Okay... "plunge" might be a bit strong for a currency that fell from $1.39ish to $1.38ish. But the truth is finally setting in with journalists... and with some Europeans that it's time to face reality and give thought to what lies ahead. Moving out of euros and into assets that will hold their value better is prudent.
This realization bodes well in the mid-term for the dollar... well for gold... and very well for Americans planning to vacation in Europe. But it's bad for our stock market valuations and, of course, for anyone actually living in Europe.
Never trust fiat money. The reason it is fiat is so that those in charge can steal its value. Ultimately, fiat money ALWAYS shows itself for what it is.
This should be a good learning experience for Americans. We're headed the same direction as Europe and will probably experience a similar fate. The only question is . . . WHEN. My bet, for years, has been that the dollar will trail the euro's demise only by a short period. I'm thinking 5 years... maybe less. But my predictions aren't always right... and considerably off on the timing. On RB, I was just reading old predictions of mine from 2003 and 4 that the EU would fail in five years. So, 2008 or 9. Here it is 2011... and still no collapse! But I still think it's coming.. and the chorus of those saying the same thing is getting louder.
Oct 26, 11:32 AM EDT
Euro plunges on reported crisis talk deadlock
By DANIEL WAGNER
AP Business Writer
WASHINGTON (AP) -- The euro is plunging against other currencies after European leaders and banks appeared deadlocked over how much of Greece's debt should be forgiven.
European leaders are meeting in Brussels Wednesday about efforts to prop up banks, bail out Greece and prevent the debt crisis from spreading. Last week, they promised a detailed plan by Wednesday. That looks increasingly unlikely.
The euro dove after news reports that European leaders and banks can't agree about how much of Greece's debt should be written off. Banks hold billions in Greek debt and could face massive losses on the bonds they hold.
The euro fell to $1.3805 at 11 a.m. Eastern from $1.3931 late Tuesday. It rose early Wednesday to a six-week high of $1.3975. The euro fell to 104.98 Japanese yen from 105.71.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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