dollar could plunge 90 pct
11/24/07 -- -, 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
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,
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.
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