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Editorial
See other Editorial Articles

Title: Are doom & gloomers ever right?
Source: Mister Clean
URL Source: [None]
Published: Aug 9, 2007
Author: Mister Clean
Post Date: 2007-08-09 10:09:25 by Mister Clean
Keywords: economic collapse, terrorism, global warming
Views: 2368
Comments: 213

Are doom & gloomers ever right in their numerous and freqent predictions of disaster?

I'm not simply talking about the garden variety doom & gloomers who are constantly predicting a massive economic collapse or continually warning about the evil plans of the New World Order. I also include the al-Qaeda fearmongers who are constantly predicting nuclear Jihad in America. I'm also talking about the global warming alarmists who predict that the east coast of the US will eventually be submerged in a major flood.

These groups of doom & gloomers have different agendas for sure but they're basically the same in their fearmongering and pessimissm. It's as if they want a disaster to happen so they can screech "I told you so!"

Fortunately, these prophets of disaster are as wrong in their predictions as they are negative and pessimistic.

I really wonder why America is full of these types of people.

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Begin Trace Mode for Comment # 85.

#3. To: Mister Clean (#0)

Are doom & gloomers ever right in their numerous and freqent predictions of disaster?

I was thinking about this the other day. Unlike the rapture cults of the 20th century, doom-and-gloomers are at least smart enough never to pinpoint WHEN this terrible event will occur. If it happens in 3 days, or it happens in 50 years, the predictions are equally as accurate.

In the cases where they HAVE predicted a date, like supposed food riots in the late 1970s or whatever, they usually have a whole new disaster scenario cooked up by the time their first one fails to come through. Sure helps to sell books, I guess.

Indrid Cold  posted on  2007-08-09   10:28:05 ET  Reply   Untrace   Trace   Private Reply  

ghostdogtxn  posted on  2007-08-09   10:38:14 ET  Reply   Untrace   Trace   Private Reply  

Well, the doom and gloomers of National Geographic Magazine noticed that most of New Orleans proper was under sea level and proposed that a breach in the levies might result in flooding and death.

It doesn't take a genius to figure out that if a) your city is below water; and b) the levies fail; that c) your city is going to flood.

Likewise it was clear to anyone within the first six months of Gulf War II that the Iraqi insurgency was going to be impossible to defeat without killing every man, woman, and child over there.

But what about all the things that were supposed to have killed us by now? SARS, West Nile Virus, Bird Flu, and that "next" Spanish Flu that's just lurking in the wings? Posters on this board and others took those ideas and ran for the hills, buying Tamiflu, etc.

For 5 years now, I've been hearing that the dollar is going to become worthless paper and that gold will skyrocket to $1,000 or $2,000 or $12,000 per ounce. That would actually be a really awesome scenario for me, since I am in the gold business and could pay off my debts with worthless paper, but it keeps not happening.

What happened to the FEMA camps that Bill and Hillary were going to lock every gun owner into? What happened to Bill and Hillary refusing to leave office in 2001?

For 5 years now, I've heard of the impending market crash, even being dumb enough to keep most of my money out of the market, while the DOW gained 5,000 points.

Ridiculous.

Indrid Cold  posted on  2007-08-09   11:34:24 ET  Reply   Untrace   Trace   Private Reply  

For 5 years now, I've heard of the impending market crash, even being dumb enough to keep most of my money out of the market, while the DOW gained 5,000 points.

And the dollar was the only thing the DOW "went up in". Against nearly every other metric, it's been flat or down.

Axenolith  posted on  2007-08-09   11:44:41 ET  Reply   Untrace   Trace   Private Reply  

Come on Indrid, you know this:

WHAT RECORD HIGH?
by Peter Schiff
April 27, 2007

As the Dow burst through the 13,000 milestone this week, few understood the hollowness of the achievement. Measured against the rising dollar-denominated prices of just about everything else on the planet, the Dow has actually lost value over the past seven years. Measured against the truest benchmark, the price of gold, the record high for the Dow was set back in January of 2000 when its price equaled approximately 43 ounces of gold. Today it is only worth about 19 ounces.

* * *

Despite its recent eclipse of 13,000 the Dow now buys
30% fewer euros than it did then back in 2000 when it was priced at approximately 11,500.
35% fewer gallons of milk,
40% fewer bushels of corn or wheat,
65% fewer ounces of silver,
70% fewer barrels of oil,
80% fewer pounds of copper, and
90% fewer pounds of uranium.

Try figuring what the Dow will buy in terms of other necessities, such as housing, insurance, college tuition or hospitalization. Any way you measure it, the Dow is worth far less today then it was in January of 2000.

Back in 1980 one Zimbabwe dollar was worth more than one U.S. dollar. Therefore a billionaire in Zimbabwe was also a billionaire in America. Today, almost everyone in Zimbabwe is a billionaire yet few of them can afford a pack of chewing gum. Do you think that anyone invested in the Zimbabwean stock market these past 30 years cares how many record highs that market has made?

http://www.financialsense.com/fsu/editorials/schiff/2007/0427.html

DeaconBenjamin  posted on  2007-08-09   12:57:54 ET  Reply   Untrace   Trace   Private Reply  

#127. To: DeaconBenjamin, Axenolith (#85)

As the Dow burst through the 13,000 milestone this week, few understood the hollowness of the achievement. Measured against the rising dollar-denominated prices of just about everything else on the planet, the Dow has actually lost value over the past seven years. Measured against the truest benchmark, the price of gold, the record high for the Dow was set back in January of 2000 when its price equaled approximately 43 ounces of gold. Today it is only worth about 19 ounces.

Oh, good Lord, I don't translate everything into the price of gold before I make rash statements--gold is not some universal constant like the speed of light, fer chrissakes.

Today gold dropped over $11. Does that mean that the government *removed* eleventy-seven million dollars from circulation, and that tomorrow, when gold goes up again, they'll have put back half of them?

Gold is just a commodity now.

Indrid Cold  posted on  2007-08-09 16:48:36 ET  Reply   Untrace   Trace   Private Reply  

Someone picked a bad day to quit smoking...

http://www.boston.com/business/markets/articles/2007/08/09/wall_street_rises_on_tech_strength/

The Federal Reserve added a larger-than-normal $24 billion in temporary reserves to the U.S. banking system.

The concerns that arose in Europe and spilled onto Wall Street underscored the potential worldwide ramifications of an implosion of some subprime loans and perhaps also weakened arguments that strength in the global economy could help keep profit growth going in the U.S. among large companies that do business overseas.

The ECB's injection of money into the system is an unprecedented move, said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co., adding that it shows that problems in subprime lending are, in fact, spilling into the general economy.

"This is a mini-panic," he said. "All the things that had been denied up until this point are unraveling. On top of this, retail sales were mediocre, which shows that indeed, the housing collapse is affecting the consumer."

Retailers released July sales figures Thursday that were overall disappointing.

Eoghan  posted on  2007-08-09 17:49:03 ET  Reply   Untrace   Trace   Private Reply  

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