Better make your millions fast

Discussion in 'Economics' started by EMRGLOBAL, Jan 23, 2008.

  1. George Soros, the financier who made a fortune betting against the pound, went so far Wednesday as to say that the downturn would put an end to the long status of the dollar as the world's default currency.

    "The current crisis is not only the bust that follows the housing boom," Soros said. "It's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency."


    As much as i dislike Soros's political views, i agree with him on his views of the US Economy and Dollar.

    The writing is on the wall and, IMHO, by 2010 if not sooner, the US currency will no longer be the "reserve currency".

    US is now a third world market, similar to that of an "Emerging market" of those third world countries like Brazil, India, etc.

    The Debt to income ratio of the US gov. and the average US consumer does not justify the Current dollar level. The dollar may continue to fall for the next decade.

    FEDs have only created the foundation for the same mess, they used the same tools that brought the Super Power's economy to a Third World Stats.

    US GOV bonds will be the next 'Down grade". If not in 08, in 09 IMHO.

    So make your money fast. It will be easyer to ride the decline of Living standards if you got the jack!

    This is not USA bashing, this is in your face, honesty.
  2. Won't happen in your lifetime!
  3. You are sooooo not going to like this answer. The USA has the best military in the world. Might does make right. In the end, no country in this world can kick our ass if we REALLY want to win.

    Best Regards
  4. dsss27


  5. We can't even get control of Iraq. What makes you think we could control a coalition of multiple nations stronger than Iraq (Venezuala, Russia, etc.) simultaneously?
  6. clacy


    There is a big difference between defeating countries militarily and maintaining them as we are now doing in Iraq. From a military standpoint, we destroyed the Iraqi military in a matter of a few days.

    With that said, I'm not arguing that we should use our military might to keep our economic place in the world, but saying that we will be a 3rd world country is silly at best.
  7. Do THEY really want control in Iraq?
  8. clacy: "but saying that we will be a 3rd world country is silly at best."

    True, the U.S. will never be a Third World nation -- which is defined as a developing nation -- but we have lost and slowly losing our status as the #1 economic power in the world. The U.S. is transitioning into a mature, slow-grower much like the EU member states.

    The U.S. ranks 9th in GDP per capita, behind countries like Switzerland, Sweden, Norway, Ireland, and Qatar. Great Britain is right behind at 11th. In so many other areas the U.S. is no longer No. 1 -- birthrate mortality, illiteracy, math and science skills, industrial output, and so on. The only thing the U.S. leads the world in is... debt.

    sign me "Patriotic Realist"
  9. Why not?

    I personally think if the gov't uses my hard earned tax dollars to build something then they have an obligation to use it.:)
  10. Ya, I guess you have a point on the Military.

    I did take a WW to bring us out of the first depression.

    As far as in my life time. Humm, Im not sure how much your worth, but I have watched my net worth lose over 30% due to the devaluation of the dollar from 2000. Even more if you consider double digit inflation and my dumb ass only recently keeping my "Cash" in foreign currency baskets.

    Also, Joe Idiot never felt the "Devalue of the dollar" because he bought his RE and it made him feel real good. That game is over and half of america will be upside down in their "NEW HOMES" by years end.

    So, you mean to tell me, that a 30% or more loss in everyones net worth , in 8 years is nothing? And that I will not see the US dollar replaced as a 'Reserve currency"?

    Fuck America, I drive an Audi my friend. Unless you only purchase US goods, your gona feel this thing bitch slap you harder than Charley Murphy was when "The five fingers told the hand".!
    #10     Jan 24, 2008