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Bill Gates: ''The ol' dollar, it's gonna go down.''

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posted on Apr, 30 2007 @ 04:13 AM
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The IMF fund will not be big enough to cover the US plundge into the abyss. On 9/11 they stopped the stock market and all countries in the world putted money in the US economy, it saved the economy. If they want to save the world economy, they would need another 9/11 on the stock market building so countries worldwide would be forced to put money in US economy.




posted on Apr, 30 2007 @ 04:13 AM
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Sourc e

April 30, 2007 -- Former global currency markets player and current day philanthropist George Soros warned recently that the growing trade imbalance between the United States and China represents the biggest threat of an international economic collapse

He added that the decline in the dollar's value could accelerate if central banks and foreign investors were spooked into switching their cash reserves into other currencies.

"What is now a very gentle decline in the dollar could accelerate and that could be disruptive," added Soros, who was speaking at a debate in Prague connected with his book "The Age of Fallibility."

The single European currency is developing into a counterweight to the dollar, with rich Gulf oil states choosing to keep some of their surplus cash in euros. But that trend also risks creating "serious disruption" if it develops outside current acceptable bounds, Soros said.



posted on May, 5 2007 @ 08:01 PM
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I love the way Bill Gates can smugly sit in his Golden Chair and Whinge about the dollar that made him who he is, all the while knowing he'll still have his Caviar on toast for breakfast, and meanwhile I'm still struggling to pay off a $5000 car loan.

Oh well, I hope he explodes.

[edit on 5-5-2007 by Unrealised]



posted on May, 5 2007 @ 08:14 PM
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This is why we need to get Ron Paul to get rid of that horrible federal reserve system.

My support for his candidacy is nearly unending.



posted on May, 6 2007 @ 01:33 AM
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What does Bill Gates know?

Oh, the markets go up....and then they go down...and they go up more...then down more...and the process remains intact despite depressions and booms, the things that make life worth living. Dumping the federal reserve, holding companies "responsible" and every kind of smiting can serve only the purpose for those who believe jesus himself is going to come down from the sky and make things right. It won't happen. Till then, here's to the countless millions of Americans overseas making a buck for themselves and that inclusive "10% rule" that keeps crabby little homebound Americans happy.



posted on May, 6 2007 @ 02:53 AM
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Originally posted by etotheitheta
What does Bill Gates know?


Tip: perhaps you should start reading the thread to find out? It's not only Bill Gates, the number of economists, politicians and investors supporting the claim that the America is on the edge of bankruptcy is growing by day.


Originally posted by Mdv2
Conservative economist Bruce Bartlett accused President Bush of "bankrupting" America and betraying the Reagan legacy in an interview on PBS's Tavis Smiley Show on Tuesday.

A domestic policy adviser to President Ronald Reagan and a treasury official under President George H.W. Bush, Bartlett assailed Bush's "big government conservatism" and said he was surprised at Bush's policies, despite his campaign pledge to be a "compassionate conservative."

"In 2000 I thought that was election year rhetoric," said Bartlett. "I didn't think it meant anything. I learned the hard way as a lot of us did what he really meant it when he talked about compassionate conservatism."

When asked how the current President Bush compared to his father, Bartlett responded, "If I didn't know with a certainty they were related, I wouldn't think that they were."


I don't mind that you are one of the people that still thinks the US economy is untouchable but you'll find out soon enough you believed a fairy tale.
Ever heard of stealth inflation? That's the reason why the Dow is performing quite good.

Basically this is caused by the fact that the Fed doesn't publicize figures concerning the amount of Dollars printed and brought into circulation anymore. By printing, printing and printing more Dollars you don't solve the problem, (stealth) inflation will occur and eventually an economic collapse could happen, which seems to be more likely everyday.

As I've said, I buy precious metals myself as I don't want to be part of the majority that didn't expect it to come, even though I'm from Europe, the situation won't be any better should the US economy collapse, nor will I try to change your view on the matter. It's just an informative topic.





[edit on 6-5-2007 by Mdv2]



posted on May, 6 2007 @ 05:13 AM
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Source

The U.S. dollar is under the greatest attack since it became the new American nation's official currency more than 200 years ago.


The greenback has become the victim of a two-pronged pincer motivated by geopolitical antagonism on the one hand, plus the growing belief that America's currency is no longer the prime investment it once was.Even America's vaunted political stability no longer carries the premium that it once did, when most of the world was looking for a safe financial haven.

This turn of events is happening at a bad time because the U.S. Treasury has become increasingly dependent on the $1.5 trillion annually paid by America's population for the massive imports into its escalating consumer and industrial economy.

....

The current shift to the euro started with Russia. As President Vladimir Putin put it, "Russian oil and natural gas is traded all over the world, so why are we selling it for dollars when we get less and less. For euros we get more and more."

Most of Russia's natural gas goes to Europe and is now being priced in euros, not dollars. Iran has followed suit for obviously hostile reasons, with the United Arab Emirates following right behind. Even Saudi Arabia, America's dubious ally, has begun demanding euros for many of its oil contracts for the first time.

China, which is sitting on $1 trillion in currency reserves, has just set up a special fund to plow $50 billion into euros, global commodities and other non-dollar assets.Banca d'Italia just slashed its dollar reserves from 84 percent to 64 percent.

Even some emerging countries are switching from the dollar to the euro. Indonesia has switched $1.9 billion out of the dollar, and little Ecuador, which recently elected a socialist president, dumped $2.3 billion from its national reserves, converting to competing currencies.


This article pretty much sums up what has been discussed in this thread. Additionally it confirms the domino effect I've been talking about.


[edit on 6-5-2007 by Mdv2]



posted on May, 6 2007 @ 07:24 AM
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That's what I like about a man/woman like Gates. Always right at playing the odds -- to seventy-five percent plus in favor.

I mean. look at it, China, Russian, Iran -- possibly France, Canada and sooner or later mayhaps Britain and others has/will switch to international trade currency from US Greenback to the Eurodollar.
In my opinion this will have a devastating effect on USD World Currency value.

Dallas



posted on May, 6 2007 @ 07:31 AM
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I was thinking that maybe Australia should start buying up the USD. Our dollar has appreciated rapidly against the USD and it's hurting our exports. So if we were to buy up the USD, it would push it up and ours down, this would be beneficial to both countries.



posted on May, 6 2007 @ 07:46 AM
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Cool thought Cthulwho, the buying will be cheap. The selling's another matter when the exchange on USD to the Eurodollar approaches something like.03 on the US dollar to sell. Then it get's expensive I think?

Dallas

edit: I just noticed, this threads' a year old. Gosh someone was on the ball -- crystal.

[edit on 6-5-2007 by Dallas]



posted on May, 7 2007 @ 05:48 AM
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Originally posted by etotheitheta
What does Bill Gates know?


That's probably what Gary Kildall of Digital Research thought when IBM contacted him in the early 80's (on Gates referral) to negotiate a contract for DR's Operating System. After a couple days of silly bickering by DR's attorneys over the terms of a standard non-disclosure agreement, IBM returned to Microsoft. Gates read the agreement once...signed, and the rest is history. I'm sure Kildall never forgave himself




Originally posted by Mdv2

Tip: perhaps you should start reading the thread to find out? It's not only Bill Gates, the number of economists, politicians and investors supporting the claim that the America is on the edge of bankruptcy is growing by day.


True...this surprising report titled; Is the United States Bankrupt? was issued by none other than the Federal Reserve Bank of St. Louis in 2006.

Excerpted from the preface:

"It concludes that countries can go broke, that the United States is going
broke, that remaining open to foreign investment can help stave off bankruptcy, but that radical
reform of U.S. fiscal institutions is essential to secure the nation’s economic future."



So foreign investment is to be our saving grace...even with our recent move towards protectionism? Just last month, Ben Bernanke warned of serious consquences to the US economy should the trade sanction trend continue. With the economy slowing and the US Dollar poised to plumb the depths of uncharted territory, the foreign investment referred to above is already making an exit for greener pastures, ie...foreign stock & bond markets. With all major currencies strengthening against the Dollar (see EU & Australia), and no Fed rate hikes in the offing, why take a beating on US treasuries?

There's been more than a little speculation that Hank Paulson's appointment as Treasury Secretary, was primarily about placing him in the optimum position to manage & protect the wealth of the elite, in the event that bankruptcy and financial meltdown cannot be averted . Once evidence of US insolvency, and slowdown begins to reflect truthfully in the economic numbers, (they can only be cooked to for so long), flight from the US could begin in earnest. Cooking, and monetizing is why the DOW will see 14,000 while the Dollar is tanking. Even with creative analysis, the US economic data was dismal last month and destined to get worse, yet look at how the markets reacted? In my opinion, it's all about keeping-up appearances at this point. Keep the markets up...and at all costs, keep the inflation barometer...gold...suppressed. In the last six weeks alone, Central Banks sold a whopping 79 tons of Gold into the market...in six weeks! These sales just happened to coincide with the recent Dollar weakness...go figure. But guess what?...the retail market gobbled it up...no major correction was initiated like last May when CB's dumped 1.4 billion worth of Gold on the market in 3 weeks in order to reign in the inflation detector. Yep, behind the smoke & mirrors inflation is alive and well, and I expect Gold to breach $700 by months end.

Peace &
Good Fortune
OBE1






[edit on 7-5-2007 by OBE1]



posted on May, 7 2007 @ 06:21 AM
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it makes me laugh that the US has this hard ass stance on the evil communist cuba, yet barrows money from china. i know, wtf. one country couldnt has enough military power and now economy to really challenge or win in a fight with the US but the tiny little poor island is the such a threat we have to make a cuban cigar a criminal offense. Well anyone remember that article about china giving threats to just dump their 1 trillion in ameircan dollars? which wouldve killed the economy had it not been for saudi arabia talking china out of it due to the fact that they have mostly US dollars still and wouldve damaged their economy. im sure they have been switching to euros tho so until then. Remember, over one weekend they had a meeting in china but it was reported as nothing big, only trade chit chat? usual BS, trips to china, sssspphhh, all the time. sometimes for bbqs. nothing important.



posted on May, 7 2007 @ 06:37 AM
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China wasn't aiming nukes at us during the Cold War.



posted on May, 7 2007 @ 11:38 AM
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Bloomberg

May 7 (Bloomberg) -- Anyone who says the dollar is weak after it fetched a record-low $1.3681 against the euro and the fewest pence against the pound in 25 years is expressing a euphemism.

The currency may decline at least another 10 percent by the end of 2008, say Jay Bryson, an economist at Wachovia Corp., and Kenneth Rogoff, the former chief economist at the International Monetary Fund. The dollar has only fallen 3.4 percent in the past two years to a 10-year low, according to a Federal Reserve index that weighs trade with 38 countries including China, Mexico, Canada and countries in Europe. It tumbled 30 percent in the three years ended 1988.

``Dollar weakness will be broad-based and could last for years,'' said Bryson, a global economist at Charlotte, North Carolina-based Wachovia who previously analyzed currencies at the Federal Reserve.

Investors are dumping dollars, lured by higher returns elsewhere. The U.S. will grow more slowly than Europe for the first time since 2001 and Japan for the first time in 16 years, the IMF forecasts. The difference in yield between 10-year German bonds and Treasuries has shrunk to the smallest since 2004.



posted on May, 7 2007 @ 01:34 PM
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Originally posted by MINDoverFAITH
Well anyone remember that article about china giving threats to just dump their 1 trillion in ameircan dollars?


China simply cannot dump their Dollars nor can they diversify. If they would, their own economy would collapse, the US economy would, the European would and thus the world economy. It's just something that is not going to happen.



posted on May, 8 2007 @ 12:00 AM
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Originally posted by Johnmike
China wasn't aiming nukes at us during the Cold War.


They are now.



posted on May, 9 2007 @ 02:28 PM
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While the U.S has been running around the world blowing things up,China has just been building up and watching .



posted on Sep, 17 2007 @ 01:05 PM
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Full Article

FRANKFURT: Finance ministers and central bankers have long fretted that at some point, the rest of the world would lose its willingness to finance the United States' proclivity to consume far more than it produces - and that a potentially disastrous free-fall in the dollar's value would result.

But for longer than most economists would have been willing to predict a decade ago, the world has been a willing partner in American excess - until a new and home-grown financial crisis this summer rattled confidence in the country, the world's largest economy.

...

"This is all pointing to a greatly increased risk of a fast unwinding of the U.S. current account deficit and a serious decline of the dollar," said Kenneth Rogoff, a former chief economist at the International Monetary Fund and an expert on exchange rates. "We could finally see the big kahuna hit."

In addition to increased nervousness about the pace of the dollar's decline, many currency analysts now also are willing to make an argument they would have avoided as recently as a few years ago: that the euro should bear the brunt of the dollar's decline.


Haven't updated this thread for a while due to a busy period, however, I have time again so will try to keep it updated with the latest news related to this subject.

It's funny, more than a year ago, when I started this thread, certain people denied that the Dollar is in danger, nowadays, most people who have researched this subject agree that there's no way out: the ship is sinking... fast.

In November it will be clear whether China has started dumping Dollars... let's not hope so.



posted on Mar, 17 2008 @ 04:10 AM
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And now the moment has come that the trolls of this thread has been proven to be wrong. The US economy is on the verge of collapsing as well as the Dollar.

After Northern Rock, Bear Stearns is the second bank that has been taken over for a bargain price. Governments are not supposed to meddle with this, the fact that they do shows how severe the situation is. The reason being that major bank runs would take place should they let these banks file bankrupcy.

Even though I have been warning people for more than two years now on the collapse of the US economy, I frankly have to admit that I didn't expect it to start so soon. My estimate was the early 2010s.

We currently see Americans living in tent camps, bank runs and shortly we will experience the collapse of the financial system. Even though the situation in the US will be worse than in other parts of the world, no economy would survive. The collapse of the US economy means a collapse of the world economy.

Godspeed to all of you.



posted on Jun, 29 2008 @ 08:38 AM
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Credit crunch forcing US middle classes to live in their cars



Source

Homeless people living in cars and motorhomes across the US are being joined by a new breed: the middle class.

As mortgage foreclosures continue to rise, growing numbers of middle-class professionals are losing their homes and downsizing from four bedrooms to four wheels.

With numbers rising, New Beginnings, a homeless agency in Santa Barbara, California, has launched a safe parking scheme, whose aim is to provide a refuge of sorts for those who have nowhere to go other than their vehicle.

Guy Trevor lost his job as an interior designer when the sector contracted thanks to the foreclosure crisis. With his furniture sold and his belongings in storage, he now lives in his car, spending the nights in one of the 12 gated car parks in Santa Barbara run by New Beginnings.



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