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Article posted Nov 30 2007, 1:32 AM Category: Economy Source: UPI Print

Forecast: U.S. dollar could plunge 90 pct


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.





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Comments 1 - 8 of 8 Add Comment Page 1 of 1
queenofit

Posted: Nov 30 2007, 11:12 AM

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"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."

Good.....~~~~
Anonymous

Posted: Dec 01 2007, 4:23 AM

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6682 Can I ask my company "To please Pay me in gold ?"
dave

Posted: Dec 01 2007, 8:23 AM

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There used to be a law in the UK, the trucks act from my shabby memory, which guaranteed the right to be paid in cash. On the printed notes the Bank of England said the words 'I promise to pay the bearer on demand the sum of ..' That changed, and the changes it required by The Queen and the government were specifically unlawful.

Of course you can ask your company to pay you in gold, I think it makes sense to ask no matter what they make of the request.

<The dollar's collapse is a well planned, manufactured crisis>
Although true, when the Rothschilds were given the banking, for instability they gave it to computers and surrendered considerable control. I should think there is a lot of panic going on, although they knew their own people would get hurt in this, there are bribes to be paid and I suspect a few well laid plans might have fallen apart already.
Nemo666

Posted: Dec 02 2007, 12:41 AM

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Jim Rogers a world famous commodities trader/ investor referred to Ben Bernanke as a fool. His comments can be found in a link associated with this article in Latest Articles witht the economy.

Bernanke is not a fool and is part of the plot to destroy the USD along with the worlds currency system. They are going to do a job on the world currency system so a world of desperate people who've lost their life's savings will climb onboard for their currency free, digitized, monetary society; ie., a counterfeiters dream. They'll blame the collapse on speculators, black and gray marketeers and anyone and everyone but them and their central bank currency manipulations and ultiimate failure.

Staring from his hang-doggy eyes with his well-clipped beard, Mr. Summa cum laude at the undergraduate level with a Ph.d. in Economics from M.I.T. is an "inflationist"! In a fiat (faith money) world, he's the most dangerous lifeform to our economic security to say the least. Rogers calls him a fool, I call him a running dog for the New World Order and a conspirator in the plot to destroy the worlds current paper-currency based system. People need to demand his removal from the Fed and to have a Chairman appointed that will defend the value of not only the dollar, but all fiat currencies in general.

He should be raising rates right now, Wall Street bankers be damned. That's what Paul Volcker did when this same type of crisis reared it's head in 79-80. The Fed needs to raise rates to reward savers and to punish excess in the capital markets, but this "monetary criminal" is doing the very opposite of what's necessary in a fiat money environment. In other words he taking the U.S. and the world on a death spiral into the ground...!

America and the world is in harms way with he and his kind of the G8 nations that are running the worlds fiat monetary system.

http://en.wikipedia.org/wiki/Ben_Bernanke
http://www.apfn.net/Doc-100_bankruptcy27.htm

I highly recommend that US citizens contact their Congressional District reps and their two U.S. Senators to demand hearing and his summary removal as Fed Chairman, immediately if not sooner.

Carl Nemo **==
dave

Posted: Dec 02 2007, 3:15 AM

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Abraham Lincoln who issued the unborrowed greenbacks was assassinated on 15th of April 1865. On 15th of April 1912 the richest of men opposing the federal reserve system sunk with the titanic. In a world where truth is hidden and history re-written, such patterns go unnoticed.

The biggest heist in history had occurred, the controlled media hid it. Serial murders involving uncounted millions of people occurred, the controlled media hid the reasons why. Censorship and propaganda had people the world over looking the wrong way or not looking at all.

I think people should know that America was stolen, that their lives were stolen, and even their minds were stolen. In a world full of deceipt, truth is a revolution worth having.
oodes

Posted: Dec 04 2007, 8:04 PM

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220238 Maybe we should look to Cuba for tips on how to survive with less
alphawolf

Posted: Dec 06 2007, 9:18 AM

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Being as well armed as we the general populace are, those who would have us be their slaves understand an armed suppression would indeed be very costly. Economics will be the tools used to bring our country to its knees, for when there is another depression and people have no food or warm shelter, most people will sacrifice their freedom for a little comfort and food.
Be not fooled, the destruction of our economy is planned so to bring us into the folds of a NWO prepare now and live longer to fight this treasonous movement.
madmiralkurt

Posted: Dec 10 2007, 12:46 AM

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7592 Here's a little compilation from only a few sources regarding this subject.
I tried to limit my words, and most are direct quotes, referenced with URLs.
There are several thousand (or at least hundred) sources that say similar things, so I boiled them down to these few, to make it easy for me, and in the process, I thought you might be interested in seeing what I learned from this afternoon's research.

December 9, 2007
Why should you care if Iran no longer accepts dollars for oil?
http://en.rian.ru/world/20071208/91488137.html
-reference
All sourced work is in direct quotes, highlights added by me, except comments, in parenthesis.
Foreword:
A few facts about Iran, and how oil trades work:
Iran, 4th biggest oil producer in the world: Second largest producer in OPEC: 4 million barrels a day, 60% exported: Sells to:
Japan
South Korea
China-10 million tons LNG annually, as well as oil
Germany
E.U.
North Korea
Russia
AND OTHER NATIONS
http://www.msnbc.msn.com/id/22056178/
This is dated from Dec.1, 2007
(But Iran would also pay a hefty price if the) petrodollars that now represent 80 percent of export revenues (are reduced)
(COMMENT: The previous statement is a complete fallacy, except for the figure in question, 80%)
Iran sells 2.5 million barrels of oil a day, making it OPEC’s second-largest producer.
Iran also could squeeze supplies even further by trying to choke off the Strait of Hormuz — the narrow mouth of the Persian Gulf — that serves as the transit route for more than 30 million barrels of oil a day, or nearly 40 percent of the world’s supply.
An additional daily 2 million barrels of oil products, including fuel oil, move through the strait, as well as tankers carrying liquefied natural gas.
(COMMENT)
Do the math:
80% (petrodollar) times 2,500.000 barrels equals 2,000,000 barrels sold in petrodollars PER DAY (Dec 1, 2007, MSN)
2,000,000 barrels/day times $90.00/barrel equals $180,000,000 dollars/day
$180,000,000 times 30 days/month equals $5,4000,000,000 per month (30 days)
This equates to 65 billion, seven hundred million dollars a year.
THIS IS ONLY ONE OPEC PRODUCER.
http://www.dailykos.com/story/2005/12/27/115725/53
This is dated from 12/27/05

On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release.

M3, the one that will no longer be printed, is M2 plus Eurodollars. While Eurodollars sounds like plastic money used at EuroDisney, it actually refers to dollars being held in non-American banks (originally most dollars held overseas were in European banks, but "eurodollars" could just as easily be held in China).
(COMMENT: Eurodollars are not to be confused with EUROS, as most people do-)
http://en.wikipedia.org/wiki/Eurodollars
Eurodollars are deposits denominated in United States dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve. Consequently, such deposits are subject to much less regulation than similar deposits within the United States, allowing for higher margins.
The first transaction involving such deposits was initiated by a bank owned by the Soviet Union, which sometimes used the telex address "Eurbank". Initially dubbed "Eurbank dollars", they eventually became known as "eurodollars".[1] The latter name became widespread because such deposits were held mostly by European banks and financial institutions. Such deposits are now available in many countries worldwide, but they continue to be referred to as "eurodollars" regardless of the location.
http://www.dailykos.com/story/2005/12/27/115725/53
This is dated from 12/27/05
While oil can be drilled and refined and transported anywhere, there's only two places where it can be officially purchased. One is in New York City on the NYMEX stock exchange and the other in London on the IPE exchange. I should mention that London's IPE is actually now owned by an American country named "ICE
This means that every single country which wishes to buy oil has to own dollars to do it. Since these dollars are held overseas, they are referred to as Eurodollars, although once again they don't have to be in Europe. A dollar in China is a dollar in America too - they aren't valued any differently.
(COMMENT: Why do nations primarily desire to hold Dollar reserves?
ANSWER:)
The world sells and buys billions of barrels of oil per day, and every single one of those billions is in the form of an American dollar. The effect of this is that every single country in the world which holds large reserves of dollars (for the purpose of buying oil) is essentially propping up the American economy on a huge scale.
Another way to think of it is that every drop of oil is worth a portion of a dollar, meaning oil is dollars and vice versa. Which means that all the vast wealth that is oil is in effect, also adding that wealth to the United States.
So back to the Fed and their decision to stop reporting the holdings of dollars overseas. Why does that matter?
There is a lot of speculation out there, but one good guess is that Spring 2006 is when Iran's oil bourse will debut.
(COMMENT: THIS OCURRED ON DECEMBER 8, 2007, AS PER RIA NOVOSTI-
http://en.rian.ru/world/20071208/91488137.html)
Iran is a member of OPEC, which currently restricts all foreign sales to the American dollar. So is there any way for Iran to start selling its oil without having to resort to the currency of its foe?
Should Iran's oil bourse be successful and sales be denominated in Euros, this will induce hedging of the Euro versus the dollar and fundamentally alter the prices of oil. Some reports show that both China and Russia, large trading partners with Iran, have begun to increasing their holdings of Euros.
What's not well known is that Saddam Hussein decided to switch from selling Iraq's oil in dollars to Euros in November 2000. This was not widely reported. At the time, Iraq's oil sales were limited and were under UN supervision (as part of the "Oil for Food" program) so the sale in Euros did not have a major impact.
Not only would the new entity compete against the New York Mercantile Exchange and London's International Petroleum Exchange (both owned by American corporations), but it would also ignite international oil trading in euros.
"A shift away from U.S. dollars to euros in the oil market would cause the demand for petrodollars to drop, perhaps causing the value of the dollar to plummet," Brian Miller and Celeste Vogler of Project Censored wrote in Censored 2006.
"Russia, Venezuela, and some members of OPEC have expressed interest in moving towards a petroeuro system," he said. And it isn't entirely implausible that China, which is "the world's second largest holder of U.S. currency reserves," might eventually follow suit.
http://www.countercurrents.org/roberts291107.htmThis is dated from November 29, 2007, and the author is Paul Craig Roberts. Here is a one-paragraph bio of him, from http://en.wikipedia.org/wiki/Paul_Craig_Roberts
Paul Craig Roberts is an economist and a nationally syndicated columnist for Creators Syndicate. He served as an Assistant Secretary of the Treasury in the Reagan Administration earning fame as the "Father of Reaganomics". He is a former editor and columnist for the Wall Street Journal, Business Week, and Scripps Howard News Service. He is a graduate of the Georgia Institute of Technology and he holds a Ph.D. from the University of Virginia. He was a post-graduate at the University of California, Berkeley, and Oxford University where he was a member of Merton College.

“Japan and China, indeed, the entire world, realize that they cannot continue forever to give Americans real goods and services in exchange for depreciating paper dollars. China is endeavoring to turn its development inward and to rely on its potentially huge domestic market. Japan is pinning hopes on participating in Asia’s economic development.

The dollar’s decline has resulted from foreigners accumulating new dollars at a lower rate. They still accumulate dollars, but fewer. As new dollars are still being produced at high rates, their value has dropped.

If foreigners were to stop accumulating new dollars, the dollar’s value would plummet. If foreigners were to reduce their existing holdings of dollars, superpower America would instantly disappear. “


Final comment:
If you thought the subprime issue was bad for the economy (and you’d be right), what do you think this Iranian move will do to our economy?

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