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Joined: 2002/12/11
Posts: 37633
"Pilgrim and Sojourner." - 1 Peter 2:11

 Dollar's retreat raises fear of collapse

[b]Dollar's retreat raises fear of collapse[/b]

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.

On Thursday, the dollar briefly fell to another low against the euro of $1.3927, as a slow decline that has been under way for months picked up steam this past week.

"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 ...

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SI Moderator - Greg Gordon

 2007/9/17 19:12Profile

 Re: Dollar's retreat raises fear of collapse

"And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God." (MATT 19:24)

"And one hath committed abomination with his neighbour's wife; and another hath lewdly defiled his daughter in law; and another in thee hath humbled his sister, his father's daughter. In thee have they taken gifts to shed blood; [i]thou hast taken usury and increase, and [b]thou hast greedily gained of thy neighbours by extortion[/b], and hast forgotten me, saith the Lord GOD.[/i] Behold, therefore [i]I have smitten mine hand at thy dishonest gain which thou hast made, and at thy blood which hath been in the midst of thee.[/i]" (EZE 22:11-13)

"As the partridge sitteth on eggs, and hatcheth them not; so [i]he that getteth riches, and not by right, shall leave them in the midst of his days,[/i] and at his end shall be a fool." (JER 17:11)

"Go to now, ye rich men, weep and howl for your miseries that shall come upon you. Your riches are corrupted, and your garments are motheaten. Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. [i][b]Ye have heaped treasure together for the last days.[/b][/i] Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth. [i]Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter.[/i]" (JAM 5:1-5)

"And there came one of the seven angels which had the seven vials, and talked with me, saying unto me, Come hither; I will shew unto thee the judgment of the great whore that sitteth upon many waters: [i]With whom the kings of the earth have committed fornication, and the inhabitants of the earth have been made drunk with the wine of her fornication...[/i] And he saith unto me, The waters which thou sawest, where the whore sitteth, are peoples, and multitudes, and nations, and tongues. And the ten horns which thou sawest upon the beast, these shall hate the whore, and shall make her desolate and naked, and shall eat her flesh, and burn her with fire. [i]And the woman which thou sawest is that great city, which reigneth over the kings of the earth...[/i]" (REV 17:1-18)

"For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies... How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow... Therefore shall her plagues come in one day, death, and mourning, and famine; and she shall be utterly burned with fire: for strong is the Lord God who judgeth her. And the kings of the earth, who have committed fornication and lived deliciously with her, shall bewail her, and lament for her, when they shall see the smoke of her burning, Standing afar off for the fear of her torment, saying, Alas, alas, that great city Babylon, that mighty city! for in one hour is thy judgment come. [i]And the merchants of the earth shall weep and mourn over her; for no man buyeth [b]their merchandise[/b] any more:[/i] And the fruits that thy soul lusted after are departed from thee, and all things which were dainty and goodly are departed from thee, and thou shalt find them no more at all. The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing... For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off, And cried when they saw the smoke of her burning, saying, What city is like unto this great city...!" (REV 18:3-18)

Notice that the merchants are wailing because, after Babylon's destruction, they have no one to sell to.

And for the faithful entering these perilous times:

"[i]Blessed is he that considereth the poor: [b]the LORD will deliver him in time of trouble.[/b] The LORD will preserve him, and keep him alive; and he shall be blessed upon the earth:[/i] and thou wilt not deliver him unto the will of his enemies." (PSA 41:1-2)

"And I will bring the blind by a way that they knew not; I will lead them in paths that they have not known: I will make darkness light before them, and crooked things straight. These things will I do unto them, and not forsake them." (ISA 42:16)

 2007/9/18 3:34

Joined: 2004/3/24
Posts: 1374

 Re: Dollar's retreat raises fear of collapse

This are most interesting times we're living in ...

i checked my GoldMoney account this a.m. ...

... and a gold oz. is now above $700, up from $640 when i reluctantly first got in ...

What's amazing (because i'm such a novice at things like this) is that gold is behaving just as
Financial Sense Newshour has said it would ...

The less faith in the dollar, the higher in value it goes up ... The less faith in the dollar, the more gold becomes in demand to buy also shooting up it's value ... It's been projected to go over $1,000 an oz. within the next three years barring some unforseen cataclysmic dollar/Market dive which could catapult it toward $5,000 an oz. because both actual gold and silver are in limited supply ...

Mene ... Mene ... Tekel ... and Parsin ... But JESUS! ...

 2007/9/18 9:35Profile

Joined: 2004/3/24
Posts: 1374

 This is getting really weird to watch ...

Gold topped $790. an oz. today ... Silver's $14.50 ... Oil's on it's way to $100 a barrel ... Meryl Lynch is the latest victim of the sub-prime derivatives time bombs ... and the Fed's expected to cut interest rates even more to further decline and detriment to the dollar
and all fiat currency backed paper ...

The American middle class' reality is becoming as surreal, day by day, as a Salvador Dali painting ... i can only imagine the horrific effects on the already poor as this decline continues ... :-? ...

Lord Jesus ...

 2007/10/29 17:43Profile

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