I keep reading about Sept. 30th 2016 being bad for U.S. dollar. If this goes down does it mean any cash you have will be worthless?
Money
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If anybody is selling dollars at a discount,I'm buying [emoji6]
Nothing to worry about. I heard the world is coming to an end before that.
UncleEd
Member
Than anything we know beyond our own small circles of our own lives is not
real and we are all totally ignorant.
P.S.: And money, including the dollar, is pure fiction which we all place great faith in.
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I'm more concerned about November 8, 2016.
Somebody's always making a dire money
prediction 5 weeks into the future. Problem is, they
have been doing it since the 1960s! They are usually
selling something, too. OH gold? GREAT idea, till you realize
that it doesn't pay a dividend, and you just screwed yourself
out of your retirement income. Then you have to do what? Keep
selling and buying commodities? R-I-G-H-T.
prediction 5 weeks into the future. Problem is, they
have been doing it since the 1960s! They are usually
selling something, too. OH gold? GREAT idea, till you realize
that it doesn't pay a dividend, and you just screwed yourself
out of your retirement income. Then you have to do what? Keep
selling and buying commodities? R-I-G-H-T.
Absalom
SWCA Member, Absent Comrade
Just to be sure: I am not making fun of you. The internet has a way of making C-R-A-P look extremely respectable and serious.
But about five minutes of looking into the origins of the talk about the coming collapse of the US dollar on Sept. 30, 2016 have led me to the following well-reasoned assessment:
Buwahahaha ....
(Sorry. As I said, nothing personal.)
Kernel Crittenden
US Veteran, Absent Comrade
Actually, there's almost always an up tick in the markets in the Fall. Presumably, it's due to all the traders coming back to work after spending a long summer in the Hamptons.
"Sell in May and go away....."
"Sell in May and go away....."
"..... buy again after All Saint's Day."
I'd be worried if I had any.
Just pretend this is witty.
Just pretend this is witty.
THE PILGRIM
Member
Not if you invest in tin foil . . .
The Chinese currency, the renminbi (RMB), AKA the yuan, is joining the IMF's SDR basket on 1 October: Factsheet -- Special Drawing Rights (SDRs)
"Final currency amounts for the new valuation period will be determined and published on September 30, 2016 (transition date), based on exchange rates from July 1, 2016 through September 30, 2016." IMF Modifies Rounding Methodology for Determining Currency Amounts in the SDR Basket and Publishes Illustrative Currency Amounts for the New Valuation Period
So as I get it -- which is not much, but then I don't think anybody else does either -- some folks are flipping out because the Chinese currency is achieving the same IMF status as the dollar, the yen, the euro, and British pound.
We are having a Chicken Little moment in some quarters. (Fortunately for me, my l'il quarters ain't one of 'em.
)
The true value of the dollar has been lowered by deficit spending in an unsustainable way. Were it not for the rest of the world being worse off than we are, we would be knee deep in inflation. My crystal ball has been real cloudy lately but I don't see anything special on Sept. 30. Remember a few years ago when one of our economic geniuses in the house of representatives suggested minting a trillion dollar coin to pay off our debts? It wasn't long ago Zimbabwe was printing these! It was more cost effective to use them for toilet paper, than carry enough to the store to buy a roll! Coming to a country near you?
What we REALLY have to look out for is Y3K!!! It will get most of us for sure!!
What we REALLY have to look out for is Y3K!!! It will get most of us for sure!!
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The entire world is at the brink of economic collapse, but that is probably the least of the trouble to come. Setting a date of Sept 30, or any other, is foolish.
Just thought this thread could use some background music: Pink Floyd - Money (Official Music Video) - YouTube
You'd have to logically conclude all "the big boys" have known for a long time about the renminbi, i.e. Chinese currency, being included, on October 1, 2016, in the currencies which make up the International Monetary Fund Special Drawing Right, i.e. "recognized" currencies since this was announced many months ago and any changes in currency rates are likely already baked into the cake.
Depending on your favorite analogy we (U.S.) are the tallest midget (sorry - little person) in the room or the stage 4 cancer victim with the least metastases. I would not bet on a significant change in the U.S. dollar anytime soon.
Depending on your favorite analogy we (U.S.) are the tallest midget (sorry - little person) in the room or the stage 4 cancer victim with the least metastases. I would not bet on a significant change in the U.S. dollar anytime soon.
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Ole Joe Clark
Absent Comrade
What's happening September 30?......... I'll tell you........ Drum roll please.........
IT'S MY BIRTHDAY!
That's what. If you want to send me some of that worthless money, my PO box is BR549.
IT'S MY BIRTHDAY!
That's what. If you want to send me some of that worthless money, my PO box is BR549.
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