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Econimic meltdown????

Discussion in 'Off-Topic Discussion' started by 0BlackTaco6, Jan 25, 2011.

  1. Jan 25, 2011 at 10:13 AM
    #1
    0BlackTaco6

    0BlackTaco6 [OP] Ive got tiger blood

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    (I apologize for the misspelling in title) I was listening to my favorite sports radio station this a.m. and heard this add about this top financial advisor that has predicted the collapse of fannie, freddie, gm, and basically the entire economic melt down that recently happened. Well this is his new prophecy. Its a long video so i understand if nobody wants to watch but im just curious about what peoples thoughts are about it. www.endofamerica36.com
     
  2. Jan 25, 2011 at 10:30 AM
    #2
    0BlackTaco6

    0BlackTaco6 [OP] Ive got tiger blood

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    He basically states that within the next 12 months there will be an economic meltdown that will change the way we live as we know it. Saying we have spent so much money that the U.S dollar will basically become useless.
     
  3. Jan 25, 2011 at 10:37 AM
    #3
    wiscdave

    wiscdave Lets Do It!

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    so what do you do? BS
     
  4. Jan 25, 2011 at 10:41 AM
    #4
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    Won't you guys just borrow more money from China to pay the interest on your loans from China?
     
  5. Jan 25, 2011 at 10:43 AM
    #5
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    Or maybe just print up some more Greenbacks .
     
  6. Jan 25, 2011 at 10:48 AM
    #6
    coylifut

    coylifut Well-Known Member

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  7. Jan 25, 2011 at 11:09 AM
    #7
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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  8. Jan 25, 2011 at 11:35 AM
    #8
    mjp2

    mjp2 Living vicariously though myself Moderator

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    It was awfully obvious. I purposely sold my house in 2005 to beat the crash, which unfortunately wasn't allowed to happen to the extent that it should have.

    A collapse needs to happen as the current situation is not sustainable. Specific to housing, prices have fallen but they're still nowhere near as low as they were in 1999. Salaries have not increased since that time while prices have.

    Broader scope, we're a country at war. 2 wars, actually, plus the constant military presence we have all over the world. A country cannot pay for wars with tax cuts. Expenses have increased so taxes should have. They didn't, we borrowed more, and eventually we're going to get bit.

    It's kind of like when Yellowstone eventually erupts. Anyone that is surprised clearly wasn't paying attention.
     
  9. Jan 25, 2011 at 11:38 AM
    #9
    mjp2

    mjp2 Living vicariously though myself Moderator

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    Side note: straying from the gold and silver standard was a massive mistake. Once that was cast aside there was no hard value backing up the US dollar.
     
  10. Jan 25, 2011 at 11:53 AM
    #10
    Brunes

    Brunes abides.

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    Before you start worrying about what this guy is saying- I'd look into his credentials. Last time this clowns video was posted here the words "scam" and "fraud" were brought up.

    I agree with MJP2-You would have to be fairly ignorant or naive to NOT see the failure coming or to think we can sustain what we are doing. This guy isn't a big deal cause he made a video about it....
     
  11. Jan 25, 2011 at 12:00 PM
    #11
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    I disagree. Basing the currency on a commodity severly limits the economy's ability to grow. There's not enough gold in the world to back the current US economic output let alone the world. Growth would only come by either taking someone else's gold and silver or mining for more.

    Plus if your economy is based on gold when another country's is not, it's bad if you trade with them. They can exchange your currency for your gold, which dwindles your supply and constricts your economy.
     
  12. Jan 25, 2011 at 12:11 PM
    #12
    mjp2

    mjp2 Living vicariously though myself Moderator

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    Interesting. I expect markets would account for discrepancies between currencies backed by tangible commodities vs. non-backed ones.

    What would be a sound basis for valuation of a currency?

    I'm admittedly not knowledgeable where monetary policy is concerned and figure I'll take the opportunity to learn a little while I'm here. :)
     
  13. Jan 25, 2011 at 12:13 PM
    #13
    MxRacer190

    MxRacer190 Well-Known Member

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    Old news is old. Stock up on ammo, and canned foods. Our economy will fall. It's just a matter of time. You can't just keep writing bad checks(US) and expect everything to just fall in place. . .
     
  14. Jan 25, 2011 at 12:28 PM
    #14
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    Actually the way we do it now is the most valid. Make the currency itself the commodity. It fluxuates in value just as any commodity would. Have a huge bumper crop of soybeans and the price of soybeans goes down. Print excess dollars and the value of the dollar goes down.
     
  15. Jan 25, 2011 at 12:37 PM
    #15
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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    Here's another thing to think about, suppose we backed every dollar with gold. The total US economic output in 2009 was about $14.3 trillion. We currently hold about $200 billion in gold. To back each dollar, the price of gold would have to rise 71.5 times it's current price. If the current price is $1400/oz, that would mean the price of an ounce of gold should rise to $100,100/oz. At $5000/oz it's economically favorable to actually create gold from lead (it's been done in the lab). So we start creating a bunch of gold. Gold then becomes no different that printing a ton of dollars.
     
  16. Jan 25, 2011 at 12:52 PM
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    jjew18

    jjew18 the Nightman cometh!

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  17. Jan 25, 2011 at 1:18 PM
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    T@co_Pr3runn3r

    T@co_Pr3runn3r XXXXXXXXXXXXXXXXXXX

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    The world needs to worry about this and stop hoping and laughing at the possibility of this happening because when it does....the rest of the world goes down too. Notice how fucked up everyone's shit around the world got when our bubble burst a couple of yrs ago?
     
  18. Jan 25, 2011 at 1:26 PM
    #18
    98tacoma27

    98tacoma27 is gooder 'en chicken Moderator

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    http://www.sec.gov/litigation/litreleases/lr18090.htm
     
  19. Jan 26, 2011 at 1:17 AM
    #19
    0BlackTaco6

    0BlackTaco6 [OP] Ive got tiger blood

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    ^^Hell yea im with you on that one.^^ I have no idea who this guy is, what he is about or how credible he is. I really dont care. That wasnt the point of the post. Yes I can see some of this stuff was obvious that it was going to happen, or is going to happen. I just happened to stumble upon the add on the station and decided to watch the video and was curious what other people thought about it. Thats it.
     
  20. Jan 26, 2011 at 5:16 PM
    #20
    DCGirl

    DCGirl Well-Known Member

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    I believe he could be preying on people's fears to get them to subscribe to his different programs. I read a few comments by people who did end up subscribing and ended up being sent more info for a higher level of subscription, for more money of course. I looked his company up and found that they were fined by the SEC in 2007 for securities fraud.

    Analysts have warned about a double dip in the economy for a while and I feel Americans should heed those warnings. Not by letting themselves be driven by fear but to educate themselves on ways to protect whatever they have. I think, hope most of us know that the way things are being done is not sustainable.
     
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