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"I can't imagine anything more disastrous to our country," says investor Sam Zell about his...

"I can't imagine anything more disastrous to our country," says investor Sam Zell about his worry that the dollar loses reserve currency status. "An awesome benefit that no other country has," claims Zell, who says the end result of dollar weakness will be sharply lower living standards.
Comments (6)
  • tigersam
    , contributor
    Comments (1711) | Send Message
     
    Dollar will not loses reserve currency status for next 100 years. Only threat is from Russia. But there is too much corruption and no respect for laws over there. If that changes we have to worry about currency status. Here is why.
    1. US makes best hi-tech plane.
    2. US has most commodity reserver after Russia.
    3. Best Democracy in the world
    4. US is number one in most of the things including Sports, Universities, weapons of mass destruction etc etc.
    5. If you do a servey and ask 1000 people in the wolrd (other than US) this question 'If you have a choice which coutry's citizanship you will like?' and the answer will be US.
    6. If you think US is not the best place, go your best place. After a week you will be crawling on your knees to come back to US.
    3 Mar 2011, 12:07 PM Reply Like
  • Glocks-n-Gold
    , contributor
    Comments (189) | Send Message
     
    First, the US is not a Democracy. We are a Republic and there is a huge (and good) difference. Second, you talk about corruption and no respect for laws - have you looked at Obama, Eric Holder, most of the democratic party, a large portion of the republican party, unions, banks and Wall Street lately? Third, being number one in sports means nothing, in universities pretty much the same since we're only teaching foreigners who will go back to their country and compete against us and as far as WMD's, doesn't do you any good unless you have a Commander-in Chief with the cajones to use them.
    3 Mar 2011, 01:05 PM Reply Like
  • nfantis
    , contributor
    Comments (84) | Send Message
     
    No offense tigersam, but I don't know what any of those six reasons have to do with keeping the dollar as a reserve currency.
    3 Mar 2011, 01:30 PM Reply Like
  • tunaman4u2
    , contributor
    Comments (2743) | Send Message
     
    The faith in the dollar is shaken... proclaiming recovery & saying there is no inflation when gold, oil & food hit new daily highs is no long term plan
    The Fed is acting like they can do this forever because CPI is low.
    3 Mar 2011, 12:11 PM Reply Like
  • nightfly
    , contributor
    Comments (1017) | Send Message
     
    I thought that was the plan: squeeze the middle class so all you have are the poor and the very rich. Much easier to rule the poor through their bellies.
    3 Mar 2011, 12:15 PM Reply Like
  • D. McHattie
    , contributor
    Comments (1826) | Send Message
     
    Zell is correct.

     

    The only reason we are not in outright depression is that we can sell our debt at low rates.

     

    This will not last forever. In fact, it may not last much longer at all.
    3 Mar 2011, 01:19 PM Reply Like
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