You know, I'm not a rich guy by any means, but I do have a decent size nest egg put away and this economy is scaring the f-ck out of me. Our government has pretty much given the green light to print as much money as they sit fit. The average American could give a damn. Most Americans have a negative savings rate. Think about that. Most people you walk by in the street couldn't survive for more than a month if they lost their job because they save ZILCH. So no wonder the dollar crisis is of no concern to them. Nothing to lose. All their networth is tied up into their overpriced homes, so if the government destroys the dollar in order to keep housing prices high, that's a tradeoff many are willing to live with. For those of us on the other end of the spectrum, who have been financially responsible, saved money for a rainy day or our retirement, we are taking it in the ass. The value of our money is being wiped out right before our eyes. It's sad to see this. I never thought the day would come where I may have to liquidate all dollar denominated assets and put them in foreign currencies because my government will just turn on the printing press and flood the market with more dollars whenever it sees fit.
This summer I was actually becoming optimistic. Last winter, I came close to giving in and buying gold and moving my money into the Euro, Pound, Swiss Franc, Canadian Dollar and Yen. The only thing that stopped me is that I felt like I'd already lost so much that the bottom must be near and if I jump out at the bottom, I'll lose my ass. I made that mistake in the dotcom boom. Being young and inexperienced, I bought in at the wrong time and got burned. So after the dollar started rallying bigtime this summer, and oil and commodities sank like a rock, I started feeling vindicated. I was thinking, "damn, it's a good thing I didn't cash out of the dollar last winter, or I'd be fuming mad right now." Then out of nowhere, here comes this credit rescue, and now commodities are surging once again and the dollar is falling off the cliff. And I'm now kicking myself once again.
It's kind of a panic feeling. I don't want to make a decision on impulse unless I've weighed everything out, but every day that goes by, I'm losing ****loads of money due to our falling currency and inflation. It's just angering that our government allowed things to get to this point.
This summer I was actually becoming optimistic. Last winter, I came close to giving in and buying gold and moving my money into the Euro, Pound, Swiss Franc, Canadian Dollar and Yen. The only thing that stopped me is that I felt like I'd already lost so much that the bottom must be near and if I jump out at the bottom, I'll lose my ass. I made that mistake in the dotcom boom. Being young and inexperienced, I bought in at the wrong time and got burned. So after the dollar started rallying bigtime this summer, and oil and commodities sank like a rock, I started feeling vindicated. I was thinking, "damn, it's a good thing I didn't cash out of the dollar last winter, or I'd be fuming mad right now." Then out of nowhere, here comes this credit rescue, and now commodities are surging once again and the dollar is falling off the cliff. And I'm now kicking myself once again.
It's kind of a panic feeling. I don't want to make a decision on impulse unless I've weighed everything out, but every day that goes by, I'm losing ****loads of money due to our falling currency and inflation. It's just angering that our government allowed things to get to this point.