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"In the long term, the dollar is a doomed currency. It will go to zero," Faber Says Bernanke Policy Will `Destroy' U.S. Dollar"

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March 08, 2008 – Comments (9) | RELATED TICKERS: GLD , SKF , SRS

I am a follower of Jim Rogers and Marc Faber. Both have been very right on their calls
about the US market and the dollar.

(FYI- I now have 4400 CAP points in seven month. You can call it whatever you like.... I also created abitarePERFECT to focus more on accuracy. abitarePerfect was the "one day Hottest player" last week)

Marc Faber recently published Gloom, Boom and Doom report Marketwatch has a summary:

'Doom and Gloom' has just begun Bearish newsletter editor finds little cheer in most assets 

"We may now have a hostile environment for all asset classes, with the exception of some real estate and commodities," said the editor of The Gloom, Doom and Boom Report, pointing out that since 2002 all asset classes have been rising -- a phenomenon that hasn't been seen for 200 years.   "The current synchronized global economic boom and universal all-encompassing asset bubble will lead to a colossal bust," he said.

Financial markets, currently in the grips of a credit bubble that worsens by the day, will see a protracted period of high volatility, in which 20% movements either up or down become common and the chances of making a lot of money become very difficult, he said. 

"I believe we're in the midst of the greatest asset bubble ever," said Faber in the January 2007 article.
 

"In the long term, the dollar is a doomed currency. It will go to zero," he said, which produced some nervous laughter from the audience.

Marc Faber video is here:

Jim Rogers is here Ditching the Doomed Dollar:

Peter Schiff is here The inevitable collpase of the dollar:

My call in Nov 07 is here: 

Why the Market sold off and will continue. Sinking Currency, Sinking Country

I welcome comments and hope to be very wrong... I prefer a Bullamrket etc...

9 Comments – Post Your Own

#1) On March 08, 2008 at 5:15 PM, joeykid13 wrote:

When the dollar becomes worthless, we can shake off the FED, and start over.  As far as I know, Fort Knox is still filled to the rafters.  We will back up our new currency, and then it will be 1 Million Euro's to the dollar....geez I can hear "Deutschland Uber Alles" already.

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#2) On March 08, 2008 at 5:26 PM, Tastylunch (29.54) wrote:

I wondered if abitareperfect was you. Congrats on your success over there.

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#3) On March 08, 2008 at 8:29 PM, Imperial1964 (97.93) wrote:

The dollar might drop, but it won't go to zero.

I've said for four years that the dollar is overvalued relative Asian currencies.  It will drop further, but it will rise again.  Eventually.

It's just correcting what has been a long-running imbalance. 

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#4) On March 08, 2008 at 8:56 PM, mickeyc21 (29.82) wrote:

Abit - Most people think being short dollars is un-American.

What could be more American than making $$$?! 

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#5) On March 08, 2008 at 10:09 PM, lquadland10 (< 20) wrote:

Hey Aba, How is it going? Well congrants to you and I hope your old friend Ben does't come in and rain on your Party. Now the only way you could win is if there is a run on country wide and bac and city. Then what is a Fed to do? I followed Buffett and went with wells fargo. No sub prime/ Well enough gloom and doom. Take Care/ LQ

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#6) On March 08, 2008 at 10:16 PM, joeykid13 wrote:

There will be a run on Bank of America.  Joeykid13 is now willing to project Abitarcatania as the winner, I repeat, with 13% of the vote in, we are now prepared to declare Abitarecatania the winner!  Sorry LQ

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#7) On March 09, 2008 at 7:57 AM, abitare (58.10) wrote:

ALCON,

Thank you for the replies..

joeykid,

I think many people have already fled out of the dollar.

mickeyc21,

All fiat currencies fail reguardless of country of orgin, when they do fail the middle class is wiped out. Do not confuse the Destructive Federal Reserve with America. The FED is a private cartle of bankers that have been eroding the wealth away from the average American. 

The FED is unconstitutionial and should likely be abandoned or

have real oversight of their activities.

lq,

I am doing well. Thank you for asking. Helicopter Ben cannot do 

anythng but print dollars. But it will not do anything but destroy 

the confindence in the dollar further. Japan has already done this before. WFC is a big gamble, it is in CA. This implosion is systemic and toxic, it is not limited to sub-prime. Buffett has made some bad calls: Moodys, PIR, H&R, AIG etc...

http://ml-implode.com/

http://bankimplode.com/

WELLS FARGO MISSES ANALYSTS ESTIMATES DUE TO LOAN DEFAULTS
Posted on January 19th, 2008 in BREAKING NEWS!

Wells Fargo, one of the more failry conservative bnaks, missed profit estimates. 4Q profit fell as more homeowners missed loan payments. They expect 2008 to be rough.

Its rough riding the rollercoaster wave of foreclosures.

 

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#8) On March 09, 2008 at 6:38 PM, lquadland10 (< 20) wrote:

Yep aba wins and we will see a Depression? soon. Well there goes the another theory.What about sharebuilders through ing? Other wise I am in gold cold cold gold. is there a buble in gold to?

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#9) On March 09, 2008 at 8:04 PM, lquadland10 (< 20) wrote:

Hey Aba can you get me the skinny on the new candidate who is running                     Wayne Allyn Root        he is now the new libertarian candidate.    Somehow I just don't trust him. tks.lq

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