UPI: U.S. dollar could plunge 90 pct


Richard Moore

Original source URL:

United Press International

Forecast: U.S. dollar could plunge 90 pct
Published: 19, 2007 at 2:16 PM

RHINEBECK, N.Y., 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 collapse.

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 

He said he would not "be surprised if giants tumble to their deaths," Celente 

The Panic of 2008 will lead to a lower U.S. standard of living, he said.

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.

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