U.S. Dollar Currency Collapse Within 30 Days
I have been befuddled for weeks as to why the price of gold hasn;t risen. It is almost impossible to find now. In times of scarcity, one would reasonably expect to see prices increase. This hasn't happened with gold over the past several weeks.
Eric deCarbonnel is the Editor of Market Skeptics.
http://www.marketskeptics.com
In this article at http://www.marketoracle.co.uk/Article6952.html , deCarbonnel says:
"I am not the only person who believes COMEX gold futures are on the verge of collapse. I urge you to watch this video (skip to 11 minute mark) and read the extract below to see what others are saying about paper gold."
Then see:
Why Gold Is Dropping When It Shouldn't
by Alex Wallenwein
http://www.marketoracle.co.uk/Article6762.html
deCarbonnel concludes:
"I am certain the US is less than a month away from a currency collapse. The fed and treasury are not even taking the time to think at this point: they are just throwing money and guarantees at each new problem that pops up without worrying about the consequence. Since no one can imagine a currency collapse, there isn't the political will to take the painful steps needed to prevent it (reign in fed and let institutions fail). The forces and trends behind the financial collapse are too powerful to stop.
If you have wealth and don't own gold, then you will soon be poor."
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Talking about unexpected
Talking about unexpected economic data, the Philippine peso as well as other Asian currencies are declining against the US dollar even though most Asian countries have very limited exposure to the sub-prime fiasco. I had expected the Asian economies to strengthen in the face of adverse economies in the US and Europe, instead, it seems the opposite is happening. One explanation I heard from a banking sector analyst is that investments by US companies in Asian countries, indeed, in all countries outside the US are being pulled out to have some liquidity available for their floundering US operations. Another explanation is that despite the problems in the US, everyone is converting currencies to dollars because it is still the de facto currency for trading. The first seems a plausible explanation but I have yet to see evidence to back it up. The second, is also plausible, but it sort of exposes how stupid people can be by converting their assets to a currency that is backed by a faltering economy. I mean, how long can the dollar retain its value if the real economy is in such a mess? Seems like investors are giving themselves a lot of rope to hang their necks on.