Wake Up AM Podcast # 100 Coming Next Week!
Wake Up AM Podcast #100 has been postponed until next week. Nancy and Brian are away for the holiday and we couldn't do such a landmark program without them. We will be posting our 100th program towards the end of next week as we resume our regular schedule. We hope you all had a wonderful turkey day and we are sorry for the delay in bringing you more of the depressing news you crave to hear every week. But you won't be dissappointed as we dig to bring you more news from beyond the headlines along with a bit of laughter that helps us all maintain the little sanity we have left (some more than others but I'm not mentioning any names). Have a great week!
posted by Wake Up America at 2:55 PM
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Forecast: U.S. dollar could plunge 90 pct
http://www.upi.com/NewsTrack/Business/2007/11/19/forecast_us_dollar_could_plunge_90_pct/4876
RHINEBECK, N.Y., Nov. 19 (UPI) -- A financial crisis will likely send the U.S. dollar into a free fall of as much as 90 percent and gold soaring to $2,000 an ounce, a trends researcher said.
"We are going to see economic times the likes of which no living person has seen," Trends Research Institute Director Gerald Celente said, forecasting a "Panic of 2008."
"The bigger they are, the harder they'll fall," he said in an interview with New York's Hudson Valley Business Journal.
Celente -- who forecast the subprime mortgage financial crisis and the dollar's decline a year ago and gold's current rise in May -- told the newspaper the subprime mortgage meltdown was just the first "small, high-risk segment of the market" to collapse.
Derivative dealers, hedge funds, buyout firms and other market players will also unravel, he said.
Massive corporate losses, such as those recently posted by Citigroup Inc. and General Motors Corp., will also be fairly common "for some time to come," he said.
He said he would not "be surprised if giants tumble to their deaths," Celente said.
The Panic of 2008 will lead to a lower U.S. standard of living, he said.
A result will be a drop in holiday spending a year from now, followed by a permanent end of the "retail holiday frenzy" that has driven the U.S. economy since the 1940s, he said.
© 2007 United Press International. All Rights Reserved.
URL did not fully publish.
I'm breaking it up here to make it publish, but you'll have to link the parts into one single URL if you're interested in finding the story.
http://www.upi.com/NewsTrack/
Business/2007/11/19/forecast_us_dollar_
could_plunge_90_pct/4876
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