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  1. #1
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    US debt could trigger dollar collapse, UN warns

    US debt could trigger dollar collapse, UN warns

    The United States dollar is facing imminent collapse in the face of an unsustainable debt, the United Nations warned today.

    United States debt, which had now deepened to well over $3 trillion, might turn out to be unsustainable in the rest of 2007 or next, putting further downward pressure on the United States dollar, Rob Vos, the Director of the Development Policy and Analysis Division of the Department of Economic and Social Affairs (DESA), told correspondents at a Headquarters press conference.

    He pointed out that since its peak in 2002, the dollar had depreciated vis-*-vis the major currencies by some 35 per cent and by 25 per cent against a broader range of other currencies.

    Vos made these comments at the launch of the 2007 World Economic Situation and Prospects report midyear update.

    With that increased debt the risk of a sharp depreciation of the dollar continued, he warned. If countries willing to invest in United States dollar assets expected further depreciation, they might be less willing to hold dollar assets, triggering a much sharper fall in the United States dollar. The risk of disorderly adjustment and the steep fall of the dollar existed. The policy challenge was how to prevent a hard landing of the United States dollar and forge a benign adjustment of the global imbalance.

    In terms of the United States housing sector, he noted that a recession in the housing sector had continued in 2007, with a slowdown in activity and a large number of unsold homes. While house prices had not fallen, that might happen in the months and years to come if the recession continued as expected. A decline in prices would affect the domestic market, particularly household consumption in the United States, resulting in the risk of a serious recession in its economy, slowing growth from 2.1 per cent to 0.5 per cent in 2007 and 2008. That would then significantly slow the world economy and transmit the recession into the rest of the world.

    The United States deficit had increased to $860 billion at the end of 2006, and was expected to fall to $800 billion in 2007. That deficit was basically being financed by surpluses in the developing and oil exporting countries, as well as some major developed countries, in particular Japan and Germany. The European Union,at large, was projected to continue to have a slight deficit on its current account.

    Continuing, he said the current tendency in macroeconomic policy was not all in the right direction, particularly in the surplus countries where there had been a tightening of monetary and fiscal policies, particularly in Germany and Japan, making it more difficult for the United States to lower its external deficits by export growth. The United States would also need to adopt some contractionary policies to slow down its deficit, he recommended.

    http://pressesc.com/01180629622_dollar_falls

    The UN warns:
    http://www.un.org/News/briefings/doc...Ocampo.doc.htm

  2. #2
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    Re: US debt could trigger dollar collapse, UN warns

    http://www.brillig.com/debt_clock/
    maybe typo ? its near 9 trillion, not three.
    Last edited by mumbles; 06-04-2007 at 12:18 PM. Reason: "not"

  3. #3
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by mumbles
    http://www.brillig.com/debt_clock/
    maybe typo ? its near 9 trillion, not three.
    That clock continuously adds numbers in increments, and was set up to be an estimate of our national debt years ago. It is not accurate in any way, shape or form.

    Go back to the the site and keep hitting your refresh button on your browser, and you will see it is nothing but an adding machine.

  4. #4
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    Re: US debt could trigger dollar collapse, UN warns

    Don't worry, they'll just borrow the money from Grim. He's got all the answers.

    .

  5. #5
    Godeskian is offline I have taken all knowledge to be my province.
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    Re: US debt could trigger dollar collapse, UN warns

    Shrug, if it does happen then it will only accelerate an as yet inevitable process that's currently set to happen somewhere in the mid 2010's. unfortunately I'm not sure the average american has any idea what's about to happen in the next 8 years or so.
    Close your eyes, but keep your mind wide open.

  6. #6
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    Re: US debt could trigger dollar collapse, UN warns

    As of the end of 2006, the debt was $5 trillion. Adding what's owed by states, corporations, or individuals, Social Security beneficiaries in the future, the debt is $8.7 trillion. In 2005 the debt was 64.7% of GDP.

  7. #7
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by Godeskian
    Shrug, if it does happen then it will only accelerate an as yet inevitable process that's currently set to happen somewhere in the mid 2010's. unfortunately I'm not sure the average american has any idea what's about to happen in the next 8 years or so.
    Even the government is putting out warnings now. I know - it's shocking they would actually tell the truth about something...although they did lie about the remedies - tax increases, etc. This from the U.S. Comptroller General's office:

    http://www.gao.gov/cghome/d07527cg.pdf
    "Love your country, but never trust its government." - Robert A. Heinlein

  8. #8
    Godeskian is offline I have taken all knowledge to be my province.
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    Re: US debt could trigger dollar collapse, UN warns

    Interesting read, but not what I was talking about. I was talking about the imminent retirement of millions of babyboomers, and the consequences of a law called ERISA, passed in 1974 which will cripple the US economy in a matter of months. I'd be completely blase, but when it takes out the US economy it's likely to take out a whole other bunch of economies with it.
    Close your eyes, but keep your mind wide open.

  9. #9
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by Solve et Coagula
    US debt could trigger dollar collapse, UN warns
    Uh, we're not looking to the UN now for economic forcasts are we? Please say it ain't so.
    The terminally stupid and certifiably insane.

  10. #10
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by bogie
    Uh, we're not looking to the UN now for economic forcasts are we? Please say it ain't so.
    What we do NEED though is for other countries (primarily China) to actually have faith in and value the currency, since it's intrinsically worthless.

    If several other countries begin to switch to the Euro instead of the dollar, the dollar's value will continue to decline, ultimately having negative repercussions for the U.S.
    "Love your country, but never trust its government." - Robert A. Heinlein

  11. #11
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by The Last Man
    What we do NEED though is for other countries (primarily China) to actually have faith in and value the currency, since it's intrinsically worthless.

    If several other countries begin to switch to the Euro instead of the dollar, the dollar's value will continue to decline, ultimately having negative repercussions for the U.S.
    Of course against the dollar, the yuan has been falling steadily of late.
    The terminally stupid and certifiably insane.

  12. #12
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by Godeskian
    Shrug, if it does happen then it will only accelerate an as yet inevitable process that's currently set to happen somewhere in the mid 2010's. unfortunately I'm not sure the average american has any idea what's about to happen in the next 8 years or so.
    2010? Perhaps this year, perhaps next.

    And your last sentence is right. Right now, it's Disney movies, supersized french fries and Paris Hilton.

    But alas, as long as the masses don't realize that they're the frog(s) in the kettle, things will continue for a little while longer.

    When the masses begin to wake up, cut back on spending, save money and forgo that convertible, things will accelerate all the more.

    China could likely pop the whole economic system before we do. But as things go, if history means anything, then the English will beat the Chinese in this game.

    ____________

    So let me ask you...what are the 100 best things to barter with?

  13. #13
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by The Last Man
    Even the government is putting out warnings now. I know - it's shocking they would actually tell the truth about something...although they did lie about the remedies - tax increases, etc. This from the U.S. Comptroller General's office:

    http://www.gao.gov/cghome/d07527cg.pdf

    Ah, but that's the trick.

    When the dollar collapses, and that Social Security check can buy just one head of iceburg lettuce, they can say "Well, we already warned you. Why didn't you listen?"

    Smart ones, eh?

  14. #14
    Godeskian is offline I have taken all knowledge to be my province.
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    Re: US debt could trigger dollar collapse, UN warns

    Sorry, I was being unclear, when I said the mid 2010's, I meant the period between about 2013 and 2017.

    The timeframe is a little unclear, as it depends on too many variables right now. But those variables become narrower every year, and yet Erisa still looms over every single baby-boomer like a cloud.

    It has nothing specifically to do with the masses today, and everything to do with the masses of yesterday.
    Close your eyes, but keep your mind wide open.

  15. #15
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by Godeskian
    Interesting read, but not what I was talking about. I was talking about the imminent retirement of millions of babyboomers, and the consequences of a law called ERISA, passed in 1974 which will cripple the US economy in a matter of months. I'd be completely blase, but when it takes out the US economy it's likely to take out a whole other bunch of economies with it.
    Retiring baby boomers, China stockmarket *pop*, housing *pop* (first time in American history!), Hubbert's (Oil) peak, maxed-out credit, famine+recession = depression...


    ...hope you don't live in a city.

  16. #16
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    Re: US debt could trigger dollar collapse, UN warns

    Quote Originally Posted by The Last Man
    What we do NEED though is for other countries (primarily China) to actually have faith in and value the currency, since it's intrinsically worthless.

    If several other countries begin to switch to the Euro instead of the dollar, the dollar's value will continue to decline, ultimately having negative repercussions for the U.S.

    Ah, now wait a minute, you're talking biblical prophecy here!

    As of late, OPEC is beginning to trade in Euro's instead of the dollar. Russia and Venezuela too.
    And China and Japan have stopped buying US treasuries some time ago.

    If you think food and gas prices are high right now....I suggest you buy stock in TREK.

    *********

    Do you know how to deer hunt?

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