Do you think US Dollar will collapse on July 1st?

by Iamallcool 25 Replies latest jw friends

  • Iamallcool

    If you do not know what I am talking about, google about it.

  • DesirousOfChange
  • BizzyBee

    DOC, you beat me to it.

    All I would add is, that it depends on what you mean by "collapse."

  • tresdecu

    Yes The Dollar will collapse, and everything else that Metatron has posted about will probably also happen! ;-) No offense Met

  • DesirousOfChange

    DOC, you beat me to it.

    All I would add is, that it depends on what you mean by "collapse."

    If you're my age and recall what a dollar used to buy, you might think it has already collapsed.


    -A six-pack of beer cost $1.49 (1978)
    -One movie ticket cost $1 (Chicago, 1978)
    -One pound of coffee cost $1.40

    -$1 in 1975 = $3.98 today

  • metatron

    Thank you!

    This is a "No, but...... " answer to a question.

    The dollar will not collapse on that date or immediately thereafter. However, it is headed for deep trouble.

    There are too many derivative contracts out there to allow any sudden collapse. Nevertheless, as the BRICS nations stop using the dollar, it will have consequences for prices, likely of commodities such as oil.

    OTOH, the Chinese may help prop up real estate prices in the US as their 1.3 trillion dollars return to be spent in the US.

    The FATCA law is astonishingly stupid and many business people know it. Expect delays, compromise or changes because the US is losing global influence daily and this sort of arrogance is coming to an end. (Godspeed to that).

    Note that Snopes classifies this as "mixture" meaning some of the idea is true.


  • JeffT

    DoC my memory of prices goes back to the '50's. I can rememer my mother giving me fifty cents to go to a Saturday matinee. The move was 35, plus a dime for a coke and a nickel for a candy bar. When I got my driver's license in 1967 gas was twenty-five cents a gallon. Cigarettes were .40 a pack in those days.

    Now, you kids get off my lawn

    /old fart mode off/

  • DJS

    So much bullshit, so little time (or desire) to dispel it. The US is continuing to dig itself out of a recession, as is much of the W world. A weak dollar is typically a better tool for coming out of a recession, as it makes US made goods more affordable abroad and increases exports, helping the economy - especially since domestic demand is weak during a recession. A strong dollar, desired over time, is good for consumers and travelers but makes US goods more expensive, hurting exports. The Chinese WANT a strong dollar so that there is a strong market for Chinese made goods, which is why the Chinese have been accused of manipulating its currency, a 'strategy' that has historically been shown to work in the short term but typically has undesirable consequences over the long term. The US is pressuring the Chinese to end currency manipulation. Good luck with that. The Chinese are trying to establish a thriving, sustainable world class economy that includes as many of the 1.6 billion Chinese before any economic chickens come home to roost. Can't blame them. Good luck with that.

    Our resident conspiracy theorist/internationally acclaimed economist is right again, about 10 percent worth. The US is in grave trouble, huh? Perhaps. I'm not an economic prognoisticator like Met. Many economists believe there is a tri-fecta of entrenched problems in the US: a. the growing disparity between the haves and have nots, as more of the wealth is controlled by fewer people; b. more individuals on some type of government assistance; and c. the shrinking middle class. both in numbers and in real purchasing power. Lots of politicians and economists are working on it as we speak of this matter. Will they 'fix' the problems? I don't know. Met does.

  • blondie

    So what should people do to prepare for this?

  • DJS

    Blondie, what a magnificently simple and intelligent question. Met, what do we do? (Blondie, Met just wants to see his arch-nemeses fail, I'm not so sure he actually has any solutions).

Share this