The dollar is in trouble. Its value on foreign exchange markets has been falling for the past six years, and now its gradual decline is about to become a rout. This spells big trouble for the American economy—but potential riches for smart investors. In The Collapse of the Dollar and How to Profit from It , financial gurus James Turk and John Rubino show how the dollar arrived at this precipice, why it will continue to plunge, and how you can profit from the resulting financial crisis.
The United States today is the world’s biggest debtor nation. To finance this mountain of debt, we’re flooding the world with dollars. The resulting oversupply of dollars will cause its value to decline until it is displaced as the world’s dominant currency. Precious metals will soar in value, and gold will reclaim its monetary role at the center of the global financial system.
James Turk, a leading gold authority and the founder of GoldMoney.com, and John Rubino, editor of the popular Web site DollarCollapse.com offer strategies for investing in gold coins, gold stocks, gold-based digital currencies, and other hard assets to create a profitable portfolio.
The Collapse of the Dollar and How to Profit from It is a must read for every citizen and investor.
From the Trade Paperback edition.
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|Title of eBook: The Collapse of the Dollar and How to Profit from It|
|Release Date: 11-19-2008|
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|Publisher: Doubleday Publishing|
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The Collapse of the Dollar and How to Profit from It
ILLUSIONS OF PROSPERITY
During the final two decades of the twentieth century, the U.S. economy was the envy of the world. It created 30 million new jobs while Europe and Japan were creating virtually none. It imposed its technological and ideological will on huge sections of the global marketplace and produced new millionaires the way a Ford plant turns out pickup trucks. U.S. stock prices rose twentyfold during this period, in the process convincing most investors that it would always be so. Toward the end, even the federal government seemed well run, accumulating surpluses big enough to shift the debate from how to allocate scarce resources to how long it would take to eliminate the federal debt.
As the coin of this brave new realm, the dollar became the world’s dominant currency. Foreign central banks accumulated dollars as their main reserve asset. Commodities like oil were denominated in dollars, and emerging countries like Argentina and China linked their currencies to the dollar in the hope of achieving U.S.-like stability. By 2000, there were said to be more $100 bills circulating in Russia than in the U.S.
But as the century ended, so did this extraordinary run. Tech stocks crashed, the Twin Towers fell, and Americans’ sense of omnipotence went the way of their nest eggs. As this is written in early 2004, three million fewer Americans are drawing paychecks. The federal government is borrowing $450 billion each year to finance the war on terror as well as an array of new or expanded social programs. Short-term interest rates have been cut to an incredible one percent, and while growth is finally accelerating, borrowing at every