decisions but being not pro Bush is certainly not the reason why I see that the sky is falling.
"a depression is a time of consistent decline of more than 10%. we’re not there people. "
We are not there. Yet. Soon we’ll see that credit cards start increasing their lending standards. In the past 8 years defaults were relatively low as many “consolidated their debt into one low payment” through a refinancing of their home. How will that play out in 2008 and 2009 - The equity is gone and as a direct consequence people will no longer get the easy way out of credit card debt card. How will that effect the economy? We’ll certainly see in the not too distant future how healthy of an economy without depending on as much credit as during the past 5 years.
As far as having the most manufacturing in the world…and how much do we consume? There’s a slight imbalance there, wouldn’t you say so?
“i feel most of you are not looking at the big picture-”
If you are so convinced that we should be looking at the big picture, I’d suggest to you to study some monetary policiy, fiat money history, and take a thorough look at the USD Index.
I share with you the concerns about inflation and that is exactly why I see the rough road ahead.
And I’m definitely not brainwashed by television. I certainly didn’t start investing in Precious Metals, Uranium, and other currencies because of the (biased) news media. And I certainly didn’t call the top of the housing market in 2005 because of what I read in all the newspapers and what they covered on tv…
There are inflationary depressions and deflationary depressions. I think we’ll experience stagflation with increase in prices for food and energy while credit-dependent assets will depreciate in (relative) value.