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  1. #1
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    Default Citigroup about the economy and gold price

    Citigroup says gold could rise above $2,000 next year as world unravels - Telegraph

    The bank said the damage caused by the financial excesses of the last quarter century was forcing the world's authorities to take steps that had never been tried before.

    This gamble was likely to end in one of two extreme ways: with either a resurgence of inflation; or a downward spiral into depression, civil disorder, and possibly wars. Both outcomes will cause a rush for gold.

    "They are throwing the kitchen sink at this," said Tom Fitzpatrick, the bank's chief technical strategist.

    "The world is not going back to normal after the magnitude of what they have done. When the dust settles this will either work, and the money they have pushed into the system will feed though into an inflation shock.

    "Or it will not work because too much damage has already been done, and we will see continued financial deterioration, causing further economic deterioration, with the risk of a feedback loop. We don't think this is the more likely outcome, but as each week and month passes, there is a growing danger of vicious circle as confidence erodes," he said.

    "This will lead to political instability. We are already seeing countries on the periphery of Europe under severe stress. Some leaders are now at record levels of unpopularity. There is a risk of domestic unrest, starting with strikes because people are feeling disenfranchised."

    "What happens if there is a meltdown in a country like Pakistan, which is a nuclear power. People react when they have their backs to the wall. We're already seeing doubts emerge about the sovereign debts of developed AAA-rated countries, which is not something you can ignore," he said.

    Gold traders are playing close attention to reports from Beijing that the China is thinking of boosting its gold reserves from 600 tonnes to nearer 4,000 tonnes to diversify away from paper currencies. "If true, this is a very material change," he said.

    Mr Fitzpatrick said Britain had made a mistake selling off half its gold at the bottom of the market between 1999 to 2002. "People have started to question the value of government debt," he said.

    Citigroup said the blast-off was likely to occur within two years, and possibly as soon as 2009. Gold was trading yesterday at $812 an ounce. It is well off its all-time peak of $1,030 in February but has held up much better than other commodities over the last few months ľ reverting to is historical role as a safe-haven store of value and a de facto currency.

    Gold has tripled in value over the last seven years, vastly outperforming Wall Street and European bourses.
    Jeez man... Citigroup is saying this. Pretty freaking bleak picture of what's to come. I don't think they're wrong. I think they're openly stating what I myself have been trying to communicate since the middle of the year. Take a hint from Biden and gird your loins. What is being set up around the world is not going to be pretty, and I think everyone within the view of this text needs to be mentally prepared for a potentially very dark period of history.

    Honestly, the way I see it, from the broad scope of it all, is that we have been on a a credit standard for the past 10~20 years, a bubble that is now bursting as we throw ourselves into the dark pits of debt. They have pledged OVER SEVEN TRILLION DOLLARS in the name of "fixing" this problem. Anybody with more than rocks for brains should realize that fixing a problem created by debt can't be solved through creating more debt. Considering I have heard a number of people in different professions and of different beliefs talk about what is now occurring for years ahead of time, I'm much less tentative toward the scenarios they've been painting for so long. Indeed, it's something anyone with a fair amount of knowledge about the system and history could ascertain.

    I really think those at the top realize that our economy, and the world economy with it, are badly damaged. They're trying to slow down the crash and keep something that can be salvaged. On the more extreme side, the way the system was created and implemented may have very well been designed and directed by institutions at the very top of the ladder to intentionally collapse the U.S. and world economies so that they may bring about a New World Order type of system, one of global governance and economics. For sure, with the path we are on, we will see a change in our currency to a global type of currency, likely a shared currency between the American countries.

    The destruction and collapse of powerful countries like the U.S. may be brought about specifically to implement such global solutions in the name of saving us all. NWO elite conspiracy or not, they don't even have to enter the equation for one to see where the country is headed. A thorough dissolution of America, what it stands for, its sovereignty, the principles and freedoms this country was built on... are not on a road of sustainability. I think everyone knows the country is changing, but I also believe few grasp how drastic the change IS and WILL BE for a shear lack of knowledge about what it WAS (our history). And it's not a warm and fuzzy change by any stretch of the imagination...

  2. #2
    Senior Member Lateralus's Avatar
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    It amazes me that there are people who don't believe hyperinflation is a real possibility. I don't believe in the New World Order conspiracies. Destroying the dollar won't destroy the US.
    "We grow up thinking that´╗┐ beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are´╗┐ easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of´╗┐ a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  3. #3
    Senior Member ptgatsby's Avatar
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    I'm terribly happy to see this. I was starting to worry we'd never hit the gloom and doom phase!

    (Inflation is a concern of mine though, but not much of one in terms of harm to me. I'm invested, no fixed investments, etc. More that I hope we don't get the inflation -> unemployment cycle going. But with the recklessness of the governments so far, I'm not optimistic.)

  4. #4
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    I have seen the Zeitgeist about the New World Order deal, and I'm rather skeptical about it. If you've seen or heard about Harry Dent, he predicted the market and the economy collapse by 2009, and surge for a few years. He based all of his predictions on the age demographics of the United States. What kept the US on a bull run from the 50's till now was the large 40-50year old population(Baby boomers). The age range where US citizens spend the most if between the age of 40-50.. most are professionals by then, supporting families, and making more money, thus spending more.
    Now that the population of the 40-50 year olds has dropped, we are seeing a lack of money being spent. On top of that now, we are having to support the retiring baby boomer generation.
    He traced back the demographics to the 1929 depression and back into the 1800's and also found there was correlations between the age distributions and economy status. So now our bull run is over, and we fall deeper until we restore the ages. It'll blow over, but it's going to be tough.

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    Senior Member Maabus1999's Avatar
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    One analyst does not equal an accurate predictor. However, I will say I found out someone has a recipe for human jerky so if the world comes to an end, I'm ready.

  6. #6
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    Quote Originally Posted by tenINsFJ View Post
    I have seen the Zeitgeist about the New World Order deal, and I'm rather skeptical about it. If you've seen or heard about Harry Dent, he predicted the market and the economy collapse by 2009, and surge for a few years. He based all of his predictions on the age demographics of the United States. What kept the US on a bull run from the 50's till now was the large 40-50year old population(Baby boomers). The age range where US citizens spend the most if between the age of 40-50.. most are professionals by then, supporting families, and making more money, thus spending more.
    Now that the population of the 40-50 year olds has dropped, we are seeing a lack of money being spent. On top of that now, we are having to support the retiring baby boomer generation.
    He traced back the demographics to the 1929 depression and back into the 1800's and also found there was correlations between the age distributions and economy status. So now our bull run is over, and we fall deeper until we restore the ages. It'll blow over, but it's going to be tough.
    Surely they are two trends (age demographics and economic health) that have correlations, but I think it's misguided to say that one is a CAUSE of the other, or at least a SOLE cause. It could very well be a factor and probably is, but obviously there are a great number of other factors at play here and focusing on only one would not do justice to one's ability to see the big picture. I have also heard predictions by someone who studies the roles generations play in history. I'll have to find his name and stuff, but he also predicted we'd be facing what we are around this time period, simply because the history is fairly cyclical aligning with a cycling of generational characteristics. I believe he basically said the boomers are the generation that'll set up a great turbulence/upheaval (to pu8t it lightly), with the gen X carrying it through, and the millennial gen being the gen to pick up the pieces and build things a new. It's quite interesting so I'll have to look it up for you.

    Otherwise, what I believe we are going to be facing in the coming years is due to a number of factors on all levels perceivable, beyond what I have even mentioned or possibly even realize.

  7. #7
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    Quote Originally Posted by Maabus1999 View Post
    One analyst does not equal an accurate predictor. However, I will say I found out someone has a recipe for human jerky so if the world comes to an end, I'm ready.
    LMFAO. I'd rather use a squirrel/rodent jerky recipe if it gets that bad :P.

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    I agree with you Risen, there are many different factors into what is causing the economic crisis. I was just adding another, wasn't saying that was the sole cause
    I'd be interested in reading about how gender roles would affect economy...

  9. #9
    Junior Member Putin's Avatar
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    Don't be surprised when you see an inflation rate of 20 percent by 2010-2011. For some it seems highly unlikely.. but the threat is real. I've been saying this for a while and so far a lot of my predictions have come true. It's not gonna be pretty.
    Whoever does not miss the Soviet Union has no heart. Whoever wants it back has no brain.

  10. #10
    pathwise dependent FDG's Avatar
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    I wouldn't trust anything from Citigroup anymore.
    ENTj 7-3-8 sx/sp

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