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The Dollar is in Freefall

by BooMan
Wed Nov 7th, 2007 at 10:29:38 AM EST

A friend sent me a simple email message this morning:

HAPPY WEDNESDAY!!
DOLLAR NEW LOW...

OIL NEW HIGH...

GOLD $850

For the first time in my lifetime (I think) the Canadian Dollar is worth more than the American Dollar. Somehow I think that is the type of thing that will resonate with low information voters...particularly in the northern border states. It strikes at our national prestige.

Over at Daily Kos, London Yank points out that the grim reality:

* The US dollar has now lost more than a third of its value (-35%) against a basket of major currencies since Feb 2002.
* The decline is accelerating. The USD has shed 2.5% of its value in the last year, 3.5% in the last month, and 1.5% in the last week alone.

You should visit other sites for expert advice on what this all means. And, depending on your savings, you may need to consult financial advisers to protect your assets. A run on the banks is possible and you will only be insured up to a certain level. Don't be a passive victim. The shit is finally hitting the fan.

The Dollar is in Freefall | 10 comments (10 topical, 0 editorial, 0 hidden)

Re: The Dollar is in Freefall (none / 0)

Hmm, might be time to think about converting my savings into a foreign currency. The British pound seems to be doing pretty well these days.

---Cthulhu for President: Why vote for the lesser evil?

by eodell (eodell at naqada dot org) on Wed Nov 7th, 2007 at 10:34:15 AM EST

Re: The Dollar is in Freefall (none / 0)

I highly recommend http://www.everbank.com for anyone looking to invest in foreign currencies. They offer foreign currency CDs that are FDIC insured (but that does not insure against any potential loss due to currency fluctuation, obviously).

Tengo un sueño.

by ejmw (ewitham (at) umich (dot) edu) on Wed Nov 7th, 2007 at 10:38:21 AM EST

Re: The Dollar is in Freefall (none / 0)

Watch the feds play the manipulation game. They have a target and that is Nov of 08! They will keep the lid on until then. After that- the shit hits the fan and the blame game will kick in to overdrive!

by billjpa (billjpa@aol.com) on Wed Nov 7th, 2007 at 10:58:00 AM EST

Re: The Dollar is in Freefall (none / 0)

I agree that's the game plan. Will it work? Can they pull it off? Not that I agree w/ their games, mind you, but are we so far gone that they can't pull of their economic games any longer?

Can't hear ya, Peach!

by AP on Wed Nov 7th, 2007 at 12:14:52 PM EST
[ Parent ]

Re: The Dollar is in Freefall (none / 0)

We are not complaining about the Yuan anymore. Guess the administration figures lead toys are ok as long as they are cheap. Frankly I'm scared we are headed for either inflation or recession. Low interest rates and big debt makes for a weak currency. Oh and expensive oil.

"We have always known that heedless self-interest was bad morals; now we know that it is bad economics;" - Franklin Delano Roosevelt

by Salunga on Wed Nov 7th, 2007 at 11:07:29 AM EST

Re: The Dollar is in Freefall (none / 1)

Frankly I'm scared we are headed for either inflation or recession

inflation + recession = stagflation

1970's deja vu, complete with endless foreign war

by The Voice In The Wilderness on Wed Nov 7th, 2007 at 09:35:37 PM EST
[ Parent ]

Re: The Dollar is in Freefall (none / 0)

dollar was low compared to the Loonie 30 years ago.

And yes, i will be talking to my adviser today.

John Mccain Called his wife WHAT??

by brendan on Wed Nov 7th, 2007 at 11:11:41 AM EST

Re: The Dollar is in Freefall (none / 0)

Foreign investors, the other pillar of our economy, are beginning to divest themselves of the US dollar. A major economic crash is imminent, a crash that could make the Great Depression pale in comparison. Once this crash is complete, plans are already in place to replace the US dollar with the North American Amero, to establish the supremacy of the North American Union over the federal governments of the US, Canada and Mexico, and to keep the public in line through the establishment of a repressive police state.

Source

"If you look for the social economic motive, you will not have to wait for history to tell you what was propaganda and what was truth." - George Seldes

by Real History Lisa (lpeaseRemoveThis@gte.net) on Wed Nov 7th, 2007 at 11:23:13 AM EST

Re: The Dollar is in Freefall (none / 0)

just a touch of hyperbole there.

by BooMan on Wed Nov 7th, 2007 at 11:37:03 AM EST
[ Parent ]

The Dollar is in Freefall (none / 0)

and, from the dessert cart:

Nov. 7 (Bloomberg) -- U.S. stocks fell to the lowest in seven weeks after New York expanded its probe of collusion in the mortgage industry, General Motors Corp. posted a record loss and the dollar tumbled.
link

"We've certainly entered a period of sustained higher levels of volatility.''

buckle up...this landing's not going to be soft.

lTMF'sA

the revolution will not be televised...

by dada on Wed Nov 7th, 2007 at 04:23:59 PM EST

The Dollar is in Freefall | 10 comments (10 topical, 0 editorial, 0 hidden)

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