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.
The signs are clear folks, we are in big trouble....despite the government propaganda that is telling Americans that all will be well if we only just keep "spending our way to prosperity".....I am doing my best to prepare my little family to survive the crash....I hope more people will do the same. I fear the future is rather bleak for the many in America who have never known truly hard times, and for those who have been sucked into the frenzy of consumerism and debt, spending more than they earn to buy bigger and better and even more unnecessary things...for many of these people will have no idea how to prepare for the worst.... those of us who have learned to make do with less will be the ones to make it through.
Saturday, November 24, 2007
Forecast: U.S. dollar could plunge 90 pct
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The collective ignorance and will to believe the American affluence mythology bums me out. Will those of us who've taken off the "rose colored lenses" survive the panic of the collapse? Time will tell.
I think the key to making it through is going to be a certain amount of isolation from the general population and self sufficiency...as in alternative power...solar, wind..food production and storing, and an emphasis on protecting what is yours...and by all means...transferring any assets away from the paper dollar into something real. I am unloading my urban property to embark on just such a plan,...hoping for the best still...but surely preparing for the very worst. The collective ignorance you mention is the worst enemy of the American Sheeple...I shake my head in disbelief regularly at the seeming inability of most to think for themselves, taking their view of the world from the pop culture propaganda rather than real evidence, facts and figures.
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