Home › Forums › Financial Markets/Economics › Still thing moving to Euro’s is good thing? Still think Europe is immuned from this mess???
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October 5, 2008 at 8:55 AM #14082October 5, 2008 at 11:40 AM #281377kewpParticipant
So here’s a interesting question for precious metal experts… If other world currencies start to tank relative to the USD because (again they themselves aren’t immune to the financial crisis), what happens to the price of gold?
Peter Schiff thinks this is exactly what is going to happen. Gold becomes the new defacto reserve currency and it’s value (relative to fiat currencies) soars. He envisions a future where the private industry supplies a ‘gold’ ATM; that credits/debits your gold holdings with a private company.
I think this is a real possibility.
However, I disagree with Peter Schiff that the US is going to collapse and the rest of the world take off like a skyrocket. I personally think our problems (credit/housing bubble) are really global in nature and we are better prepared to handle the correction/collapse than other countries.
We have a tremendous amount of natural and human resources and the capacity for progressive government. Our open immigration policies and world-class universities will continue to attract the worlds best.
And speaking of gold, we have more gold bullion reserves than any other country. So if the world decides to return to hard money; we’ll have more of it than anyone else, regardless.
October 5, 2008 at 11:40 AM #281711kewpParticipantSo here’s a interesting question for precious metal experts… If other world currencies start to tank relative to the USD because (again they themselves aren’t immune to the financial crisis), what happens to the price of gold?
Peter Schiff thinks this is exactly what is going to happen. Gold becomes the new defacto reserve currency and it’s value (relative to fiat currencies) soars. He envisions a future where the private industry supplies a ‘gold’ ATM; that credits/debits your gold holdings with a private company.
I think this is a real possibility.
However, I disagree with Peter Schiff that the US is going to collapse and the rest of the world take off like a skyrocket. I personally think our problems (credit/housing bubble) are really global in nature and we are better prepared to handle the correction/collapse than other countries.
We have a tremendous amount of natural and human resources and the capacity for progressive government. Our open immigration policies and world-class universities will continue to attract the worlds best.
And speaking of gold, we have more gold bullion reserves than any other country. So if the world decides to return to hard money; we’ll have more of it than anyone else, regardless.
October 5, 2008 at 11:40 AM #281700kewpParticipantSo here’s a interesting question for precious metal experts… If other world currencies start to tank relative to the USD because (again they themselves aren’t immune to the financial crisis), what happens to the price of gold?
Peter Schiff thinks this is exactly what is going to happen. Gold becomes the new defacto reserve currency and it’s value (relative to fiat currencies) soars. He envisions a future where the private industry supplies a ‘gold’ ATM; that credits/debits your gold holdings with a private company.
I think this is a real possibility.
However, I disagree with Peter Schiff that the US is going to collapse and the rest of the world take off like a skyrocket. I personally think our problems (credit/housing bubble) are really global in nature and we are better prepared to handle the correction/collapse than other countries.
We have a tremendous amount of natural and human resources and the capacity for progressive government. Our open immigration policies and world-class universities will continue to attract the worlds best.
And speaking of gold, we have more gold bullion reserves than any other country. So if the world decides to return to hard money; we’ll have more of it than anyone else, regardless.
October 5, 2008 at 11:40 AM #281654kewpParticipantSo here’s a interesting question for precious metal experts… If other world currencies start to tank relative to the USD because (again they themselves aren’t immune to the financial crisis), what happens to the price of gold?
Peter Schiff thinks this is exactly what is going to happen. Gold becomes the new defacto reserve currency and it’s value (relative to fiat currencies) soars. He envisions a future where the private industry supplies a ‘gold’ ATM; that credits/debits your gold holdings with a private company.
I think this is a real possibility.
However, I disagree with Peter Schiff that the US is going to collapse and the rest of the world take off like a skyrocket. I personally think our problems (credit/housing bubble) are really global in nature and we are better prepared to handle the correction/collapse than other countries.
We have a tremendous amount of natural and human resources and the capacity for progressive government. Our open immigration policies and world-class universities will continue to attract the worlds best.
And speaking of gold, we have more gold bullion reserves than any other country. So if the world decides to return to hard money; we’ll have more of it than anyone else, regardless.
October 5, 2008 at 11:40 AM #281658kewpParticipantSo here’s a interesting question for precious metal experts… If other world currencies start to tank relative to the USD because (again they themselves aren’t immune to the financial crisis), what happens to the price of gold?
Peter Schiff thinks this is exactly what is going to happen. Gold becomes the new defacto reserve currency and it’s value (relative to fiat currencies) soars. He envisions a future where the private industry supplies a ‘gold’ ATM; that credits/debits your gold holdings with a private company.
I think this is a real possibility.
However, I disagree with Peter Schiff that the US is going to collapse and the rest of the world take off like a skyrocket. I personally think our problems (credit/housing bubble) are really global in nature and we are better prepared to handle the correction/collapse than other countries.
We have a tremendous amount of natural and human resources and the capacity for progressive government. Our open immigration policies and world-class universities will continue to attract the worlds best.
And speaking of gold, we have more gold bullion reserves than any other country. So if the world decides to return to hard money; we’ll have more of it than anyone else, regardless.
October 5, 2008 at 2:55 PM #281752Ex-SDParticipantThe poop is absolutely going to hit the fan in Europe and other countries too. I just read where the government’s of Greece, Ireland & Germany have decided to guarantee all deposits in private bank accounts (CD’s, checking & savings accounts…… and other accounts too) because they are expecting bank failures and are trying to prevent a run on the banks by the public.
As bad it is going to get in the good ole’ USA………..(and it’s going to get really nasty)………….it’s going to get as bad or worse in Europe and some Asian countries too.
As they say in the science fiction books and movies: “We are not alone”. πOctober 5, 2008 at 2:55 PM #281740Ex-SDParticipantThe poop is absolutely going to hit the fan in Europe and other countries too. I just read where the government’s of Greece, Ireland & Germany have decided to guarantee all deposits in private bank accounts (CD’s, checking & savings accounts…… and other accounts too) because they are expecting bank failures and are trying to prevent a run on the banks by the public.
As bad it is going to get in the good ole’ USA………..(and it’s going to get really nasty)………….it’s going to get as bad or worse in Europe and some Asian countries too.
As they say in the science fiction books and movies: “We are not alone”. πOctober 5, 2008 at 2:55 PM #281698Ex-SDParticipantThe poop is absolutely going to hit the fan in Europe and other countries too. I just read where the government’s of Greece, Ireland & Germany have decided to guarantee all deposits in private bank accounts (CD’s, checking & savings accounts…… and other accounts too) because they are expecting bank failures and are trying to prevent a run on the banks by the public.
As bad it is going to get in the good ole’ USA………..(and it’s going to get really nasty)………….it’s going to get as bad or worse in Europe and some Asian countries too.
As they say in the science fiction books and movies: “We are not alone”. πOctober 5, 2008 at 2:55 PM #281694Ex-SDParticipantThe poop is absolutely going to hit the fan in Europe and other countries too. I just read where the government’s of Greece, Ireland & Germany have decided to guarantee all deposits in private bank accounts (CD’s, checking & savings accounts…… and other accounts too) because they are expecting bank failures and are trying to prevent a run on the banks by the public.
As bad it is going to get in the good ole’ USA………..(and it’s going to get really nasty)………….it’s going to get as bad or worse in Europe and some Asian countries too.
As they say in the science fiction books and movies: “We are not alone”. πOctober 5, 2008 at 2:55 PM #281417Ex-SDParticipantThe poop is absolutely going to hit the fan in Europe and other countries too. I just read where the government’s of Greece, Ireland & Germany have decided to guarantee all deposits in private bank accounts (CD’s, checking & savings accounts…… and other accounts too) because they are expecting bank failures and are trying to prevent a run on the banks by the public.
As bad it is going to get in the good ole’ USA………..(and it’s going to get really nasty)………….it’s going to get as bad or worse in Europe and some Asian countries too.
As they say in the science fiction books and movies: “We are not alone”. πOctober 5, 2008 at 4:33 PM #281472stockstradrParticipantEurope is in Big Trouble.
Lots of USA economists have been warning about this now for over a year, specifically that European central banks not only failed to follow the lead of our FOMC in cutting rates aggressively (as they should have), initially they even turned up their noses and critized the FOMC’s rate cuts. There have been several great articles on this topic in the WSJ.
So European central banks were VERY LATE (relative to USA) in implementing fiscal stimulus in response to the global recession, and the financial meltdown.
October 5, 2008 at 4:33 PM #281749stockstradrParticipantEurope is in Big Trouble.
Lots of USA economists have been warning about this now for over a year, specifically that European central banks not only failed to follow the lead of our FOMC in cutting rates aggressively (as they should have), initially they even turned up their noses and critized the FOMC’s rate cuts. There have been several great articles on this topic in the WSJ.
So European central banks were VERY LATE (relative to USA) in implementing fiscal stimulus in response to the global recession, and the financial meltdown.
October 5, 2008 at 4:33 PM #281753stockstradrParticipantEurope is in Big Trouble.
Lots of USA economists have been warning about this now for over a year, specifically that European central banks not only failed to follow the lead of our FOMC in cutting rates aggressively (as they should have), initially they even turned up their noses and critized the FOMC’s rate cuts. There have been several great articles on this topic in the WSJ.
So European central banks were VERY LATE (relative to USA) in implementing fiscal stimulus in response to the global recession, and the financial meltdown.
October 5, 2008 at 4:33 PM #281807stockstradrParticipantEurope is in Big Trouble.
Lots of USA economists have been warning about this now for over a year, specifically that European central banks not only failed to follow the lead of our FOMC in cutting rates aggressively (as they should have), initially they even turned up their noses and critized the FOMC’s rate cuts. There have been several great articles on this topic in the WSJ.
So European central banks were VERY LATE (relative to USA) in implementing fiscal stimulus in response to the global recession, and the financial meltdown.
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