U.S. Dollar

[itcfish1]

How will the world dropping the dollar effect our economy? Even Cuba is dropping the US $

[Commie Pinko Dirtbag]

1. Outsourcing slowly becomes less and less profitable (nt)

[Indiana_Dem]

3. Well that's a good point. I never thought of it that way. n/t

[Indiana_Dem]

2. Our economy will tank.

IF the world drops the dollar, it will eventually become bigger than the Great Depression.

[Kokonoe]

4. We officially become a banana republic.

Complete with 100% annual inflation.

[daa]

5. Instead of $2.00 gas it will be $3.00 eom

[nolabels]

6. It's at $2.69 for premium at my nearest gas station

with hundreds of millions of new cars on the road, and other industrialization going on world wide it's sure to keep up the steady climb, get used to it.


http://www.toppun.com/anti_george_w_bush_buttons_t_shirts_plus_from_top_pun.htm

[NinetySix]

7. If OPEC drops the Dollar in favor of the Euro, it's trouble.

The value of the Dollar is due almost entirely to its usefulness in the world energy market--oil is denominated in Dollars, so every country around the world needs Dollars to purchase oil. If oil is suddenly denominated in Euros, the demand for Dollars will plummet, along with its value internationally.

You think things are getting expensive these days? Oil at $55 per barrel, gold at @ $425, consumer prices on the rise as a result, etc. Oil is the same price as it was before if you live in Europe, because the Euro, which sat at roughly $.90 on the Dollar in 2000, is now worth over $1.25, a rise approaching 40%, and needless to say, they're still purchasing oil in Dollars.

If oil were to be redenominated, it would likely indicate the onset of a deep recession or even a new depression in the United States which would spell the end of US global dominance in nearly all fields.

Who do you think is more likely to cheese off the mostly Middle-Eastern oil producing countries enough to cause them to redenominate their oil? Bush, or Kerry?

[lastliberalintexas]

9. That's what I've feared for 2 years

I've said it before- if the EU ever got its act together, the US would be in deep economic trouble.

[newportdadde]

8. Heh just hope you have gold lol.

Seriously it would be a pretty bad turn for us the dollar gets dropped especially by the Saudis etc. Saddam was flirting with going euro I believe before the invasion.

Warren Buffet is completely out of the dollar now he thinks a collapse is comming soon.

[amazona]

10. we can't afford basic manufactured goods

Manufacturing mostly takes place outside the U.S. so people can't afford to buy when the price shoots up. Even the little things become enormously expensive.

If the political situation is such that people have to flee the country, such as draftees trying to escape, they won't be able to afford to because the dollar is worth so little.

The value of your investments and savings drops, so you can't make plans for big purchases like retirement, college, travel, etc. based on good numbers. It may be impossible to save for some items -- especially retirement -- at all because what you save just continues to lose more and more value.