US headed for its worst recession

[OhioChick]

8 Jan, 2008, 0056 hrs IST

LONDON: The US economy is heading for a recession and investors should sell the dollar as global currencies weaken, investor Jim Rogers said.

“It’s going to be one of the worst recessions we’ve had in a while because we had so many excesses going into it,” Rogers, chairman of New York-based Rogers Holdings, said in an interview on Monday from Singapore. “

It’s going to be bad for all of us as currencies come under more and more stress and we have more inflation in the world.”
The US and the UK governments have been ‘lying’ about inflation, Rogers said, adding that he’s sold their respective currencies. Rogers is also buying the yuan and the Swiss franc as other currencies weaken.

The dollar fell last week after data on January 4 showed the US unemployment climbed to a two-year high. The US currency fell to its lowest against the euro in November.
“I hope by the end of this year all of my assets will be out of the US dollar,” Rogers said. “The dollar is a currency that’s terribly flawed and it’s going to be under duress for many years to come,” he said.

http://economictimes.indiatimes.com/International_Business/US_headed_for_its_worst_recession/articleshow/2681644.cms

[GreenPartyVoter]

1. Great. :^( Not that it was unexpected

[Quakerfriend]

2. I have kept only the bare minimum in US $- Only what I will

need to buy food and basics with. We are in for quite a ride!

[nightrider767]

3. Maybe, Maybe not

Sure all the fundamentals point to a free fall. But Bush is still in the WHite House and this is an election year...

If you think our "free market" system operates freely, on the theoretical level, I think you're dead wrong.

So look for Bush to whip a couple more miles out of this dieing horse...

[Fearless]

4. The more you bolster...

the bigger the fall will be.

[nightrider767]

8. That's the travesty.... n/t

[sendero]

9. They still haven't even decided..

... on a "stimulus" package.

Bush, the Fed and anyone else can't do much of anything about what is coming, it's WAY too late for that.

[kurth]

5. Save your dough and learn to cook

[tom_paine]

6. "Worst Recession" = Depression

The Bushies have so fucked up the statistics, literally turning them into Soviet Lies, that we could have 20% ACTUAL unemployment and their phony numbers wouldn't even peg 7%.

We are in a bad way because we no longer can even SEE the problems, just like the odl Soviet Union.

We need Gorbachev and some fucking glasnost and perestroika.

[Diclotican]

7. OhioChick

OhioChick

When I started look at the US dollar compared to Norwegian Kroner, the divided between One US dollar was 7 KR.. Today the divide is 5,35... Dvs I must pay 5.35 to get One US dollar... And from 2000 today, the US dollar have fallen almost 50 percent of what it was wort before the current Administration was voted in to office.. I might get it wrong, when it come to the worth, but even if I get it wrong, 10-20 procent drop in the worthiness of the US dollar, is much money anyhow...

Diclotican

Sorry my bad English, not my native language