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Peso continues to fall

Discussion in '☋ Expat Section ☋' started by atlargex, Sep 10, 2008.

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  1. tubigboy

    tubigboy DI Forum Adept

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    Clinton got rid of the law that was in place after the 29' crash on Wall Street. I am not blaming Clinton. The problem is that the financial companies got greedy. Basically putting a Fox or foxes in a hen house. Short selling should have been curbed by Cox too. Oil will go to $75 a barrel. when the price of oil goes down, the dollar will get stronger. BTW, I think Nixon took us off the gold standard. Just my two cents!
     
  2. Timn8ter

    Timn8ter DI Forum Adept

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    Other countries have used taxpayer money to support banks. It's not uncommon. The countries you mentioned are not using huge sums of "borrowed" money to support global military actions at the same time they're trying to prop up a paper economy. While the Congress could not agree to this plan they had no problem passing a $612 billion Pentagon "bail-out". Something's gotta give.
     
  3. garbonzo

    garbonzo DI Senior Member Veteran Marines

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    I just wonder if $700 billion is enough. What's to stop them from coming back to the trough for another round in six months? Absolutely no doubt they will. The USD looks absolutely rooted with this and the never-ending black-hole of Iraq...I'm furious about this bailout and I don't even live there...the executives who did this should be charged with economic terrorism and used for Marine battle-sighting at Gitmo...To reward them is nauseating. They've destroyed millions of lives, and likely hundreds of millions by the time this unwinds...

    I know I'll have to work another year or three to make up for the retirement fund losses...plenty more in the same boat...
     
  4. Timn8ter

    Timn8ter DI Forum Adept

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    Yes, and no. FDR outlawed private ownership of gold except for jewelry which had the same effect as ending the gold standard. Nixon ended foreign exchange of gold which made sure the gold standard was dead.

    This is why I love Aussies. No illusions, just straight to the matter. If you're willing to accept the "boom and bust" cycle keep supporting the current system, otherwise, something else is needed.
     
  5. ghost7

    ghost7 DI New Member Veteran Army

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    The issue isn't the gross number or $612b or $7b for that matter but how much debt per capita vs GDP or 'debt load'.

    Sweden ended up spending a similar amount in their bank bail-out as the US congress is arguing as a % of their GDP. Smaller economy, smaller amount of course.

    In the 'debt load' sense the US stands at around the same level as Germany, while Japan and Italy are at a staggering 4x higher per capita.
     
  6. Timn8ter

    Timn8ter DI Forum Adept

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    No problem then.
    I don't want to get into the details about fiat currency, deficit spending Keynesian economics, etc., at least not here.
    My personal belief is that socialism is not the best option. I know all the arguments and briefly subscribed to them as well. If this is what most people want then that's how it's going to be. I will continue to insulate myself from the boom and bust cycle as much as I can.
     
  7. ghost7

    ghost7 DI New Member Veteran Army

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    You're in Seattle, the most left wing city I've ever lived in (I'm at Alki Beach) and you don't like socialism! :wink:
     
  8. Timn8ter

    Timn8ter DI Forum Adept

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    Then you can appreciate my frustration. :D
     
  9. Timn8ter

    Timn8ter DI Forum Adept

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    I want to choose ice cream but all they offer me is red jello or blue jello.:rolleyes:
     
  10. OP
    OP
    atlargex

    atlargex DI Forum Adept

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    ascending US dollar

    As world economy slow down worsens, inevitably so will the demand for commodities.....For petroleum, in the interim will certainly go below it's current price of about $91 a barrel. Don't expect the BRIC nations to come save the day (demand wise)....they may not be having financial debacles like their western counterparts but they are in a slow down in a big way as well. I'm in China & this is quite evident as I noticed about 70% of the Mercedes and BMWs are no longer seen in the city streets (repo'ed?), new home prices are slashed by 40% to 50% & still hardly any buyers. With stocks and real estate crash & global concerns on safety of Chinese made products, China's economy is now facing some serious challenges. The value of the dollar will continue to move up....and it most certainly will against the Peso. I'm still hopeful in seeing usd pushing 50 pesos by end of this year.
     
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