When will the US Dollar crash? My prediction is 2 months after Hillary takes office. She will "rub the republicans nose in it" by declassifing the amount of money we are printing to fight 2 wars and announce there is no gold left at Fort Knox. Don't worry about me, I'm transfering me and my family's wealth to Thailand. I already married my 40 acres and a mule. (100 rai and a elephant)
2007-09-07 08:31:21 · 1 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
It won't. If the dollar does crash, it's going to take every currency in Asia with it (Do you think China is going to stand by and watch their trillion dollars in US T-Bills become worthless, on top of losing their biggest trading partner?)
Perhaps you remember the 1991 Gulf War? The disruption in remittances from Asians working in Kuwait caused the Thai baht, Philippine Peso, and Malaysia Ringgit to all lose 40% of their value against the dollar. If the dollar tumbles, those three currencies and many more will be destroyed in the fallout. China and the European Union won't let that happen.
Also: The US dollar hasn't been backed by gold since 1934, so whether or not there are any gold reserves left is irrelevant.
The Bureau of Engraving and Printing publishes how much paper money is produced every month, and has for several years. It's not classified. In fact, here is the web page for August 2007 paper money production, with links to each month's report back to October 2002.
http://www.bep.treas.gov/section.cfm/2/431/618
2007-09-07 12:43:57 · answer #1 · answered by F. Frederick Skitty 7 · 1⤊ 1⤋