financial armageddon 2012?
With Globalization if the USD fails - will the world go to hell in a hand basket? Do you agree with this author on financial armageddon?
- The US and Western economies will all face insolvency simultaneously, with the US first in line.
- The entire Western industrial/consumer/credit economy will fall apart so fast it will make your head spin. The supply chain will stop and stores will empty in less than 3 days.
- The USD will fall over 50% in one week’s time, till it temporarily stabilizes before its final last gasp.
- Worldwide currency panic will set in paralyzing what’s left of the world economy, that means the ‘emerging markets’ stop dead too.
- China has a revolution, or goes into military mode
- A one world currency will be demanded and implemented
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A one world currency that is basically electronic fiat money?
What would the world be like?
Yes
Side Score: 7
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No
Side Score: 5
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Armageddon is a little dramatic, but I do believe we are moving into a global recession which I hope doesn't turn into a global depression. The way many developed nations have been going simply isn't sustainable. We cannot consume resources at the rate we have been, we've been too focused on immediate growth to look at long term financial troubles. Despite the world's economy crisis, the income gap in many countries between the rich and the poor has been growing. Side: yes
Guess which industrialized 'first world' country has the worst Gini index? Yup, Good 'ol USA. A Gini index of zero represents perfect equality and 100, perfect inequality. Norway 25.0 2008 Iceland 25.0 2005 Slovenia 24.0 2005 Denmark 24.0 2005 Sweden 23.0 2005 I guess everybody is poor in Slovenia! United States 45.0 2007 Cote d'Ivoire 44.6 2002 Cameroon 44.6 2001 But the good news is that the bottom 10% of the USA is still the top 12% worldwide. That mean even a poor American is richer than the majority of the world's population. Yeah! :) Side: yes
I'm on this IMF kick tonight as you can tell from my activity on CD. The IMF job is loan out Special Drawing Rights (SDRs) - which are international foreign exchange reserve assets. Event Horizon of Economic Hell? "The SDR is a hybrid. SDRs are part U.S. dollar, part euro, part yen and part British pound. In particular, the following is how each SDR currently breaks down.... U.S. Dollar: 41.9% Euro: 37.4% Yen: 9.4% British Pound: 11.3% Now there are calls for other national currencies to be included in the basket." I would say yes that we all going to hell in a handbasket, or the world is a economic basketcase. SDR's are now being replaced by WOCU's - World Currency Unit based on a basket of the G20 currencies & then there are Banco's - all from the IMF which now has at least three types of money - so how can this fiat $$ that is based on fiat $$ be worth after the implosion of countries currencies? Will people use bullets or cigarettes as money? Side: Backetcase
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What currency did you have before? Euro? The Swiss dropped gold-backed currency in 2002 and now will return to a bi-metal GSF "Credit transactions would be legal, but fractional reserve credit would be forbidden under Swiss law." How about Digital gold currency DGC? I wanna buy e-currency via a digital currency exchanger. But e-Gold, i-mdc & e-bullion have failed. Side: No
I don't know if anyone noticed, But everyone selling off today was reinvesting in guess where? US Treasury bonds. So, 1. S&P;says US is a poor investment. 2. Everyone as a result decides to reinvest their money in the US. The whole thing is silly wagging-the-dog bs anyway. Make jobs and the economy will strengthen, Wall Street is just expensive gambling and socialism, useful for businesses that need funds to invest, but it's turned into something way beyond what it ever should have been allowed to become... hence why we need to regulate this socialist program called Wall Street. Side: No
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