Who thinks the us dollar will collapse in the next 20 year or so? Poll

Everyone around here is talking about how the us dollar will collapse in the next 20 or so years due to our horrendous national debt.  Do you agree?

I voted 3rd because I don't know much about politics and economics ;)

http://www.reuters.com/article/gc04/idUSTRE5AN5AP20091124

http://www.prnewswire.com/news-releases/nias-the-dollar-bubble-coming-this-week-71542807.html

http://useconomy.about.com/od/criticalssues/p/dollar_collapse.htm

http://www.marketoracle.co.uk/Article7171.html

http://kopyme.com/2009/06/china-fears-collapse-of-the-us-dollar/

Honestly, I'm scared to vote and scared to think about it, but deep down I've been afraid of that for a long time.

 Against the Euro, probably yes.  Against the Pound, I'm not sure - but if it did, it would be good for us Brits

no its worse than that.  The way I understand it is the money we have now will be announced is worth nothing (your savings=nothing).  Then they will issue new money thus making all our debt gone but putting those that hold our debt in big big trouble thus getting us into big big trouble

 I actually believe it will happen in the next 4 years if not sooner.

I do believe it will, and I think it will be a good thing.

prayinforaboy:

 I actually believe it will happen in the next 4 years if not sooner.

My husband agrees with you and went out and bought silver

The dollar isn't going anywhere.  Most of the stuff is alarmist theory and doesn't carry much weight.  As long as the US is a world superpower then you have zero to worry about the currency.  Also don't be fooled by how America's might is diminishing, our military is light years ahead of everyone elses and that's one of the key factors in being a Superpower.

prayinforaboy:

 I actually believe it will happen in the next 4 years if not sooner.

Ditto to this.  My DH reads a lot of financial blogs.  One guy he follows (can't remember the name) predicts that it will happen sooner rather than later.  This is the reason that we used some of our retirement to pay off all debt.  His theory is that you will lose much of your retirement when the drop occurs, so try going into the situation with as little debt as possible.  WE didn't empty out our money, but we got rid of car payments and my student loans. 

If it doesn't happen we will be in a good position to put greater amounts back into our retirement...thus making the choice to take some out this year smart.

 

Southernbelle:

This is the reason that we used some of our retirement to pay off all debt

funny you say that, i actually subscribe to the opposite belief, not that I am acquiring debt because I think the dollar will fall, but I am not in a rush to get rid of it so quickly exactly because I think the dollar will fall. If the dollar becomes worthless, we pay triple the amount for stuff, make double the amount, etc.... but you debt will still be the same amount, know what i mean... sorry i don't have a good way f explaining myself especially typing one handed... ;-)

If it does I don't know if it would be good or bad????

 We have debt alot of it! we own two houses that are not paid off.  but we have no money saved up

Cherry Mary:

funny you say that, i actually subscribe to the opposite belief, not that I am acquiring debt because I think the dollar will fall, but I am not in a rush to get rid of it so quickly exactly because I think the dollar will fall.

I agree.  But the point of what we did was to USE our hard earned retirement for something productive in case we end up losing a ton of money in the market.  If we lose $100s of thousands of dollars in the market and still have tons of debt it doesn't really matter what the dollar is worth.  We will have lost money and still owe.  Also, if the market falls jobs will continue to drop off and we want to be in the best case scenario if my DH were to lose his job.  At this point we'd only have to pay our mortgage to not be in risk of losing everything.

The decision is not for everyone.  We are Dave Ramsey fans, but it was taking us too long to get to his 2nd step of saving.  He wouldn't approve of our using some retirement to pay off debt, but we have kept zero balances for over a year now...so in the end a good thing.  His objection to using retirement to pay things off is that people end up right back in debt and they have nothing to show for the lose in future money.  Now we are able to save much more per month as well as stay out of any credit debt.

I think that going into a crash you should be prepared financially. 

Southernbelle:

I agree.  But the point of what we did was to USE our hard earned retirement for something productive in case we end up losing a ton of money in the market.  If we lose $100s of thousands of dollars in the market and still have tons of debt it doesn't really matter what the dollar is worth. 

got it. makes total sense!

Southernbelle:

I think that going into a crash you should be prepared financially. 

absolutely, i am a Dave Ramsey fan too!