Is the dollar going down the tubes?

[DaytonLawVol]

My father does business with a multi-millionaire....his wealth is probably somewhere in the $40-$50 million range, according to rumors ive heard over the years. The point is, my father called me and as we were chatting, he said that "this guy has made so much money, just by making the right decisions long before anyone else does." To make a long story short, he is going down to a particular carribbean country to "get his money" and convert it to euros. He said he was scared to death that we will have devalued our dollar so much because of the enormous bailout. He claims "we will be on the euro, or some sort of globalized currency in 5 years..."

Im no economist and I have no idea whether any of this makes much sense. What I do know is the guy doing this has a track record of being right...a lot...and has gone from nothing to a multi-millionaire. Anything to this line of thinking?

 

[WA_Vol]

IMO this is why the price of gold and silver are sky high now.

 

[volmanbill]

Howard Hughes had a lot of money too. That didn't make him sane.

I can tell you that it's not an option that has gotten any discussion in the Atlanta financial community.

 

[DaytonLawVol]

I dont really have a dog in this hunt...but based upon the last 24 months...doing the opposite of what financial people think may not be such a bad idea.

 

[volmanbill]

If he is a legit businessman, why isn't he using wire transfers?

 

[DC Vol]

I dont really have a dog in this hunt...but based upon the last 24 months...doing the opposite of what financial people think may not be such a bad idea.

Moved all of my investments into a high-yield savings account last August.



Couldn't. Be. Happier.

 

[droski]

If he is a legit businessman, why isn't he using wire transfers?

+1

he lives in the united states. he should own dollars. I very much doubt the euro is going to rally significantly against the dollar anyway. Europe is in far worse shape then we are.

 

[DaytonLawVol]

If he is a legit businessman, why isn't he using wire transfers?

i never said he was legitimate. :whistling:

 

[DC Vol]

+1

he lives in the united states. he should own dollars. I very much doubt the euro is going to rally significantly against the dollar anyway. Europe is in far worse shape then we are.

And they're, believe it or not, going down faster than we are.


I mean, France has student Unions for the sake of it all.

 

[WA_Vol]

I think the movie Blow had a similar scenario in it.....

 

[droski]

And they're, believe it or not, going down faster than we are.


I mean, France has student Unions for the sake of it all.

when i was in france 4 years ago they were protesting in paris for the 35 hour work week.

 

[DC Vol]

when i was in france 4 years ago they were protesting in paris for the 35 hour work week.

Students are protesting (and locking ardent students that wish to graduate out of class) school reform... because 15 year olds obviously know the best education course of action.

France is has some ridiculous problems that will exacerbate considerably in our lifetime.