What about the increasing number of conservatives that suck dick?:D
Printable View
What about the increasing number of conservatives that suck dick?:D
As Doggboy readies to leave Miami for Barcelona the exchange rate with the euro hits $1.31, the Chinese are frequently hinting about "diversifing" and how much more do you want to know? Doggboy suggests you fellows who think the US economy and the dollar are rock solid better start diversifying a bit yourself. Before it's all over with, Uruguayan banks may look like an alternative for things other than routing dollars to BA for real estate deals. An ill wind is blowing and today's dollars could be tomorrow's expensive toilet paper.
If you had to put your life savings in a bank account for 50 years would you choose USD or Euros?
Will Euros even exist?
[QUOTE=Doggboy]Doggboy suggests you fellows who think the US economy and the dollar are rock solid better start diversifying a bit yourself. Before it's all over with, Uruguayan banks may look like an alternative for things other than routing dollars to BA for real estate deals. An ill wind is blowing and today's dollars could be tomorrow's expensive toilet paper.[/QUOTE]From several of your other posts, I would infer that you are roughly around my age: mid-50s. If so, I would call your attention to all the other times in the past 40 years or so that the U. S.economy...the American dollar...whatever...was perceived to be sliding irrevocably downhill, and the pundits saying essentially that soon the dollar would be tomorrow's expensive toilet paper.
At some point in the distant future that may, indeed, be the case. After all, America probably will not maintain its military/economic/political supremacy forever. But from a near-term point of view -- i.e., the rest of [i]our[/i] natural lives -- I don't see that happening. I'd be more concerned about global warming than about the dollar losing enough value to have a seriously adverse impact on my life over a long period of time.
SL
Doggboy is right, the dollar is Fucked.
This is one of the reason's that both Gold & Oil have risen in price, both sold in dollars.
The only thing that could save the dollar would be a rise in intetrest rates which would trash our economy and would be only a short term fix.
The United States can not compete in the internation market place on any idem that is labor intensive. Hense, the third world economies, China, India and the like are becoming the driving engines of world commerce.
Remember Ross Perot and his famious line "That Sucking Sound" as jobs head for Mexico.
Well now your seeing it on a world wide basis with both jobs a capital fleeing the country searching for more competitive markets, looking for a better return.
Were Fucked and anyone that doesn't believe it is a fool. There will come a time where most everyone in America will have to take a cut in their standard of living just like the Argentines have with their "Crisis"
I do this sort of thing for a living and I know what I'm talking about.
Exon
I don't believe for one nanosecond that the US economy is going to collapse. Too many fools have been making this prediction since the 1970s, and I had listened to them, I would be living with nothing more than a coffee can full of gold coins buried in the backyard of my rented apartment.
The dollar goes up, and the dollar goes down. It runs in cycles, like in any free economy. In the 70s it was way down. In the 80s it was way up. In the early 90s it was way down again. In the late 90s it was higher than ever. Now it's cycled back down again. Big fucking deal.
If you want to go about this the right way, the lesson is to be diversified in your assets. I personally have 30% of my stock portfolio in a broadly diversified basket of international stocks. If the dollar goes down, I make even more money. If it doesn't, the cycles will even out, and I will make still more money.
Or you can listen to the latest generation of fools predicting economic armageddon. If anybody wants some old books from Howard Ruff, forecasting disaster, published in the 1970s, I can send them to you and you can save yourself the money you'd spend on the more current prophets of doom and gloom. I think I also have Ravi Batra's famous book, "The Great Depression of 1990." They all tell the same story, only in different years, and they're all bullshit.
[QUOTE=Exon123]I do this sort of thing for a living and I know what I'm talking about.[/QUOTE]BWAHAHAHAHAHAHAHAHAHAHAHAHA....{cough}....{cough}....{cough}. ...Whew! Please, man, don't say that kind of shit while I'm eating. I mean, it's funny and all, but really, you can't be telling jokes like that while people have stuff in their mouths. It'll fucking [b]KILL[/b] 'em from laughing so hard!
SL
Exon is right unfortunately, because it means the decline of this country.
How can any country have an $8 trillion debt and growing larger every year and have it's economy survive? Anyone who thinks a country in such debt is not in serious danger of collapse sometime in the next 30 years is ignoring basic economics and the obvious.
It is amazing how so many intelligent people always ignore the $8 trillion dollar debt as if it were nothing.
And with the jobs and technology moving to China and India ever faster, it can only get worse. If I remember correctly, for the first time ever, the US did not file for the most international patents for last year-that honor went to China.
And we have only ourselves to blame because the politicans and corporate execs only look to next quarter rather than to the next decade.
Suerte.
Stowe
[QUOTE=Stowe]Exon is right unfortunately.[/QUOTE]No, Moore is right. The so-called collapse of the American economy has been the basic stuff of predictions at least as far back as the '70s.
For every doomsday statistic cited -- e. G. 8 trillion dollar debt or whatever -- there is another statistic being completely overlooked.
As J. P. Morgan said about the stock market, "It will fluctuate." Same same about the dollar...the economy...etc.
SL
[QUOTE=StrayLight]BWAHAHAHAHAHAHAHAHAHAHAHAHA.{cough}.{cough}.{cough}. Whew! Please, man, don't say that kind of shit while I'm eating. I mean, it's funny and all, but really, you can't be telling jokes like that while people have stuff in their mouths. It'll fucking [b]KILL[/b] 'em from laughing so hard!
SL[/QUOTE]Then Don't Read My Posts While Your Eating.
Exon
[blue]Hi,
I sincerely appreciate your reports, but...
[red][u]Would you please STOP capitalizing the first letter of EVERY word in your reports![/u][/red]
It's difficult to read, it's time consuming to fix, and it takes you more work to write like that.
On behalf of myself and your fellow Forum Members: [i]Thank You![/i]
Jackson[/blue]
Please provide:
A. The present number of Dollars per Euro:
B. The number of Dollars per Euro in 2001:
C. The number of Dollars per Euro in 1996 (based on the currency basket weightings):
Answers:
A. 1.30
B .85
C. 1.30
So much for the imminent disaster. However, you Armageddon theorists, please convert your holdings into gold coins and bury them in your back yard while I buy US stocks and real estate. In 20 years I will be even richer and you will still be waiting for Armageddon to arrive.
Hunt, I agree with what you are saying, but I also think you got off the main point. I don't think anyone is saying the US isn't a safe investment at all, even though we have tons of unemployed, a huge deficit, corruption is getting worse, blah blah blah so on and so forth. The point is many people think that it isn't as solid as it used to be and for that reason, many people are advocating diversification. I personaly agree that it's not good to have " all your eggs in one basket ".
I don't think I would every liquidate all my US assets, but investing in up and coming economies is a very good thing, and just like the stock market, you need to know when to get in and when to get out. I agree the Euro is gaining on the dollar, I was just there and 5 years ago many people preffered to deal in dollars and keep their savings in dollars, these days people are switching to the Euro, do I think it's the smartest thing to do? Maybe, maybe not, but it is more common than you might think.
In Ukraine for instance all real estate transactions used to be done and priced in dollars, now it's starting to move towards the Euro. Alot of people around the world seem to think diversification is the best bet.
I would suggest that instead of " having one dirty little finger in one dirty little pie you should have all your dirty little fingers in all the dirty little pies".
BTW, that's a quote from the movie Lock, Stock and two smoking barrels, great movie:D.
Badboy
Diversify abroad absolutely. You don't even need foreign corporations/funds in order to have substantial global exposure. Just owning Coca Cola might not be a bad idea.
I believe that during the 1970s and early 1980s many people thought the USA was doomed and definitely not as strong as it used to be. The economy was weak, there was stagflation and Carter, an energy crisis, Vietnam was recent, and everything produced abroad seemed superior to an American product.
Then the Reagan administration arrived and possibly the the strongest period of sustained economic growth in US history began. The information revolution arrived a bit later and the USA pioneered and led the charge as usual. We heard a lot less preaching about the imminent collapse of the US ecomony for about 20 years.
Whatever the next economic, industrial, or technical revolution is, it will almost surely be led by the USA using the last 150 years as a guide. That is because it is still the most entreprenurial, dynamic, developed, free market on the planet with no country poised to take its place in the forseeable future, regardless of the national debt.
I agree with alot of what you said Moore, but I have to say you overlooked two things, first being during the 1970' s, The US wasn't dealing with an economic powerhouse like China, India, or Energy giants like Russia. I could go on and on about the differences between now and then, but the point is things HAVE changed, and your predictions about the next technical, economic, industrial revolution being led by the US, is more of a maybe than a definite. I just read somewhere that for the first time in history China is overtaking the US in Patents, they are also publishing more research and scholarship, it's not a huge thing, but it is a sign that the future is not a given. There is a reason the US government and US corporations are knee deep in Asia. They can say anything they want for politically motivated talking points, but MOST people forsee that the new emerging economic powerhouse is Asia. Just three letters S. C. O, get used to them because in the future you will hear alot more about them.
I think All you have said about the US is true, but the point is to stay focused on growth and development and stop dumping all our money on the M. I. C, I really think Keynes was misinterpretted to the detriment of mankind. But maybe he predicted that also. It seems we are more interested in holding the biggest gun in the world and less on having the strongest economy or maybe we equate one with the other and THAT might be the problem. All the new economies have said time and time again that they prefer dealing with countries like China and Russia, because they don't like US strong arm tactics and lack of respect, and BEFORE, there wasn't a good strong alternative and now there is. The US CAN maintain it's position, but it will take the new generation to change and adapt to the new global economy. Just as history has taught all of us I hope, you either change and adapt or you become extinct, Just ask the Romans, the Ottomans, the U. K, the Soviet Union, so on and so forth. Let's be honest about one thing, The US hasn't always gotten ahead by it's inovation alone, I won't go into it but anyone who knows history, knows we had a " few helping hands ".
Badboy